AMALGAMATION
Happiest Minds Q2 Results: Profit rises 15% to Rs 62 crore; revenue up 12% to Rs 645 crore
Happiest Minds Technologies has seen a 15.12% rise in consolidated net profit for the September quarter FY27. Revenue from operations also increased by 12.5% compared to the previous year. The company announced an interim dividend of Rs 3.05 per equity share for the 2026-27 fiscal year. An exceptional charge was included in the quarter's results due to a proposed merger with ITC Infotech.
Irdai tightens ESOP norms, share transfer rules for insurers
Irdai has implemented stricter rules regarding employee stock option plans for insurance companies to regulate ownership stakes. Senior executives and directors must seek approval to exceed prescribed shareholding limits under these plans. Insurers are required to monitor direct and indirect share allotments to prevent regulatory breaches.
Yoga Bar maker Sproutlife Foods to merge with ITC; board approves scheme
ITC Ltd has received board approval for a scheme to merge Sproutlife Foods into its operations. This move is designed to streamline business processes and enhance value creation for ITC. Sproutlife, focusing on health-centric food products, achieved a turnover of Rs 451.71 crore in FY26. ITC clarified that no new shares will be issued in this merger, set to be effective from April 1, 2026.
TVS family succession dispute raises governance questions for listed companies, says InGovern
A succession dispute concerning the Venu Srinivasan family has emerged, affecting both TVS Holdings and TVS Motor Company. The disagreement primarily revolves around the distribution of family assets and management arrangements, raising governance concerns for minority shareholders. Venu Srinivasan claims appropriate separation of personal assets, while his family members dispute this assertion. Despite public disclosure of changes in management, the core family economic settlement remains unspecified.
Noel Tata seeks board scrutiny of SP Group's Rs 25,000 crore exit plan, Tata Sons restructuring
Noel Tata has asked the Tata Sons board to examine Shapoorji Pallonji Group's Rs 25,000-crore funding proposal through a capital reduction and separately evaluate Tata Trusts' restructuring plan to preserve the holding company's unlisted status. Both proposals are slated for discussion at the November 26 board meeting.
Noel Tata sends two letters over SPG's Rs 25,000 crore request and to evaluate merger options to avoid D-St listing
Noel Tata sends two letters to Tata Sons Board today: to examine a Rs 25,000 crore funding request from minority shareholder Shapoorji Pallonji (SP) Group through a proposed capital reduction and detailed evaluation of a restructuring proposal made by Sir Dorabji Tata Trust and Sir Ratan Tata Trust on September 28 to merge two operating subsidiaries, Tata Electronic Systems Solutions (TESS) and Tata Consulting Engineers (TCE), with Tata Sons.
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MTAR Technologies gets NCLT nod to merge two wholly owned subsidiaries
MTAR Technologies has received NCLT approval to merge its wholly owned subsidiaries Gee Pee Aerospace and Defence and Magnatar Aero Systems into the parent company. The restructuring aims to simplify the corporate structure, consolidate operations, reduce administrative costs and improve efficiency.
Ambuja Cements Q2 Results: Net profit tanks 90% YoY to Rs 114 crore; revenue rises 10%
Ambuja Cements Q2 Results: The company reported a 90% year-on-year decline in Q2 FY27 net profit to Rs 114 crore due to a Rs 1,697 crore income tax provision reversal in the year-ago quarter. Revenue rose 10% to Rs 6,113 crore. Shareholders also approved the proposed amalgamation of ACC and Orient Cement with Ambuja, with completion expected in FY27, subject to approvals.
ET Prime Special Series: Multibagger or IBC - Part 82: This auto ancillary’s name tells only 20% of the story. What’s the other 80%?
The shift towards electric vehicles, or EVs, is forcing traditional auto-component suppliers to reconsider their future. For some, it threatens core products. For others, it creates opportunities in components that can survive the death of the combustion engine. This supplier finds itself on both sides of that transition. Its original business is exposed to ICE vehicles, while its manufacturing division has developed products relevant to EVs. Alongside, the company is pursuing other initiatives. Will these translate into stronger profits, or will rising financial obligations limit the benefits?
