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Market Audit for FY 2024–25 (Year ended Dec 31, 2024, published April 29, 2025) Scope & Objective Deloitte Ireland LLP performed a reasonable assurance engagement under ISAE 3000 to assess compliance by SEMO with the Trading & Settlement Code (TSC) for the 12 months ending December 31, 2024 Conclusion Deloitte’s independent auditor’s report concluded that SEMO had materially complied with the TSC during FY 2024, providing a “reasonable assurance” level  Follow‑up Issues The report includes a section updating on prior‑year issues, revealing which previously identified problems have been resolved and which are still outstanding.  Quarterly Audit Program: Q1 2025–26 (Ended June 30, 2025) Audit Team & Schedule The Technical Support Cell (TSC) audit team, including senior auditors and AOs, is assigned audits for the quarter April–June 2025. This includes: Management of Industrial Areas by DSIIDC  – starting 1 April 2025 Commercial Audit of DSIIDC Engineering 2024–25  – May 2025 CA 2024‑25 for DTL GM Project‑I  – April to May 2025 Financial Condition Assuming you’re referring to the broader financial oversight context (repairing from the chosen market audit): Market Audit Report The TSC-focused market audit doesn’t provide specific revenue or profit figures, but indicates SEMO’s system and code compliance were “fairly presented” and adhered to code requirements  Quarterly Audit Focus The Q1 FY25–26 audit program targets key infrastructure and commercial areas (Industrial/Engineering/Project audits), which are central to TSC-managed financial flows—implying vigilance on expense, asset management, and accounting integrity for April–June 2025 .

With discretionary demand slowing down in the first quarter, Tata Consultancy Services (TCS) finds its earlier-stated double-digit growth target increasingly challenging this year, according to Chief Executive Officer & Managing Director K. Krithivasan. But the IT services major is eyeing newer markets and geographies to offset the slowdown in traditionally strong areas. This includes expanding operations into regions like Korea and Southern Europe and looking for deals in new verticals such as sports. In India, TCS will double down on the consulting operations and tap into opportunities in semiconductor design. “I will never give up (on double digit growth), but is a tough ask for this year. We will focus on what we can do and not so much on things we do not control,” Krithivasan told businessline in an interview a day after following the company’s poor first quarter results announced last week. TCS reported a 6 per cent rise in net profit in the first quarter of FY26 but 3.1 per cent decline in revenue as subdued discretionary spending and global geopolitical uncertainties led to demand contraction. Business strategy TCS chief is adopting a multi-pronged strategy to steer the company through a difficult market environment. In the short term, the IT major is going after quick wins and smaller deals. “We have to go after opportunities where clients can be more certain about the return on investment and where the investment required is not very high. So go for smaller projects and where the ROI could be quicker, within 2-3 quarters. Secondly, if we are winning 70 per cent of the time, we should now work on winning 80 per cent,” Krithivasan said. In the long term, if the headwinds persist, TCS will go after newer markets — vertically and geographically. “We will work on expanding the scope of services offered, verticals and geographies. You need to find the white spaces to sustain overall growth,” the CEO said. New market “From a geography’s perspective, Southern Europe could be an opportunity for us, but our current delivery model may not be most appropriate for Southern Europe. We need to have a more localised delivery there. We also need to expand in geographies like Korea, where we are not present, but demand is good, including Asia Pacific. In terms of verticals, there are certain verticals where we do not have a big presence like sports which is a big industry,” he said. In a post-results interaction with the media, Krithivasan had said the company is seeing tailwinds in ASEAN countries, with plans to look at Philippines and Indonesia as well. TCS chief said he stands by his earlier statement about FY26 being a better year than FY25 in terms of international revenue, provided the company can get even 1-2 per cent growth in coming quarters. The Hindu BusinessLine

Counted amongst the top 10 largest companies by market, information technology companies Tata Consultancy Services (TCS) and Infosys are both well-known companies, loved by shareholders for paying good dividends. Constituents of BSE Sensex, Tata Group’s TCS and NR Narayana Murthy-led Infosys are the second and seventh biggest listed companies by market cap, respectively. While TCS, which is India’s largest IT company, has an m-cap of Rs 12,45,418.09 crore, Infosys is worth Rs 6,26,083.70 crore on BSE. Both TCS and Infosys are the biggest IT companies in India with operations spanning worldwide. TCS stands out with a higher current dividend yield, typically ranging from 3.39% to 3.89% for FY25, much above Infosys, whose yield is in the 1.37% to 2.73% range. The annual dividend payout per share is also significantly greater for TCS (~₹154) compared to Infosys (~₹71). This means TCS shareholders receive a larger passive income per share for the year. On dividend sustainability, TCS’s lower payout ratio and superior cash flow coverage make its dividends less vulnerable to earnings fluctuations. Infosys also maintains robust dividend coverage, but with a higher payout ratio, future dividend growth could be more reliant on sustained profit expansion. In summary, while Infosys shows commendable consistency and a higher recent rate of dividend growth, TCS is generally the stronger dividend stock, offering greater yields, larger annual payouts, and higher overall shareholder returns—a profile that appeals especially to investors prioritizing regular income and long-term stability.

