Galaxy Germany Holding SE, a wholly-owned direct subsidiary of Persistent Systems Ltd has announced a voluntary public takeover offer for all outstanding shares in Nagarro SE at a cash consideration of EUR 81 a share. The Offer follows the signing of a Business Combination Agreement between the Bidder, Persistent and Nagarro. Nagarro’s Management and Supervisory Board support the transaction and intend to recommend acceptance of the Offer to Nagarro shareholders, subject to their review of the offer document. The bdder has also entered into a fully binding share purchase agreement with Lantano Beteiligungen GmbH, the investment vehicle of the largest shareholder of Nagarro, under which Lantano has agreed to sell its entire approximately 21% stake in Nagarro (excluding treasury shares) to the Bidder at the Offer Price. The share purchase agreement has been signed on the date hereof and is subject to customary regulatory approvals. In addition, members of Nagarro’s Management Board have declared their intention to accept the Offer and tender their shareholding into the Offer.
IT services company Hexaware Technologies has been appointed an authorised reseller of Anthropic’s Claude artificial intelligence models through Amazon Bedrock. The company said the partnership will allow it to sell, integrate and support Claude models directly for enterprise customers worldwide, strengthening its AI-first strategy and broadening its portfolio of enterprise artificial intelligence solutions.
HDFC Bank has said that its legal review into the resignation letter of former part-time chairman Atanu Chakraborty has concluded, with the law firm finding no irregularities. The review, conducted by international law firm Wilson Sonsini Goodrich & Rosati and domestic firm Wadia Ghandy & Co., was launched on March 24, 2026, to examine whether Chakraborty’s statement raised substantiated concerns or dissent within the Bank’s governance framework.
Ashok Vaswani on Saturday informed Kotak Mahindra Bank’s board that he does not wish to seek re-appointment as Managing Director & CEO upon completion of his current term on December 31, 2026. The Bank’s board has initiated the process of finding a new chief. Vaswani, who took over the reins of India’s fourth largest private sector bank from Dipak Gupta (MD & CEO from September 2023 till December 2023) on January 01, 2024, cited “personal reasons” for not seeking re-appointment.
Power & Energy
Adani Renewable Energy Eight Ltd, Wholly-owned step-down subsidiary of Adani Green Energy Ltd (AGEL) has operationalised solar power project of 150 MW at Khavda, Gujarat. With commissioning of this project, AGEL has achieved total operational renewable generation capacity of 19,985.8 MW and total operational BESS capacity of 3,366 MWh.
Waaree Energies has clarified regarding the determination issued by the U.S. Customs and Border Protection (CBP) in EAPA Consolidated Investigation: Waaree did not export to the United States solar modules manufactured using Chinese-origin solar cells; waaree fully cooperated throughout the investigation; CBP drew no adverse inference against the Company; and CBP declined the petitioner’s request to make an evasion finding covering all of Waaree’s imports.
Amber Group today conducted the ground breaking ceremony of two advanced manufacturing facilities at YIEDA, near Noida International Airport (Jewar), Uttar Pradesh. Ascent-K Circuit’s facility for advanced HDI PCBs manufacturing, spanning across 16 acres, and approved under the Electronics Component Manufacturing Scheme (ECMS) by the Ministry of Electronics and Information Technology (MeitY). Bringing together the expertise of Ascent Circuits and Korea Circuit Co. Amber Group’s Ultra Mega AC manufacturing facility, spanning across 100 acres, to boost domestic production and scale, in a phased manner, for air conditioner manufacturing.
Infra stocks
Rating major S&P Global Ratings has upgraded Adani Ports and Special Economic Zone (APSEZ) to investment-grade BBB from BBB-, citing its robust cash generation, strengthening balance sheet and ability to fund an ambitious expansion plan while maintaining healthy leverage.
Transrail Lighting Ltd, one of the leading EPC players in the Transmission & Distribution (T&D) sector, has secured new international orders worth approximately ₹459 crore primarily in the Transmission & Distribution (T&D) business in the international market. The order wins mainly include EPC projects for construction of Transmission Lines in MENA region which further strengthens the Company’s international order book. These wins reinforce Transrail’s established capabilities in executing large transmission infrastructure projects across global markets. With this, the Transrail’s order inflow for the year has reached ₹1,034 crore apart from which there is L1 position of around ₹400 crore.
Fitch Ratings has affirmed Indian engineering and construction company Larsen & Toubro Ltd’s (L&T, BBB+/Stable) Gulf-based subsidiaries’ Long-Term Foreign-Currency Issuer Default Ratings (IDR) at ‘BBB’ with a Stable Outlook. The subsidiaries are Larsen & Toubro International FZE (L&T International), Larsen Toubro Arabia LLC (L&T Arabia) and L&T Hydrocarbon Saudi Company.
Pharma & Healthcare
Alembic Pharmaceuticals Ltd has received final approval from the US Food & Drug Administration (USFDA) for its Abbreviated New Drug Application (ANDA) Dapsone Gel, 5%. The approved ANDA is therapeutically equivalent to the reference listed drug product (RLD), Aczone Gel, 5%, of Almirall, LLC. Dapsone Gel is indicated for the topical treatment of acne vulgaris. Alembic has a cumulative total of 244 ANDA approvals (224 final approvals and 20 tentative approvals) from USFDA.