Don’t bank on RBI alone: The investor protection gap in India’s banking system
RBI imposes strict regulations on banks to ensure transparency for depositors and investors. However, listed banks often fail to provide timely disclosure of crucial information to the market. The governance of Public Sector Banks (PSBs) also faces scrutiny due to government influence on board appointments and salary structures. Lack of transparency in bank resolution processes raises questions about RBI's dual role as regulator and resolver.
Bigger than RRR: SS Rajamouli reveals how he saved 40 days of shooting for Mahesh Babu, Priyanka Chopra’s Varanasi
SS Rajamouli’s much-awaited film, Varanasi, starring Mahesh Babu and Priyanka Chopra, seeks to outdo the grand scale of his earlier blockbuster RRR. The film brings together a diverse range of cinematic elements, with each unfolding like a separate storyline. Rajamouli is carefully navigating the challenge of connecting different sequences shot across multiple locations. Having completed nearly 275 days of filming, the director’s detailed preparation and strategic approach are evident.
Jindal Stainless Q2 net profit rises 11% to Rs 898 crore
Jindal Stainless has revised its FY27 volume growth outlook to 4-6%, down from the previous 7-9% forecast, due to declining sales. Despite the downturn, the company reported an 11% rise in profits during the September quarter, driven by over 664,000 tonnes of steel sold, with exports comprising 11%. This adjustment reflects ongoing challenges in the market affecting their overall performance.
Saanich election 2026: Why 68% rejected merging with Victoria as Rishi Sharma wins mayoral race with 17,157 votes
Saanich election results: Rishi Sharma has been elected Saanich mayor after securing 45.31% of the vote, while 67.96% of voters rejected a proposed merger with Victoria. The 2026 municipal election also saw five newcomers win council seats, reshaping local leadership in British Columbia. According to preliminary results, 24,663 voters, or 67.96%, voted against amalgamation.
Actor Michael B. Jordan bought Hollywood Hills home in 2019 for $5.8 million and sold it in 2022 for $6.95 million. Now, property returns to market for $14 million
Actor Michael B. Jordan’s former home in Hollywood Hills has resurfaced on the real estate market this year for $14 million. The property has been relisted after an 18-month renovation by design studio Ome Dezin. The actor bought the Woodrow Wilson Drive property for $5.8 million in 2019 and sold it for $6.95 million in 2022.
RBI approves merger of Emirates NBD's India branches with RBL Bank
The Reserve Bank of India has approved the merger of Emirates NBD Bank's Indian branches with RBL Bank. This amalgamation will officially take effect on December 1, 2026, according to the central bank's announcement. Emirates NBD Bank initially opened its first Indian branch in Mumbai in 2017, expanding later to Gurugram and Chennai. The Finance Ministry had previously approved Emirates NBD's acquisition of a significant stake in RBL Bank.
Flipkart ex-staff push for Esop buyout; Wipro, Tech Mahindra’s Q2 report
Happy Friday! Former Flipkart employees are asking Walmart to cash out their vested stock options. This and more in today’s ETtech Morning Dispatch.
Myntra swings to net loss of Rs 579 crore in FY26, revenue drops 13%
Myntra was the only profitable unit within the Flipkart group in FY25. The company saw a leadership change in 2026, when CEO Nandita Sinha departed after four years at the helm. Sinha was replaced by Sharon Pais, who took over as the head of Myntra in April this year.
Flipkart’s marketplace revenue falls; Wipro Q2 profit takes a hit
Flipkart’s marketplace business sees revenue decline as losses widen. This and more in today’s ETtech Top 5.
Flipkart Internet’s revenue falls 19% YoY to Rs 16,295 crore in FY26
Meanwhile rival Amazon India’s marketplace entity Amazon Seller Services reported a 15% increase in operating revenue to Rs 34,966.8 crore in fiscal 2026. Its net loss stood at Rs 389.9 crore, down 3.4% from Rs 408 crore in FY25.
