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• Financial Performance (Q1 FY26 vs Q1 FY25): HDFC Securities reported a muted financial performance in Q1 FY26, with total revenue declining by 10.9% year-on-year (YoY) to ₹729 Cr from ₹818 Cr in Q1 FY25. This drop reflects softer market volumes and a decrease in transactional revenue. Profit Before Tax (PBT) decreased by 22.3% YoY to ₹304 Cr from ₹391 Cr in the same period last year, primarily due to higher employee and finance costs. Profit After Tax (PAT) stood at ₹231 Cr, down 21.1% YoY from ₹293 Cr, impacting overall profitability. Earnings Per Share (EPS) also dropped by 22.6% YoY, falling to ₹130.3 from ₹168.3 in Q1 FY25.
• Operational Metrics (Q1 FY26 vs Q1 FY25): Operationally, the company faced headwinds. Operating margin compressed to 42% from 48% in Q1 FY25, while Net Profit margin declined to 32% from 36%. The company maintained a healthy Interest Service Coverage Ratio at 3.09x, relatively flat YoY. The debt-to-equity ratio improved to 2.59x from 3.40x, indicating better leverage management. However, the debtors turnover ratio remained subdued at 0.54x vs 0.49x in the same period last year, pointing to working capital pressure.
• Strategic Developments: During the quarter, HDFC Securities allotted 32,262 equity shares under ESOPs and granted 17,250 stock options, reinforcing its employee retention strategy. The company paid an interim dividend of ₹100 per share, amounting to ₹177.7 Cr. A noteworthy event was the contribution from its wholly-owned GIFT City subsidiary (HDFC Securities IFSC Ltd), although the subsidiary posted a minor loss of ₹0.6 Cr this quarter. Despite the drop in revenue and profit, HDFC Securities remains financially stable. Its net worth increased to ₹3,432.5 crore, which is 11.4% higher than the same quarter last year, showing that the company has a strong financial base. It continues to manage its risks carefully, borrow responsibly, and retain a steady client base. These factors should help the company grow over the long term, although lower trading volumes and fee income may impact performance in the near future.

Vikram Solar secured SEBI approval for a ₹1,500 crore IPO (fresh issue + OFS of 1.745 crore shares). It plans to invest ₹793 cr to build a new 3,000 MW solar cell & module facility  via VSL Green Power, Additionally, ₹603 crore is allocated for expanding the solar module manufacturing capacity at the same site from 3,000 MW to 6,000 MW in Tamil Nadu.  

At present, Vikram Solar boasts an installed manufacturing capacity of 4.50 GW. The company plans to increase this capacity to 10.50 GW by Fiscal 2026 and further to 15.50 GW by Fiscal 2027. The establishment of a 3.00 GW solar cell manufacturing facility in Tamil Nadu is part of its backward integration strategy.

Will Vikram Solar IPO power returns in India’s fast-growing solar sector?

Tata Capital is now aiming to become India’s fourth-largest NBFC by market cap, following Bajaj Finance, Bajaj Finserv, and Jio Financial Services, riding on strong sector sentiment. 

This Positions Tata Capital as India’s 4th largest NBFC by valuation and market buzz fueled by a successful recent rights issue and strong financials. 

Tata Investment shares jumped ~6% post updated DRHP filing. 

• $18–$20 Bn valuation target (~₹1.67 lakh Cr) vs. initial $11 B aspiration
  
• ​$2.2 billion to be raised via a mix of fresh issue & OFS
  
• 23 Cr shares being sold by Tata Sons + 3.58 Cr by IFC, plus up to 21 Cr fresh shares
  

The National Securities Depository Ltd (NSDL) is launching its Initial Public Offering (IPO) from July 30th to August 1st, 2025, aiming to raise ₹4,011.60 crore. This entire public offer is structured as an Offer For Sale (OFS), meaning existing shareholders are selling their shares. The company has set the price band at ₹760 to ₹800 per equity share, with lot size comprising 18 shares, making it accessible for investors looking to participate in India's financial market infrastructure.

Market sentiment ahead of the IPO appears robust, with the Grey Market Premium (GMP) for NSDL shares currently standing at ₹137. This premium suggests a potential listing gain of around 17% for investors, indicating strong demand and positive expectations for the company's performance post-listing.

Even though the IPO is priced about 22% below its unlisted market value (~₹1,025), the popular pricing and robust demand point to strong investor confidence.

Institutional shareholders like SBI, NSE, HDFC Bank and IDBI—some of whom bought shares decades ago for ₹2–₹12—stand to gain massive multiples, with returns projected up to 39,900%.

