January 02, 2026

TOP NEWS

Devyani International: The Board of Directors of Devyani International Limited (DIL) and Sapphire Foods India Limited (SFIL) have approved a scheme of arrangement for the merger of SFIL with and into DIL, marking a strategic consolidation of the two companies. 

·        Upon completion, the transaction will result in DIL becoming one of the largest quick-service restaurant (QSR) operators with 3,002 stores in India, positioning the merged entity for the next phase of accelerated growth, scale, and profitability.

·        Swap ratio for the deal is 177 equity shares of DIL for every 100 equity shares of SFIL.

·        The proposed merger is subject to receipt of all the customary regulatory & statutory approvals. The process of obtaining these approvals is expected to take 12 to 15 months, following which the merger will become effective. 

·        The combined revenues of the both the entities will stand at Rs. 7,827 crore and EBIDTA margins of 17%.

·        DIL is expecting synergistic benefits in the form of 1) creation of a market leader 2) unlock growth opportunities 3) economies of scale 4) operational & capability consolidation and 5) strengthening of the balance sheet. This will result in the potential synergies of 2.5% at EBIDTA level (benefit of Rs. 210-225 crore) expected in 2-3 years post-merger.

·        According to the swap ratio, Sapphire is valued at Rs. 8,326 crore (current market cap – Rs. 8,433 crore). The deal value stands at 2.7x trailing twelve months revenues.

·        We believe SFIL merger is positive for DIL, as it will make DIL a large QSR player with potential margin accretion over the next two to three years.

TVS motors: The company sold 481,389 units in December 2025, marking a 50 percent increase compared to 321,687 units in December 2024. Total exports were 40% higher and EV grown at 77% YoY.

Force Motors: total sales jumped 49.7% to 3,048 units in December 2025, compared to 2,036 units in December 2024.

MOIL: All Ferro grades of manganese ore with Manganese content of Mn-44% and above have been increased by 3% over prices prevailing since December 1, 2025.

Indian Bank: As per Q3FY26 business update provided by the bank, the total business jumped 13.4% YoY to Rs 14.30 lakh crore Vs Rs 12.61 lakh crore. Gross advances were up 14.5% to Rs 6.40 lakh crore Vs Rs 5.59 lakh crore. Total deposits increase 12.5% to Rs 7.90 lakh crore Vs Rs 7.02 lakh crore YoY.

Time Technoplast: Company has received approval from the Petroleum and Explosives Safety Organization (PESO) and M/s. TUV Rheinland (India), for the manufacture and supply of high-pressure type-3 fully wrapped fibre reinforced composite cylinders of 2 litres capacity for compressed gases applications. The company has existing approvals in hand for Composite Oxygen and Breathing Air (Type-3) Cylinder for 6.8 Litres Capacity, as well as Composite Hydrogen Cylinders (Type-3: 6.8 Litres) and (Type-4: 150 Litres).

Auto sector sales update: The December sales represent a strong growth across the sector especially 2W and CV numbers came in very strong. Two-Wheelers (2W) - TVS Motor +50%, Hero MotoCorp +40% ,Eicher Motors +30%. Passenger Vehicles (PV)- Hyundai Motor India +6.6% , Tata Motors Passenger Vehicles +14.1%, Maruti Suzuki India +22.2%, Mahindra Auto (Domestic SUVs) +23%. Commercial Vehicles (CV)- Force Motors +49.7% , Tata Motors (CV) +25%,  Ashok Leyland +27%,  VE Commercial Vehicles +24.7% , Mahindra Trucks and Buses +43%, SML Mahindra +67%. Others / Ancillaries & Agri - Atul Auto +39.45% , Steel Strips Wheels (Net Turnover) +22.44%, VST Tillers Tractors +29.77%, Escorts Kubota +38.5%.

Punjab & Sind Bank: The bank’s total business grows 11.84% to Rs 2.49 lakh crore Vs Rs 2.23 lakh crore YoY, in this the deposits increased by 9.27% YoY to Rs 1.39 lakh crore Vs Rs 1.27 lakh crore while gross advances soar 15.25% YoY to Rs 1.10 lakh crore Vs Rs 95,870 crore for Q3FY26.

OTHER NEWS

South Indian Bank: Gross advances surge 11.27% YoY to Rs 96,765 crore Vs Rs 86,966 crore while total deposit increased 12.17% to Rs 1.18 lakh crore Vs Rs 1.05 lakh crore YoY, as per latest business update for Q3FY26. CASA deposits have increased by 14.65% to Rs 37,640 crore Vs Rs 32,830 crore YoY.

RailTel Corporation of India Limited : The company has received a Letter of Award from Assam Health Infrastructure Development & Management Society for procurement, implementation, and maintenance of a Hospital Management Information System (HMIS).
The order value is Rs. 56.71 crore.

Bansal Wire Industries Limited: The company reported a record Q3 FY26 sales volume of 121,702 MT, up 31.7% YoY and 6.2% QoQ, marking its highest-ever quarterly volume. For 9M FY26, sales volume rose 37.9% YoY to 340,411 MT, compared with 246,888 MT in 9M FY25, reflecting strong demand and sustained volume growth.

Aurobindo Pharma Limited : The company has acquired the branded non-oncology prescription business of Khandelwal Laboratories on a slump-sale basis for Rs. 3,250 million, effective Jan 1, 2026. The business reported Rs. 1,135 crore FY25 revenue and will strengthen Aurobindo’s domestic pain management and anti-infective portfolio.