Omar Abdullah and Mirwaiz Umar Farooq slam J&K Waqf Board move to 'standardise' Friday sermons
Omar Abdullah and Mirwaiz Umar Farooq have condemned the J&K Waqf Board's plan for uniform Friday sermon topics. Critics argue that this initiative represents undue interference in Muslim religious practices and violates freedom of expression. Mehbooba Mufti raised concerns about the implications for religious diversity and autonomy across India. Inam un Nabi asserted that mosques should not serve as platforms for controlled messaging.
Mallika Srinivasan, Lakshmi Venu seek fair TVS family assets' division; MoU covers brand rights, management
Mallika Srinivasan and her daughter, Lakshmi Venu, look for a fair resolution regarding family wealth disputes. Their disagreement involves Venu Srinivasan and Sudarshan Venu concerning wealth distribution within the TVS Group. They emphasize that no equitable settlement has been reached despite ongoing discussions. The family believes transparent valuations and mutual consent are necessary for resolution. Management roles and economic ownership must be clearly distinguished in their negotiations.
No economic settlement reached within Venu Srinivasan family, say Lakshmi, Mallika as TVS succession battle breaks
Differences have arisen within the Venu Srinivasan family concerning the economic settlement of their assets. Lakshmi Venu and Mallika Srinivasan stated that no agreement on asset distribution has been reached. They emphasize that management roles do not equate to division of economic interests. Their recent memorandum of understanding mostly addresses brand use and non-compete agreements.
Goodluck India shares surge 17% as merger expands, defence arm to join firm along with green energy unit
Goodluck India shares surged 17% to a 52-week high of Rs 585 after its board approved the proposed merger of Goodluck Defence and Aerospace and Goodluck Green Energy. The restructuring aims to streamline operations, improve market liquidity and strengthen long-term shareholder value, with further details expected later.
Kashmiri leaders Mirwaiz, Bukhari condemn attack on Saudi Arabia airport
The recent assault on King Khalid International Airport in Riyadh has thrown Kashmir's political landscape into a state of concern. Leaders like Mirwaiz Umar Farooq have urged an immediate dialogue to de-escalate the humanitarian crisis following the tragic casualties. Additionally, former minister Altaf Bukhari has condemned the attack, stressing the urgent need for adherence to international law as insecurity persists in the region with consistent assaults on civilian facilities.
Anand Mahindra explains why nine forms of the Goddess are celebrated in Navratri: ‘No single quality is enough….’
Navratri goes beyond being merely a celebration of goddess Durga and the reverence for the divine feminine; it serves as a homage to the diverse qualities one must embody to face life's adversities. From bravery to perseverance to compassion, each of the Goddess’s nine incarnations symbolizes a profound facet of strength that can assist individuals in navigating their internal challenges.
Succession battle breaks out at TVS as camps disagree over business division, family MoU
Deep disagreements over inheritance have emerged between Venu and Mallika Srinivasan's children, leading to potential legal action. While Venu and son Sudarshan believe a family asset division occurred, Mallika and daughter Lakshmi disagree. The conflict centers around a memorandum of understanding related to asset management versus ownership. Significant differences in the market value of their respective companies have intensified the dispute.
Shiva Cement to merge with JSW Cement; board approves 5:41 swap ratio
The board of JSW Cement has approved a scheme of arrangement, including the amalgamation of Shiva Cement with and into JSW Cement, the company said in a late-night filing on Tuesday.
Noel Tata says Tata Sons' proposed restructuring complies with RBI rules, could avoid listing
Tata Trusts, led by Noel Tata, has proposed merging two companies with Tata Sons to prevent a public listing. This restructuring aims to address new Reserve Bank of India requirements without exposing Tata Sons to market scrutiny. By enhancing the revenue composition, the Trusts believe they can change Tata Sons' regulatory classification. The plan requires RBI approval and seeks to preserve the group's ownership structure while maintaining philanthropic efforts.
Tata Trusts pitch Tata Sons restructuring as alternative to listing
Tata Trusts have proposed merging Tata Electronics Systems Solutions and Tata Consulting Engineers with Tata Sons to alter its regulatory classification and preserve its unlisted private status. The Trusts said the restructuring would increase operating revenue and reduce investments in group companies, potentially taking Tata Sons outside the NBFC and CIC frameworks.
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