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Go Digit Receives Re-affirmed GST Demand and Penalty Totaling ₹170.29 Crore
Go Digit General Insurance has received an order from the GST Commissionerate re-affirming a tax demand of ₹154.81 crore plus a penalty of ₹15.48 crore. This order follows a previous Bombay High Court ruling that had set aside the initial demand for fresh consideration. The dispute centers on industry-wide issues regarding GST on co-insurance premiums and re-insurance commissions for the period July 2017 to March 2022. The company plans to appeal the order, noting that there is no immediate financial impact at this stage.
Key Highlights
Total GST demand re-affirmed at ₹154.81 crore for the period July 2017 to March 2022.
Additional penalty of ₹15.48 crore imposed along with applicable interest under Section 50.
The dispute involves industry-wide issues regarding GST on co-insurance premiums and re-insurance commissions.
Company is evaluating legal options including filing an appeal or a writ petition against the order.
💼 Action for Investors
Investors should monitor the progress of the appeal as this is a significant contingent liability. While the issue is industry-wide, a final adverse ruling could impact the company's cash flows and profitability.
RITES Secures ₹45.19 Crore Consultancy Order for Muriganga Bridge in West Bengal
RITES Limited has been awarded a consultancy contract worth ₹45.19 crore (excluding GST) by the Public Works (Roads) Directorate, Government of West Bengal. The company will serve as the Project Management Consultant for the construction of a 4-lane extra-dosed bridge over the Muriganga river, connecting Sagar Island with Kakdwip. The project includes entire design and construction supervision as an Authority Engineer. This contract has an execution timeline of 48 months, contributing to the company's long-term revenue visibility in its consultancy segment.
Key Highlights
Total order value is ₹45,18,86,400 (approx. ₹45.19 crore) excluding GST
Project involves consultancy for a 4-lane extra-dosed bridge over river Muriganga
Execution period is set for 48 months
Client is the Public Works (Roads) Directorate, Government of West Bengal
Scope includes design and construction supervision as Authority Engineer
💼 Action for Investors
This order win strengthens RITES' position in the high-margin consultancy space and adds to its order book. Investors should maintain a positive outlook as the company continues to secure government-backed infrastructure projects with long-term execution cycles.
MRPL Denies Rumours of Refinery Shutdown; Confirms Normal Operations at 300,000 bpd Facility
Mangalore Refinery and Petrochemicals Limited (MRPL) has officially denied social media reports claiming a partial shutdown of its 300,000 barrels per day (bpd) refinery. The rumours suggested that feedstock shortages from the Middle East were disrupting operations, which the company has clarified as factually incorrect. MRPL confirmed that it has lined up adequate quantities of crude oil to sustain its operations and that the refinery is functioning normally. This timely clarification under Regulation 30(11) aims to maintain market stability and prevent misinformation-led volatility.
Key Highlights
MRPL denies reports of shutting down parts of its 300,000 bpd Mangalore refinery due to oil shortages.
Company confirms that operations are normal and crude oil supply chains are adequately secured.
The clarification was issued in response to a specific tweet by OilPrice.com regarding Middle Eastern supply issues.
The filing was made under SEBI Regulation 30(11) to verify and deny market rumours.
💼 Action for Investors
Investors should remain calm as the company has clarified that its core operations and supply chains are intact. No fundamental changes to the investment thesis are required based on this denied rumour.
Sikko Industries to Enter Energy Sector; Board Approves MOA Amendment for Power Generation
Sikko Industries has announced a significant strategic pivot by proposing to enter the energy and power generation sector. The Board of Directors approved an amendment to the Memorandum of Association (MOA) on March 07, 2026, to include activities related to renewable and conventional energy, including solar, wind, and thermal power. This move aims to diversify the company's business beyond its current operations to explore long-term growth in power distribution and equipment manufacturing. The company is now initiating a postal ballot process to obtain necessary shareholder approval for this expansion.