NSDL's financial health also presents a compelling picture. As of March 31, 2025, the company boasted a Return on Equity (ROE) of approximately 17.10% and a Return on Capital Employed (ROCE) of nearly 22.70%. Its strong operational efficiency is further evidenced by margins around 22.35% and EBITDA margins close to 24%. These financial metrics, coupled with a price-to-book value of around 8, underline NSDL's fundamental strength as it prepares to enter the public market.

​Onix Renewable Limited has declared a Bonus Issue of Equity Shares and, in accordance with Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, has fixed Friday, July 25, 2025 as the Record Date for determining the eligibility of shareholders for the bonus allotment.

Key Details of the Bonus Issue:

• Type of Corporate Action: Bonus Issue of Equity Shares

• Ratio: 44:1 (i.e., 44 Bonus Shares for every 1 fully paid-up Equity Share held)

• Record Date: Friday, July 25, 2025

• Purpose: To ascertain the names of shareholders entitled to receive Bonus Equity Shares

The Bonus Shares will be credited to the eligible shareholders' accounts in due course, in line with applicable regulations and statutory timelines.

​Manjusree held its 30th AGM recently. FY25 performance was presented, but shareholder discontent dominated. Notably, audio clarity dropped specifically during key disclosures, including responses on ESOPs and valuation, which may have affected transparency.

📊 Performance Update: FY25 revenue rose 21% YoY to ₹2,569 Cr, with adjusted net profit growing ~12%. Reported profit included a ₹90 Cr exceptional gain from CCD conversion. Operational momentum was strong, but some metrics lacked sufficient clarity.

⚠ Key Shareholder Concerns:

• A major concern was the cash settlement of earlier ESOPs, followed closely by the rollout of a new plan. Shareholders flagged this as questionable governance and sought explanation, which was either unclear or disrupted by audio issues.
• Despite a ₹55/share interim dividend last year, this year’s dividend roadmap was not addressed. Shareholders demanded clarity on payout intent and rationale, especially given profitability and private equity involvement.
• A vocal shareholder requested a buyback or exit offer at ₹1,800/share, citing corporate governance gaps and lack of trust. This reflects heightened concern among minority shareholders, many of whom echoed similar discomfort.
• Multiple attendees also asked for clarity on PAG’s acquisition price and institutional cap table details. Reports of CPPIB and Pravesha's involvement were mentioned, but management's reply was inaudible during this segment.

🗣 Management Response

• The team attributed lower adjusted profits to higher costs and investments. However, several answers to critical financial questions were either unclear or affected by poor audio, particularly those related to deal pricing, cap table, and ESOP logic.
• Audio quality during the meeting was generally fine but notably deteriorated at moments of importance, specifically when management attempted to address shareholder questions on sensitive issues—causing further concern.

📎 Takeaway: While Manjusree’s operational performance holds steady, the AGM spotlighted governance red flags and transparency issues. Shareholders are growing more vocal. Post-AGM actions and clearer disclosures will be key to restoring trust.

Note: Summary is based on AGM audio. Audio distortion occurred primarily during critical response segments, affecting full interpretation.

• Financial Highlights: PPFAS delivered a strong consolidated performance in FY25 with gross income increasing to ₹429.09 Cr, marking a significant YoY growth of 49.8% over ₹286.43 Cr in FY24. This robust growth was largely driven by higher management fees and rising AUM across mutual fund and PMS businesses. Total expenses increased moderately by 34% to ₹93.33 Cr, indicating operating leverage at play. Profit before tax rose to ₹335.76 Cr (up 54.8% YoY), and PAT stood at ₹246.60 CR, reflecting a YoY growth of 44%. Net margins remained strong, underlining disciplined cost control and higher scale efficiencies. The company declared a dividend of ₹15 per equity share, and retained earnings soared to ₹622.35 Cr, suggesting ample capital for reinvestment and shareholder returns.
• Operational Developments: Operationally, PPFAS continued to build on its core strength of long-term, value-based investing across both PMS and mutual fund businesses. Assets under management (AUM) for the mutual fund arm increased significantly from ₹68,453.01 crore to ₹1,06,357.72 crore (+55% YoY), driven by healthy SIP inflows, new investor additions (from 33.75 lakh to 49.05 lakh folios), and strong performance across equity, hybrid, and liquid categories. PMS AUM also expanded from ₹67.86 crore to ₹80.67 crore, with both discretionary and non-discretionary strategies outperforming benchmarks. PPFAS also broadened its national footprint through physical branches and strengthened its technological backbone to enhance operational efficiency, cybersecurity, and investor service.
• Future Outlook: Looking ahead, the company remains focused on enhancing its research, execution, and compliance capabilities. PPFAS aims to expand its fixed income team and is evaluating differentiated passive fund strategies to complement its active offerings. The company launched a new subsidiary—PPFAS Alternate Asset Managers IFSC Pvt. Ltd.—at GIFT City to explore opportunities in alternate assets and deepen its institutional reach. Despite a volatile macro backdrop and elevated market valuations, the company maintains a disciplined capital allocation approach. Its commitment to low-cost operations, high governance standards, and focused product suite positions it for sustainable long-term growth in India’s evolving asset management landscape.

