HDFC Bank appointed Anup Bagchi as MD and CEO for three years. Meanwhile, DLF sold out its luxury retirement project in Gurugram for ₹1985 crore. Ola Electric clarified that promoter Bhavish Aggarwal pledged a 4.32% stake to raise capital. Also, Gland Pharma approved a $21 million investment for a new acquisition.
Management changes
Anup Bagchi to head HDFC Bank
Anup Bagchi has been appointed as the Managing Director and Chief Executive Officer of HDFC Bank for a three-year term, following approval from the Reserve Bank of India. Bagchi brings over three decades of experience in financial services, with a career spanning banking, capital markets, wealth management, insurance and digital financial services. He has been associated with the ICICI Group since 1992. He has held several senior leadership positions, including CEO & MD of ICICI Securities, Executive Director of ICICI Bank, and MD & CEO of ICICI Prudential Life Insurance.
Sidharatha Mishra appointed ICICI Life CEO
Sidharatha Mishra has been appointed as the Managing Director and Chief Executive Officer of ICICI Life Insurance, according to its regulatory filing. Mishra, who has worked with ICICI Bank for more than 26 years, currently heads the lender’s digital channels and partnerships, voice channel, customer services, non-resident Indian and international financial institutions groups. ICICI Life Insurance: The board approved Mishra’s appointment as Chief Operating Officer with effect from October 6, and has also been appointed as an Additional Director and Managing Director & CEO with effect from October 14, 2026, or the date of approval from the Insurance Regulatory and Development Authority of India, whichever is later, for a period of five years, subject to requisite approvals, the filing said.
DLF sells out Gurugram retirement project
DLF, India’s leading real estate developer, today announced the complete sell-out of The Aureva, its thoughtfully curated luxury residential community in Sector 63, Gurugram, in the retirement segment. The project has achieved sales of ~₹1985 crore, underscoring strong demand for thoughtfully curated luxury retirement living communities that seamlessly integrate luxury, wellbeing, convenience, healthcare access, and meaningful community engagement.
Ola Electric clarifies promoter stake pledge
Ola Electric Mobility Limited on Sunday issued an official company statement clarifying that promoter Bhavish Aggarwal has pledged a 4.32% stake in the company. The promoter created the pledge solely to raise capital to participate in the company’s upcoming rights issue, which the Board of Directors previously approved and disclosed in the Draft Letter of Offer (DLOF) filed on September 28, 2026.
M&As
Gland Pharma to invest $21 million
Gland Pharma has approved an investment of up to $21 million in Gland Pharma USA Inc. to fund the acquisition of a 60% stake in Novelstar Pharma Inc. Under the proposed structure, Gland Pharma USA, its subsidiary, will subscribe to 60% of Novelstar Pharma’s equity through a cash investment. After the transaction, Novelstar Pharma will become a step-down subsidiary of Gland Pharma. Fosun Pharma USA Inc., an entity within Gland Pharma’s promoter group, will hold the remaining 40% stake.
Unimech invests in Saudi Arabian JV
Unimech Aerospace and Manufacturing Ltd has invested SAR 15.3 million, equivalent to approximately Rs 39.36 crore, in the first tranche of equity capital of its Saudi Arabian joint venture, Kanoo-Unimech Advanced Manufacturing Solutions. The investment is part of the joint venture’s planned SAR 60 million equity capital, which the partners will contribute in two tranches. The first tranche amounts to SAR 30 million. Unimech has contributed SAR 15.3 million, representing its 51% share, while Yusuf Bin Ahmed Kanoo Company Limited (YBAK) has contributed SAR 14.7 million for its 49% share.
Shyam Metalics plans ₹50,000 crore steel complex
Shyam Metalics & Energy Ltd has entered into a non-binding Memorandum of Understanding (MoU) with the Government of Maharashtra to set up a 9 MTPA greenfield integrated steel complex in the Chandrapur district of the Vidarbha region. The project involves an estimated investment of ₹50,000 crore.
IITL Projects to invest ₹10 crore in township
IITL Projects Ltd has announced the execution of a Strategic Investment Agreement with real estate entities Kaamag Private Limited and Maayin’s Real Estate Pvt Ltd. The agreement was originally executed on September 30,, and IITL Projects formally received the fully executed document on October 3. Under the terms of the agreement, IITL Projects proposes to invest up to ₹10 crore in one or more tranches to facilitate an integrated residential township project. The development is situated at Surajmal Road, Mauza Neemgaon, Tehsil Govardhan, District Mathura, Uttar Pradesh.