Key Highlights
Board approved the insertion of new sub-clauses 5 and 6 into the Main Object Clause of the MOA.
Proposed business includes generating and distributing energy from solar, wind, hydro, thermal, and tidal sources.
The company intends to establish power plants, wind turbines, and trade in energy-related machinery and equipment.
Shareholder approval will be sought via Postal Ballot with NSDL appointed as the remote e-voting agency.
M/s. ALAP & CO. LLP has been appointed as the Scrutinizer for the voting process.
💼 Action for Investors
Investors should closely monitor the company's capital expenditure plans and funding strategy for this capital-intensive diversification. While the energy sector offers growth, the transition requires significant technical expertise and may impact the company's debt-to-equity profile.
Aarti Drugs to Invest ₹10 Crore in Subsidiary Pinnacle Life Science for Expansion
Aarti Drugs Limited has approved an investment of ₹10 crore in its wholly-owned subsidiary, Pinnacle Life Science Private Limited, through a rights issue. The capital infusion is specifically intended to finance Pinnacle's expansion and capital expenditure plans, alongside general corporate purposes. Pinnacle is a key formulations player for the group, exporting to over 30 countries, though its turnover saw a decline to ₹253.92 crore in FY25 from ₹314.66 crore in FY24. This investment signals the parent company's commitment to strengthening its formulations business segment.
Key Highlights
Investment of ₹10 crore via subscription to 78,125 equity shares at a price of ₹1,280 per share (including premium).
Pinnacle Life Science reported a turnover of ₹253.92 crore for FY 2024-25.
Funds will be utilized for financing expansion/capex plans and general corporate purposes.
Pinnacle operates in high-growth segments including oncology, cardiovascular, anti-infectives, and diabetics.
The share allotment is expected to be completed on or before March 20, 2026.
💼 Action for Investors
Investors should view this as a strategic move to bolster the formulations subsidiary, though they should monitor if this capex helps reverse the recent decline in Pinnacle's annual turnover.
Sikko Industries to Enter Energy Sector; Board Approves MOA Alteration for Power Generation
Sikko Industries' Board has approved a strategic expansion into the energy sector by altering its Memorandum of Association. The company plans to engage in the generation, distribution, and trading of power from various sources including solar, wind, hydro, and thermal. This move is intended to diversify revenue streams and capture long-term growth opportunities in the renewable and conventional energy markets. The proposal is currently subject to shareholder approval via a postal ballot process.
Key Highlights
Board approved the addition of sub-clauses 5 and 6 to the Main Object Clause of the MOA.
New business scope covers production and distribution of energy from coal, solar, wind, hydro, and tidal sources.
The company will now be authorized to manufacture, install, and trade machinery related to power generation and transmission.
Postal Ballot process initiated to obtain shareholder approval, with NSDL appointed for remote e-voting.
M/s. ALAP & CO. LLP appointed as Scrutinizer to oversee the fair conduct of the voting process.
💼 Action for Investors
Investors should watch for upcoming capital expenditure plans and specific project timelines in the energy sector. While diversification is positive, the energy sector is capital-intensive, so monitoring the company's debt levels and execution strategy is crucial.
BCCL Senior Management Named in DGMS Complaint Case Over 2025 Katras Area Accident
Bharat Coking Coal Limited (BCCL) has reported a legal complaint filed by the Directorate General of Mines Safety (DGMS) against its Senior Management Personnel. The case, CP No. 706/2026, is linked to an accident that occurred in the Katras Area on September 5, 2025. Shri Raj Kumar, General Manager (Mining/Quality Control), has been named as an accused for alleged violations of the Mines Act, 1952. The matter is currently listed for a court appearance on March 25, 2026, before the Chief Judicial Magistrate in Dhanbad.
Key Highlights
Complaint Case No. 706/2026 filed by DGMS against GM Raj Kumar and other Katras Area officials.