​

Notice is hereby given that the Extra-Ordinary General Meeting (“EGM”) of Shareholders of Metropolitan Stock Exchange of India Limited (“MSE”) will be held on Thursday, August 7, 2025 at 3:30 p.m. (1ST) through Video Conferencing (“VC”)/ Other Audio-Visual Means (“OAVM”) to transact the following businesses:

Special Business:

To consider, review and if thought fit, to pass, with or without modification(s), the following resolution as a Special Resolution:

• To increase the Authorised share capital of the Company and consequent amendment in the Memorandum of Association: The authorized capital of the Company be and is hereby increased from Rs. 850 crores divided into 850 crore Equity Share of Re. 1/- each to Rs. 1,500 crores divided into 1,500 crore Equity Shares of Re 1/- each.
• Issue and offer of Equity Shares of the Company to Identified Persons on Private Placement basis: To offer, issue, and allot 500 crore equity shares of face value Re. 1/- each, at a premium of Re. 1/- (per share, aggregating to a total of Rs. 1,000 crores, by way of Private Placement to the Identified Persons listed in attached document, as per the terms and conditions set forth in the draft Private Placement Letter of Offer (“Letter of Offer”)."
• To approve the appointment of Ms. Latika S. Kundu (DIN: 08561873) as the Managing Director & Chief Executive Officer (MD & CEO) of the Company: To appoint Ms. Latika S. Kundu (DIN: 08561873) as Managing Director and Chief Executive Officer (MD & CEO & KMP) of the Company, for a period of 3 years effective from February 11, 2025.

Instructions at glance

Studds Accessories Ltd has filed its Draft Red Herring Prospectus (DRHP) with SEBI on March 26, 2025, marking a key step toward its upcoming public offering.

🔹 IPO Structure:
The proposed Studds Accessories Ltd IPO is a pure Offer for Sale (OFS) of 77.86 lakh equity shares, entirely offered by existing shareholders.

Notably, members of the promoter group—Mr. Madhu Bhushan Khurana, Mr. Sidhartha Bhushan Khurana, and Mr. Chand Khurana—will be participating in the OFS.

🔹 Proceeds:
As this is an OFS, Studds will not receive any proceeds from the IPO. All funds raised will go directly to the selling shareholders.

🔹 Shareholding Snapshot (Pre-IPO):

• Promoter Group: 78.78%

  • Madhu Khurana: 37.95%

  • Sidhartha Khurana: 31.79%

  • Chand Khurana: 8.35%

• Public Shareholding: 21.22%

🔹 Lead Managers:
IIFL Capital Services and ICICI Securities have been appointed as the Book Running Lead Managers (BRLMs) for the issue.