NCLT approves Tata Steel subsidiary merger
The National Company Law Tribunal at Mumbai has approved the merger of Rujuvalika Investments Ltd, a wholly owned subsidiary of Tata Steel Ltd, with itself. Rujuvalika was incorporated as a Non-Banking Financial Company and was recategorised by the RBI in 2022 as a Systemically Important Non-Deposit-Taking Middle Layer NBFC. Tata Steel wholly owns it through 13,28,800 shares, representing 100% of its shareholding, held by Tata Steel and its nominees. Rujuvalika also holds 11,68,393 shares of Tata Steel. Under the sanctioned Scheme, Tata Steel will cancel the shares of Rujuvalika held by it, with no new shares or cash consideration issued. Rujuvalika will be dissolved without winding up, while its debts, liabilities, duties and obligations will vest in Tata Steel.
Wipro completes US subsidiary merger
Wipro Ltd has completed the merger of two of its step-down subsidiaries based in the United States, effective October 1. The company announced that Wipro VLSI Design Services, LLC has been merged into Wipro IT Services, LLC.
ORDER WINS
GPT Infraprojects wins ₹149.49 crore project
GPT Infraprojects has announced that its wholly owned subsidiary, Alcon Builders and Engineers Private Ltd, has been declared the L1 (First Lowest) bidder for a major infrastructure project valued at ₹149.49 crore. Dycste-W-RJT-S AND T/Western Railway has awarded the commercial project.
Solex Energy secures ₹75.96 crore orders
Solex Energy Ltd has announced it has received major commercial work orders from domestic entities in the power and electricity sector. The newly secured work orders involve manufacturing and supplying N-Type TOPCON 620Wp Glass-to-Glass (G12R) Solar PV Modules. The aggregate value of these contracts stands at ₹75.96 Crore (Rupees Seventy-Five Crore Ninety-Six Lakh Only), including all applicable taxes.
Sical Logistics gets SAIL contract
Sical Logistics Limited has announced the receipt of a significant commercial contract from the state-owned Steel Authority of India Limited (SAIL). The official award letter, issued by Steel Authority of India Limited on October 03, 2026, entrusts Sical Logistics Limited with operational activities at the Dalli Mechanised Mine Phase 6. Under the project, the company will handle the excavation and transportation of iron ore, ICW, and subgrade ore.
Knack Packaging bags ₹150 crore US order
Knack Packaging has received a three-year order worth Rs 150 crore from a leading US-based animal nutrition and feed company. Under the order, the company will supply packaging material, including PLWPP bags and pinch-bottom bags, aggregating to approximately 60 million bags per annum.
Texmaco Rail gets ₹3.65 crore railway order
Texmaco Rail & Engineering Limited has announced a new commercial achievement after receiving a Letter of Acceptance from West Central Railway. Valued at ₹3.65 crores inclusive of applicable taxes, the project represents a specialised infrastructure improvement order aimed at enhancing operational reliability. According to the terms outlined in the disclosure, the domestic contract is scheduled to be executed within 12 months of the Letter of Acceptance issue date.
Hindalco, AluChem terminate acquisition agreement
Hindalco Industries and US-based AluChem Companies, Inc. have mutually agreed to terminate their Equity Purchase Agreement to acquire AluChem’s specialty alumina business. This termination is attributed to extended closing delays that were beyond the control of both parties. Hindalco said its overarching strategy of scaling high-value, technology-led value-added products in its speciality alumina segment remains unaffected by this decision.
Regulatory issues
Aurobindo Pharma gets USFDA approval
Aurobindo Pharma Ltd has announced the receipt of final approval from the US Food & Drug Administration (USFDA) to manufacture and market Perampanel Tablets, 2 mg, 4 mg, 6 mg, 8 mg, 10 mg, and 12 mg, which are bio-equivalent and therapeutically equivalent to the reference listed drug (RLD), Fycompa Tablets, 2 mg, 4 mg, 6 mg, 8 mg, 10 mg, and 12 mg, of Catalyst Pharmaceuticals, Inc. The product will be manufactured at Unit-IV of APL Healthcare, a wholly owned subsidiary of the Company, and will be launched in Q3-FY27.
Maharashtra GST officials search Sudarshan units
Sudarshan Chemicals Industries has informed the exchanges that Maharashtra State GST officials have initiated search proceedings at some of the company’s offices and manufacturing units in Maharashtra. The company is extending full cooperation and assistance to the Maharashtra State GST officials. At present, the aforesaid search proceedings have no material impact on the company’s financials, business operations, or other activities.
East Coast Railway cancels RVNL order
Rail Vikas Nigam Ltd informed the exchanges that a letter of acceptance (LOA) received from East Coast Railway for the supply, installation, testing and commissioning of an IP-based video surveillance system for rolling stock of ECoR has been cancelled. The company said East Coast Railway cancelled the LOA by mutual consent and without any financial repercussions.