Legal action pertains to an industrial accident that occurred on September 5, 2025.
Alleged violations involve provisions of the Mines Act, 1952 and Occupational Safety Code, 2020.
Court appearance for the concerned senior management is scheduled for March 25, 2026.
💼 Action for Investors
Investors should monitor the court proceedings on March 25, 2026, to assess if any significant penalties or operational restrictions are imposed. While legal risks are inherent in mining, charges against senior management warrant close observation of corporate governance.
Max Estates Secures RERA for Max One; Project Sales Potential of INR 2,000 Crore
Max Estates has received RERA approval for its 'Max One' project in Noida, marking the revival of the stalled 'Delhi One' development after nine years. The 10-acre integrated campus has a total development potential of 2.5 million sq ft and is expected to generate sales of approximately INR 2,000 crore. Additionally, the project is projected to yield an annuity rental income of INR 120 crore. This development follows the company's acquisition of Boulevard Projects Private Limited and signifies a major milestone in its NCR expansion strategy.
Key Highlights
Secured RERA approval for the ~10-acre 'Max One' project in Sector 16B, Noida
Estimated total sales potential of ~INR 2,000 crore from the development
Projected annuity rental income potential of ~INR 120 crore
Development includes ~2.5 million sq ft of mixed-use space including ultra-luxury residences
Construction to commence shortly, resolving a 9-year delay for original homebuyers
💼 Action for Investors
Investors should view this as a significant growth catalyst that improves cash flow visibility and strengthens the company's execution track record. Monitor the construction progress and pre-sales velocity as the project officially launches.
Madhav Marbles Reports Q3 Consolidated Net Loss of ₹48.77 Lakhs as Core Segment Struggles
Madhav Marbles and Granites reported a consolidated net loss of ₹48.77 lakhs for the quarter ended December 31, 2025, widening from a loss of ₹32.47 lakhs in the previous year. Revenue from operations remained largely stagnant at ₹660.25 lakhs compared to ₹685.09 lakhs YoY. The core Granite & Stone division faced significant pressure, reporting a segment loss of ₹77.56 lakhs against a profit of ₹36.14 lakhs in the year-ago period. Despite a boost in the Power Generation unit, rising manufacturing and material costs have weighed heavily on the bottom line.
Key Highlights
Consolidated net loss widened to ₹48.77 lakhs from a loss of ₹32.47 lakhs in Q3 FY25.
Revenue from operations dipped slightly to ₹660.25 lakhs from ₹685.09 lakhs in the same quarter last year.
The Granite & Stone division swung to a segment loss of ₹77.56 lakhs from a profit of ₹36.14 lakhs YoY.
Power Generation unit revenue increased significantly to ₹53.69 lakhs from ₹15.88 lakhs YoY.
Consolidated EPS for the quarter deteriorated to -₹0.55 compared to -₹0.36 in the prior year period.
💼 Action for Investors
Investors should exercise caution as the company's core granite business is currently loss-making and revenue growth is stagnant. Monitor the company's ability to manage rising raw material costs and improve operational efficiency in the coming quarters.
Baazar Style Retail Opens New Store in West Bengal; Total Store Count Reaches 261
Baazar Style Retail Limited has announced the opening of a new 'Express Baazar' store in Bankura, West Bengal. This addition brings the company's total retail footprint to 261 stores as of March 7, 2026. The expansion demonstrates the company's continued focus on strengthening its presence in its core Eastern Indian markets. Investors should monitor how this network expansion translates into revenue growth in upcoming quarterly results.
Key Highlights
New 'Express Baazar' store opened in Bankura, West Bengal on March 7, 2026.
Total operational store count for the company has reached 261.
The expansion is part of the company's strategic growth plan in the value retail segment.
Disclosure made under Regulation 30 of SEBI (LODR) Regulations, 2015.
💼 Action for Investors
Investors should view this as a positive indicator of the company's scaling capabilities. Monitor the impact of new store additions on the overall operating margins and same-store sales growth.
