🇮🇳 India Daybook: Alkem Labs Wins ₹660Cr Tax Case; Newgen Bags Kuwait Order

📍 REGULATORY & LEGAL

• Alkem Labs: The company received favorable Income Tax appellate orders for the assessment years 2018-19 to 2022-23. The orders deleted previous disallowances involving a substantial tax amount of ₹660.77 crore.
• IOL Chemicals and Pharmaceuticals: CARE Ratings has reaffirmed the credit rating for the company's banking facilities, maintaining a stable outlook for its ₹200 crore long-term and ₹500 crore short-term facilities.

📍 ORDER WIN

• Newgen Software: The company has successfully secured a technology contract from Kuwait Insurance Company to implement advanced digital insurance solutions.
• NTPC Green Energy: Its subsidiary has secured a new wind power project, further expanding the group's renewable energy capacity.

📍 FUNDRAISING & QIP

• JSW Infrastructure: The company has officially completed its Qualified Institutional Placement (QIP), successfully raising ₹7,503 crore from institutional investors.
• Acme Solar Holdings: Shares remain in focus as the provider launched a QIP with a floor price of ₹294.13 per share, representing a 4.16% discount to its previous closing price.
• SEPC: The board is scheduled to meet on July 6, 2026, to consider a proposal for raising funds through a preferential issue of shares.

📍 STRATEGIC MOVE

• Reliance Power: The stock continues to attract attention after announcing its foray into Artificial Intelligence (AI) and technology-driven businesses through its subsidiaries, triggering a sharp rally in recent sessions.
• Devyani International: The company has completed an additional investment in Thailand’s Restaurants Development Co. and approved the conversion of a THB 400 million loan into equity, increasing its stake in Devyani International DMCC to approximately 56.7%.
• Bharti Airtel: Its arm, Airtel Money, has officially commenced commercial operations as a Type II Non-Deposit accepting NBFC.

📍 CORPORATE ACTION

• HDFC Bank: Effective today, July 2, the bank has implemented a new monthly cap of 3,000 Reward Points on brand voucher purchases through its SmartBuy platform. Additionally, the board is preparing to discuss the reappointment of CEO Sashidhar Jagdishan later this month.
• Reliance Industries: The company has reduced domestic prices for Polyvinyl Chloride (PVC) as of July 1. Separately, Executive Director Anant Ambani donated 25 electric buses worth ₹27.5 crore to the Tirumala Tirupati Devasthanams (TTD).

📍 LISTING & TRADING

• Starlineps Enterprises: Approximately 6.78 crore equity shares, recently issued on a preferential basis, are scheduled to be listed and available for trading on the BSE effective today, July 2, 2026.
• Sai Parenterals: The company has scheduled an analyst and institutional investor meeting for today to discuss its 18% YoY growth guidance and specialized product pipeline in sterile injectables.

📍 MANAGEMENT CHANGE

• TVS Supply Chain Solutions: Vikas Chadha has officially assumed the role of Managing Director for a five-year term starting July 1, 2026.
• Optiemus Infracom: Neetesh Gupta has taken over as Managing Director following the resignation of Gururaj Ayekawadi on June 30.

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