• Financial Highlights: PNB MetLife demonstrated a robust financial and operational performance in FY25, navigating regulatory overhauls while maintaining growth momentum. The company recorded a Total Premium of ₹11,752 Crore, a 20.76% YoY increase, with New Business Premium (NBP) rising 37.68% to ₹4,695 Crore — among the highest industry growth rates. It improved operational efficiency, maintained a strong solvency margin at 172%, and achieved breakeven ahead of plan. Persistency ratio remained strong at 82%, while the Embedded Value (EV) rose 18.09% to ₹8,575 Crore. The product mix remained well-diversified, emphasizing individual protection, annuity products, and newly introduced unit-linked and manufacturing funds. The retail claim settlement ratio touched an all-time high of 99.57%, reinforcing customer trust.
• Operational Highlights: On the operational front, PNB MetLife scaled its distribution through 22 new partnerships, including strategic tie-ups with India Post Payments Bank, Saraswat Co-operative Bank, and Truhome Finance. The company's bancassurance and agency channels remained strong, with \~20,000 bank branches and 36,659 advisors. The digital transformation strategy gained traction with AI-powered tools and new fund launches aligning with India’s manufacturing and Atma Nirbhar Bharat goals. The launch of India’s first Manufacturing Fund, consistent 4- and 5-star ULIP fund ratings, and industry-first initiatives like Bima-ASBA readiness indicate innovation-led growth. Internally, the company retained its “Great Place to Work” certification for the third consecutive year and ranked #1 in customer loyalty (rNPS), highlighting high employee engagement and customer satisfaction.
• Future Outlook: Looking forward, PNB MetLife's "New Frontier" strategy for FY29 focuses on four pillars — scale, strategic diversification, distribution innovation, and technology. India being a core growth market for MetLife, the company aims to expand its footprint by tapping underserved markets, improving digital service delivery, and leveraging favorable demographic trends. Regulatory shifts such as increased FDI cap (to 100%), Bima Trinity initiatives, and new tax-friendly rules are expected to support industry growth. With India's life insurance penetration at 2.8%, significant protection gaps, and rising annuity demand, PNB MetLife is well-positioned to capitalize on long-term opportunities while delivering inclusive and sustainable growth.
  

​Manjushree Technopack Limited delivered a robust financial performance in Fiscal Year 2025 (FY25), notably achieving a 21% year-over-year growth in Total Revenue. This growth, as highlighted in the Chairman's Speech, was fueled by a strong post-pandemic recovery and increased global demand for durable and sustainable rigid plastic packaging across diverse sectors including food, beverage, healthcare, pharma, paint, and chemical. Further drivers included rising consumer preferences for convenience and hygiene, expanding penetration of organized retail, and growth in exports. The Company also continued to invest in upgrading technology and processes to deliver superior solutions.

• The Company's Profit After Tax (PAT) saw a significant surge, primarily influenced by an exceptional gain of ₹201.96 Cr from the extinguishment of financial liabilities due to the conversion of Compulsorily Convertible Debentures (CCDs) into equity shares (The Holding Company, Al -Lenarco Midco, vide its conversion notice dated March 26, 2025 sent to the Company, stated its intention to convert the CCDs issued up to March 31, 2024 into 18,101,306 equity shares of ₹2 each fully paid up. The Board of Directors of the Company took cognizant of the said notice in their meeting held on March 28, 2025 and approved the conversion of 58,721,747 CCDs into 18,101,306 equity shares of  ₹2 each, fully paid up, on the said date. The recorded value of liability component of the said CCDs aggregated to ₹20,196.02 Lakhs .The said equity shares were issued on March 28, 2025 and the Company completed necessary filings with Registrar of Companies, Karnataka on April 15, 2025).This, along with strong operational results, contributed to the improved Net Profit Margin.
• Total Assets and Total Equity also experienced substantial growth, largely driven by the strategic acquisition of the 'Manufacturing, trading and Sale of Plastic Closures and Preforms' business from Oricon Enterprises Limited for ₹540.1 Lakhs. This acquisition added significant property, plant, equipment, and intangible assets, enhancing the Company’s capabilities.
• For a more comprehensive understanding of the Company’s performance and strategic outlook, including the management discussion and analysis, investors are encouraged to refer to the Chairman's Speech and Board's Report within the annual report. The Manjushree Technopack Limited Annual Report for FY 2024-25, along with the Notice for the 38th Annual General Meeting, is being sent electronically to shareholders and is also available on the Company's website. The 38th Annual General Meeting will be held on Friday, July 25, 2025, at 11:30 a.m. (IST), conducted through Video Conferencing (VC) / Other Audio-Visual Means (OAVM), in compliance with Ministry of Corporate Affairs circulars.

Notice has been issued that the Twenty-Fourth (24th) Annual General Meeting (“AGM”) of the shareholders of BVG India Limited (“the Company”) is scheduled to be held on Thursday, July 31, 2025 at 12:30 PM IST at the Corporate Office of the Company, located at MIDAS Tower, 4th Floor, Phase I, Rajiv Gandhi Infotech Park, Hinjewadi, Pune – 411057, to transact the business as outlined in the agenda below:

Ordinary Business:​

1. Adoption of Financial Statements: Approval of standalone and consolidated audited financial statements for FY ending March 31, 2025.

2. Declaration of Preference Dividend: Approval of ₹0.0001 per compulsorily convertible cumulative preference share (₹10 face value) for FY 2024–25.