Maha Rashtra Apex to Finalize Rights Issue Terms on March 11; Trading Window Closed
Maha Rashtra Apex Corporation Limited has announced a trading window closure starting March 7, 2026, ahead of a crucial board meeting. The Board of Directors is scheduled to meet on March 11, 2026, to finalize the terms of a proposed Rights Issue. Key decisions will include the pricing terms, the Rights entitlement ratio, and the official schedule of the issue. The trading window will remain closed for designated persons until 48 hours after the board's decisions are disclosed to the exchanges.
Key Highlights
Trading window for designated persons closed from March 7, 2026.
Board meeting scheduled for March 11, 2026, to approve Rights Issue details.
Agenda includes determining the pricing terms and Rights entitlement ratio.
Approval and adoption of the Letter of Offer expected during the meeting.
Trading window to reopen 48 hours after the announcement of board outcomes.
💼 Action for Investors
Investors should closely monitor the March 11 announcement for the Rights Issue price and entitlement ratio to determine the potential for dilution. Assess the company's stated purpose for the fundraise before deciding to exercise rights.
HDFC Life GST Order: Appellate Authority Confirms ₹199.1 Crore Tax and Interest Demand
HDFC Life has received an order from the Deputy Commissioner of State Tax (Appeals), Maharashtra, upholding a prior GST demand for the period April 2019 to March 2020. The confirmed demand consists of ₹104.79 crore in tax and ₹94.31 crore in interest, totaling approximately ₹199.1 crore. While the appellate authority confirmed the demand, no penalty was imposed. The company has stated that this order will not have a material impact on its financial operations and intends to challenge the ruling at the GST Appellate Tribunal.
Key Highlights
Tax demand of ₹104.79 crore and interest of ₹94.31 crore confirmed for FY 2019-20.
Order received from Deputy Commissioner of State Tax (Appeals), Maharashtra on March 6, 2026.
The company intends to file a further appeal before the GST Appellate Tribunal.
Management states there is no adverse material impact on current financial operations.
No penalty has been levied as per the latest appellate order.
💼 Action for Investors
Investors should track the outcome of the upcoming appeal at the GST Appellate Tribunal. While the amount is significant, the company's decision to contest suggests they have a legal basis to dispute the claim.
Promoter Group T.T. Brands Limited Acquires 38,000 Shares of T T Limited
T.T. Brands Limited, a member of the promoter group, has increased its stake in T T Limited by purchasing 38,000 equity shares. The transaction took place on March 6, 2026, and was disclosed under SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. Promoter buying is generally interpreted as a positive signal, suggesting that the management believes the company's shares are undervalued or has confidence in future growth. This acquisition demonstrates ongoing commitment from the core leadership group.
Key Highlights
Promoter group entity T.T. Brands Limited purchased 38,000 equity shares on March 6, 2026
Disclosure filed under Regulation 29(2) of SEBI (SAST) Regulations, 2011
The acquisition reflects increased skin-in-the-game from the promoter group
Transaction reported to both National Stock Exchange (NSE) and BSE Limited
💼 Action for Investors
Investors should take this as a positive sign of promoter confidence in the company's long-term value. It is advisable to monitor if this is part of a larger trend of incremental buying by the promoters.
H.G. Infra Achieves Financial Closure for INR 763.11 Cr UP Highway Project
H.G. Infra Engineering's wholly owned subsidiary, H.G. Bahuvan Jagarnathpur Highway Private Limited, has successfully achieved financial closure for a highway project in Uttar Pradesh. The project involves the up-gradation of NH 227B (84 Kosi Parikrama Marg) to a two-lane configuration with paved shoulders. Valued at INR 763.11 crore, the project will be executed under the Hybrid Annuity Mode (HAM). This milestone is critical as it secures the necessary funding to proceed with the two-year construction phase.