The USFDA conducted an inspection at Auroactive Pharma Private Ltd (a wholly owned subsidiary), which manufactures Active Pharmaceutical Ingredients (API) & Pharmaceutical Formulation Intermediates, at Srikakulam, Andhra Pradesh, from June 22 to June 26. The inspection concluded with 2 observations and will be responded to within the stipulated time.
Dr Reddy’s Laboratories has informed the exchanges that the US FDA which completed a Pre-License Inspection (PLI) at its biologics manufacturing facility in Bachupally, Hyderabad, concluded with 7 observations.
The board of Asarfi Hospital Ltd has approved the participation in the Request for Proposal (RFP) process issued by the Department of Health, Medical Education and Family Welfare, Government of Jharkhand, for operation and augmentation of the existing 100-bedded District Hospital at Dhanbad, Jharkhand into a Medical College under the Public-Private Partnership (PPP) framework with an annual intake capacity of at least 100 MBBS students.
Zydus Lifesciences, an innovation-driven global lifesciences company and Sunshine Healthcare today announced the setting up of a strategic joint venture company – Zydus Sunshine Lifesciences Pvt Ltd., with an investment commitment of over USD 20 million to establish a pharmaceutical manufacturing facility in Sri Lanka, strengthening local production and reducing import dependence.
Mergers & demergers
Astral, in an exchange filing on Thursday, said its Board has approved a Composite Scheme of Arrangement providing for the demerger and transfer of its Chemicals business undertaking, along with all its related assets and liabilities, into Astral Chemie Ltd. (formerly Astral Coatings Private Limited) on a going concern basis. The scheme also provides for the amalgamation of Al-Aziz Plastics Private Limited with Astral Ltd. There will be no change in the shareholding pattern of the demerged company pursuant to the effectiveness of the scheme. One equity share of Astral Chemie Ltd. of face value Re 1 each, fully paid-up, will be issued for every one equity share of face value Re 1 each, fully paid-up, held in Astral Ltd.
The board Pricol Ltd has approved a scheme of arrangement to demerge its Driver Information & Connected Vehicle Solutions (business undertaking into Pricol Autotech Limited. Post the demerger, Pricol Limited will continue to focus on its Actuation, Control & Fluid Management Systems and Precision Products businesses. Shareholders of Pricol will receive one fully paid-up equity share of Pricol Autotech Ltd for every one share.
Strides Pharma Science Ltd has announced a strategic investment by a consortium led by Ascent Capital, along with co-investor Vintage Classic, in its wholly owned subsidiary, Pivot Path Private Ltd. The transaction values Pivot Path at ₹230 crore on a post-money basis, enables Strides to realise about ₹100 crore while retaining a about 20% stake, and includes a primary capital infusion of ₹50 crore to accelerate Pivot Path’s next phase of growth.
The board of VMS TMT Ltd, manufacturers of Thermo-Mechanically Treated (TMT) steel bars, has approved a Scheme of Amalgamation for the merger of Aditya Ultra Steel Limited into VMS TMT Limited, subject to the receipt of necessary statutory and regulatory approvals. Under the approved Scheme of Amalgamation, shareholders of Aditya Ultra Steel will receive 75 equity shares of VMS TMT for every 100 equity shares.
Strategic move by Modern Insulators
The Board of Directors of Modern Insulators Ltd has approved the Investment of Rs. 25 crore in Buoyant Large Value Fund. The company has surplus funds available, and the investment is being made for the efficient deployment of such surplus funds as a long-term investment.
Orders, cancellations
WPIL Limited has received a Letter/Order from one of its Clients, Madhya Pradesh Jal Nigam alleging delay in completion of prescribed contractual milestones on certain on-going contracts (under contest), consequently debarring the Company from participating in any of its future tenders, bids and procurement process for a period till the completion and commissioning of certain on-going Contracts or for a period of three years, whichever is earlier. The Order shall however have no impact on the existing financial or operational activities of the Company, it said.
Sri Chakra Cement has temporarily suspended its manufacturing operations from June 27. The temporary suspension has become necessary on account of acute working capital constraints affecting the Company’s ability to continue manufacturing activities in the normal course of business. The decision has been taken as a prudent measure to prevent further capital erosion while the Company actively pursues measures to improve its liquidity position.
Vikran Engineering Ltd had earlier announced regarding acceptance of Letter of Award from Ellume Energy MH Solar One Private Limited (SPV) aggregating to approximately ₹354.21 crore. Based on a detailed internal evaluation, the Company has decided not to proceed with the order, it said in a latest notice to the exchanges. The cancellation is primarily on account of prolonged delays in achieving the necessary project readiness milestones at the client’s end. The client was unable to provide the required Power Purchase Agreement (PPA), work commencement approvals, design clearances, scope finalisation, and mobilisation permissions within the expected timelines. Consequently, the commencement of the project remained uncertain, making execution of the work order commercially unviable. In a separate disclosure, the company said it has accepted a Work Order worth Rs 3,517.98 crore from NOPL Solar Projects Private Ltd for Designing, Engineering, Procurement, Supply, Erection, Testing and Commissioning on Turnkey EPC Basis (including Supply of Solar PV Modules and Inverters) for development of a 969 MW AC Solar Power Project at multiple locations in Maharashtra.
STEAG Energy Services (India) Private Limited, a wholly-owned step-down subsidiary of Bluspring Enterprises Limited, has received an extension of contract for Operations and Maintenance of Thermal Power Plant 600 MW from Vedanta Power Limited (originally awarded by Vedanta Limited). The estimated aggregate contract value including additional services is Rs. 406.43 Crores (plus applicable taxes).