3. Declaration of Equity Dividend: Approval of ₹1.25 per equity share (₹2 face value) for FY 2024–25.

4. Re-appointment of Director: Mr. Pankaj Dhingra (Non-Executive Director) retires by rotation and seeks re-appointment.

5. Remuneration of Statutory Auditors: Authorizing the Board to fix remuneration of M/s MSKA & Associates for FY 2025–26.

Special Business:

1. Re-appointment of Mr. Chandrakant Dalvi: As Non-Executive Independent Director for a second 5-year term (Oct 2024–Oct 2029).

2. Re-appointment of Mr. Prabhakar Karandikar: As Non-Executive Independent Director for a second 5-year term (Feb 2025–Feb 2030), despite being above 75 years (requires special approval as per SEBI norms).

3. Re-appointment of Mr. Rajendra Nimbhorkar: As Non-Executive Independent Director for a second 5-year term (Feb 2025–Feb 2030).

4. Appointment of Mrs. Neha Huddar: As a new Non-Executive Independent Director for a 5-year term (Mar 2025–Mar 2030).

5. Initial Public Offering (IPO) Approval: Approval for the Company to raise up to ₹400 crore through a fresh issue of equity shares and offer for sale (OFS) by existing shareholders.

In conclusion, the 24th Annual General Meeting of BVG India Limited encompasses key matters vital to the Company's continued governance, financial performance, and strategic growth.

Notice of the Extra Ordinary General Meeting ("EGM") of IKF Finance Limited, which is scheduled for Thursday, 31st July 2025 at 11:30 a.m. (IST) at the Registered Office of the Company situated at #40-1-144, 3rd Floor, Corporate Centre, M.G. Road, Vijaywada-520010, Andhra Pradesh to transact the following special businesses:

Special Business:

• To consider and, if thought fit, to pass with or without modification(s), the following resolution as a Special Resolution: Issue of 4,09,366 Partly Paid-Up Equity Shares on a Preferential Basis to Sri V.G.K. Prasad, Promoter: To create, offer, issue and allot 4,09,366 Equity shares of Rs.10/- each at a premium of Rs.356.42 i.e. total subscription price of Rs.366.42 per share each including issuing such shares as partly paid-up shares initially to the promoter of the Company (Sri V.G.K. Prasad)
• Approval to create, offer and issue up to 13,50,634 equity shares on a preferential basis to Sri V.G.K. Prasad, Promoter: To create, offer, issue and allot 13,50,634 Equity shares of Rs.10/- each at a premium of Rs.356.42 i.e. total subscription price of Rs.366.42 per share to the promoter of the Company (Sri V.G.K. Prasad)
• To adopt reinstated Articles of Association of the company
• To regularize appointment of Mr. Vint Mukesh Mehta (DIN - 08792902) as a Director of the Company in capacity of nominee director representing India Business Excellence Fund – IV with effect from 16th May, 2025 and who holds office up to the date of ensuing Annual General Meeting of the Company.

Notice of the 34th Annual General Meeting ("AGM") of Hero Fincorp Limited, which is scheduled for Monday, 28th July 2025 at 12:00 p.m. (IST) through video conferencing (“VC”)/ other audio-visual means (“OAVM”) to transact the following businesses:

Ordinary Business:

To receive, consider and adopt:

• The audited standalone financial statements of the Company for the financial year ended March 31, 2025 together with the report of the Board of Directors and Auditors thereon and
• The audited consolidated financial statements of the Company for the financial year ended March 31, 2025 together with the reports of the Auditors thereon.
• To declare a final dividend @11% i.e. ₹1.10/- per equity share of ₹10/- each for the financial year ended March 31, 2025.
• To appoint a director in place of Dr. Pawan Munjal, DIN:00004223, who retires by rotation and being eligible has offered himself for re-appointment.

Instructions at glance

The SME IPO segment demonstrated robust activity in the first half of 2025. From January to June 2025, approximately 94 SME IPOs were launched, collectively raising a total of around ₹4,138.28 crore. This underscores a vibrant SME IPO ecosystem and strong capital-raising momentum among small and medium enterprises in India. 

Despite new SEBI rules that doubled the minimum investment in SME IPOs from ₹1 lakh to ₹2 lakh effective March 2025, investor enthusiasm remained strong. Several IPOs across SME achieved significant positive listings, indicating strong investor confidence and successful market debuts. 

For the SME segment, Neetu Yoshi showed substantial gains with listing at 40% Premium. Other notable SME IPOs with positive listings include Fabtech Technologies Cleanrooms Limited, Sat Kartar Shopping Limited and Monolithisch India, all listed in January 2025.