Key Highlights
Total project cost is INR 763.11 crore under the Hybrid Annuity Mode (HAM)
Project involves 63.84 KM of NH 227B (84 Kosi Parikrama Marg) in Uttar Pradesh
Construction period is scheduled for 2 years from the commencement date
Financial closure letter received from the National Highway Division, PWD, Ayodhya
The project was secured through a wholly owned subsidiary of H.G. Infra Engineering
💼 Action for Investors
Investors should view this as a positive milestone that de-risks the project's commencement and ensures funding is in place. Monitor the company's execution progress over the next 24 months to ensure timely revenue recognition.
ACME Solar Commissions Phase-I (33.335 MW/160.48 MWh) of BESS Project in Rajasthan
ACME Solar Holdings has announced the commissioning of the first phase of its Battery Energy Storage System (BESS) project in Rajasthan through its wholly owned subsidiary, ACME Sun Power Private Limited. This initial phase involves a capacity of 33.335 MW/160.48 MWh, which is part of a larger 300 MW/1400 MWh project. The commercial operation date (COD) for this phase is scheduled for March 08, 2026. This development marks the company's entry into large-scale energy storage, a critical component for renewable energy stability.
Key Highlights
Commissioned 33.335 MW/160.48 MWh as the first phase of a larger BESS project
Total planned capacity for the Rajasthan project stands at 300 MW/1400 MWh
Commercial operation date (COD) for Phase-I is set for March 08, 2026
Project executed via wholly owned subsidiary ACME Sun Power Private Limited
Located at Village Badi Sid, Tehsil-Bap, Rajasthan
💼 Action for Investors
Investors should view this as a positive operational milestone that diversifies the company's portfolio into energy storage; monitor the execution timelines for the remaining 266.665 MW capacity.
CG Power Shareholders Approve Re-appointment of Sriram Sivaram with 98.6% Majority
CG Power and Industrial Solutions Limited has announced the successful passage of a special resolution for the re-appointment of Mr. Sriram Sivaram as a Non-Executive Independent Director. The resolution received overwhelming support, with 98.60% of the 1.27 billion total votes cast in favor. The promoter group showed unanimous support with 100% favorable votes, while public institutional investors also backed the appointment with a 95.40% majority. This result ensures continuity in the company's independent board oversight.
Key Highlights
Special resolution passed with 98.60% majority (1,25,86,33,227 votes in favor)
Promoter and Promoter Group voted 100% in favor of the re-appointment
Public Institutional investors showed strong support with 95.40% favorable votes
Total of 1.27 billion votes were polled out of a shareholder base of 5,64,049 as of the cut-off date
💼 Action for Investors
Investors should view this as a positive sign of management stability and strong shareholder consensus on corporate governance. No immediate portfolio action is required as this is a routine governance confirmation.
Meesho Receives ₹1,499.74 Crore Income Tax Demand for AY 2023-24
Meesho Limited has received an Assessment Order and Demand Notice from the Income Tax Department for Assessment Year 2023-24, totaling ₹1,499.74 crore including interest. The demand stems from specific additions and adjustments made to the company's reported income under Section 143(3). The company has stated it does not concur with the order and will take legal steps to contest it, citing a similar previous demand for AY 2022-23 that is currently stayed by the Karnataka High Court. While the amount is substantial, the management believes it has strong factual grounds to protect its interests.
Key Highlights
Income Tax Department raised a total demand of ₹14,99,73,82,840 (approx. ₹1,499.74 crore).
The order pertains to Assessment Year 2023-24 under Section 143(3) of the IT Act.
A similar tax demand for AY 2022-23 was previously stayed by the Karnataka High Court on April 17, 2025.
Company is evaluating the order and intends to contest the adjustments through legal channels.
Management claims no immediate major adverse impact on the company's financial position or operations.
💼 Action for Investors
Investors should monitor the legal proceedings and the final resolution of the stay order in the Karnataka High Court. While the company is contesting the demand, the high value of the tax claim represents a significant contingent liability.
Fino Payments Bank Appoints Ketan Merchant as Interim CEO and Anup Agarwal as Interim CFO
Fino Payments Bank has announced a leadership transition, appointing current CFO Ketan Merchant as Interim CEO for a period not exceeding 4 months, pending RBI approval. To fill the vacancy, Anup Agarwal, who has 20 years of experience in finance, has been appointed as the Interim CFO effective March 06, 2026. Additionally, the board has authorized the appointment of a special consultant to conduct a review of GST compliances. These interim appointments are intended to maintain leadership continuity while the bank pursues its Fino 2.0 growth strategy.
Key Highlights
Mr. Ketan Merchant, with 27+ years of banking experience, appointed as Interim CEO for up to 4 months.
Mr. Anup Agarwal, with 20 years of experience, appointed as Interim CFO effective March 06, 2026.
Board approved a special consultant to conduct a review of GST compliances and other specific aspects.
Interim CEO appointment is subject to final approval from the Reserve Bank of India (RBI).
💼 Action for Investors
Investors should monitor the bank's progress in appointing a permanent MD&CEO and watch for any material findings from the special GST compliance review. The interim leadership suggests a transition phase that requires close observation of operational stability.
Dharan Infra-EPC Reports Delayed Q2 Results Amid CIRP and $80M FEMA Non-Compliance
Dharan Infra-EPC Limited (formerly KBC Global) has released its significantly delayed Q2 and half-year results for FY26 while under the Corporate Insolvency Resolution Process (CIRP). The company faces severe regulatory scrutiny, including a qualified auditor's opinion regarding the diversion of $80.62 million in FCCB proceeds, which violated FEMA regulations. Financial distress is evident as most construction sites are non-operational, and the company has defaulted on statutory dues like GST and Income Tax for over a year. While a settlement of ₹10 crore has been reached with Tata Capital to potentially exit insolvency, the company's 'going concern' status remains under material uncertainty.
Key Highlights
Company is currently under CIRP with a Section 12A withdrawal application pending after a ₹10 crore settlement with Tata Capital.
Auditors flagged a qualified opinion regarding $80.62 million raised via FCCBs that were diverted to African subsidiaries in violation of FEMA norms.
GST returns have not been filed since December 2022, and statutory dues for Income Tax and TDS remain unpaid for over a year.
Most construction projects are non-operational, leading to significant losses and doubts about the company's ability to continue as a going concern.
Loan accounts have been classified as NPAs by lenders, with interest being recorded only on a provisional basis.
💼 Action for Investors
Investors should remain extremely cautious as the company is in deep financial and legal distress with significant regulatory non-compliance. The potential for heavy FEMA penalties and the non-operational status of projects make this a high-risk security.
TVS Motor Receives Approval to List 190 Crore 6% Preference Shares on NSE and BSE
TVS Motor Company has received final listing and trading approvals from NSE and BSE for 190,03,48,456 6% Cumulative Non-Convertible Redeemable Preference Shares (NCRPS). These shares, with a face value of INR 10 each, were issued following an NCLT-sanctioned Scheme of Arrangement with shareholders. Trading for these securities is scheduled to commence on March 10, 2026, under the symbol TVSMNCRPS. This move provides liquidity to shareholders who were allotted these preference shares as part of the company's capital restructuring.
Key Highlights
Listing of 190,03,48,456 NCRPS with a face value of INR 10 each
Fixed 6% cumulative dividend rate for the preference shares
Trading to commence on both NSE and BSE effective March 10, 2026
Issued pursuant to a Scheme of Arrangement sanctioned by NCLT Chennai
ISIN for the new securities is INE494B04019
💼 Action for Investors
Shareholders who received these preference shares can now trade them for liquidity starting March 10, 2026. Long-term investors may choose to hold them for the steady 6% cumulative dividend yield.