TCS variable pay: In good news for a majority of its employees, Tata Consultancy Services (TCS), India’s largest IT services firm, will give 100% variable pay out to around 70% of its staff for the April to June quarter. The compensation for remaining staff members will be decided by their business units' performance metrics.Although quarterly variable payments have been consistently distributed, the organisation is yet to finalise its annual salary hike policy. This delay comes amidst challenging economic conditions, resulting in the company experiencing revenue decline in dollar terms for three consecutive quarters. TCS Variable Pay TCS has verified the disbursement of variable compensation. A company representative told ET that the eligibility requirements remain "in line with our standard practice across quarters".In an email communication to staff last week, chief human resources officer Milind Lakkad reportedly said, "All employees up to C2 grade (or equivalent grades) covered under the QVA plan will receive 100% of the Quarterly Variable Allowance (QVA).

Tata Consultancy Services (TCS)’s decision to defer hikes owing to an uncertain business environment and rising costs may have also added to the stock’s dip. TCS reported 6% growth in net profit at ₹12,760 crore over the year-ago period in the quarter ended June 30 of fiscal 2026. Weak revenue in both domestic and global markets was cited as the reason behind the slowdown in profit growth. Moreover, the management also shelved the decision regarding a salary hike, which usually happens in the June quarter.  “First-quarter salary hikes have never been deferred before in TCS but two of the top five IT firms did defer it last year. This is only for an across-the-board hike. Variable salary is being given to those people who performed well,” said Sandeep Gogia, Managing Director at Equirus. “I believe what they are waiting for is at least a certainty in this specific point and I think they did allude to that somewhere around the end of July or end of August, where they see that there should be some certainty as far as the tariff things are concerned,” said Sushovon Nayak, Research Analyst, Anand Rathi Institutional Equities. He added that with the current Chief of Human Resources, Milind Lakkad, resigning, they might want to include the new entrant’s input in deciding the salary hike. Analysts were divided on the probability that other IT companies may follow suit. While some said that that there is an increased probability that other IT companies that are yet to announce their earnings may also follow suit although different companies announce their increments in different quarter, others felt that an uptick in attrition can make wage hikes unavoidable.

Here are the FY 2024‑25  details on Reliance Industries’ CSR initiatives: 📝 Board‑Approved CSR Projects for FY 2024‑25 A detailed framework was approved by the Reliance Industries board in early 2025, outlining focus areas implemented via Reliance Foundation and associated agencies : Rural Transformation Sustainable livelihoods Public infrastructure enhancement Grassroots innovation Environmental conservation, agroforestry, animal welfare Health Community & public health (preventive care) Static and mobile health outreach units Drishti eye-care programme Medical relief to underserved populations Education Scholarships, scholarships across disciplines Early childhood & vocational training projects Infrastructure development Sports for Development Grassroots sports promotion Women Empowerment Gender-based empowerment, partnerships Disaster Response Community preparedness and relief Arts, Culture & Heritage Preservation and promotion projects Environment Sustainability, animal welfare, agroforestry initiatives ✅ Major Continued and New Initiatives Plant4Life  (launched World Environment Day 2023): Over 509,000 saplings planted, ~19,000 volunteer hours ). This environmental push is expected to ramp up in FY 25. Vantara Wildlife Centre : Opened March 4, 2025, in Jamnagar — a 3,000-acre facility supporting wildlife rescue, care, rehabilitation and conservation. Hosts thousands of rescued animals and has won the national “Prani Mitra” award Scholarships Expansion : Reliance Foundation awarded ~10,000 undergraduate and 100 postgraduate scholarships in FY 24; FY 25 includes support for 5,100 UG scholarships and continuation of the Postgraduate Scholarship programme Health Outreach : FY 24 saw 7.1 lakh consultations via mobile/static units, with enhanced protocols (e.g. cancer screening, tele-ICU) being introduced in FY 25 Rural & Livelihood Support : Climate resilience programmes expanded to over 1,229 villages; ~53,000 farmers reached; continued digital & financial literacy initiatives benefiting >62,000 women Women Empowerment & Skilling : Over 48,500 women supported in dairy, goat/poultry; ~62,000 trained digitally; continued “Her Circle” empowerment movement 💵 FY 2024‑25 CSR Spending & Budget The board-approved CSR budget  follows Section 135 of the Companies Act and directs significant allocation across planned focus areas No precise overall figure is published yet, but FY 24 recorded ~₹1,532 crore spent and FY 25 is expected to be at least on par or higher, given expanded scope. 🔍 Summary of FY 25 Focus Areas Area Notable FY 25 Developments Rural Continued livelihoods, water recharge, eco-innovation Health Expansion of mobile health camps, telemedicine, advanced screening Education Scholarships for thousands; ECCE and vocational training Sports Grassroots sports at scale Women Digital literacy, empowerment initiatives via “Her Circle” Environment Plant4Life scaling, Vantara conservation, agroforestry Disaster Strengthened early-warning systems, community resilience Arts & Culture Heritage preservation efforts ✅ Final Thoughts Reliance’s FY 2024‑25 CSR strategy  builds on past successes, widening its impact with deeper rural engagement, advanced health technologies (e.g., tele-ICU, cancer screening), expanded scholarships, rigorous environmental action through Plant4Life, and large-scale wildlife rescue via Vantara.

Reliance Industries (RIL), the largest stock in India in terms of market capitalization, is expected to see an exciting period leading up to its annual general meeting (AGM), with notable improvements predicted in Q1 results for FY26. Mukesh Ambani's company is expected to hold its AGM in August or September. Here’s the latest on when Reliance Industries (RIL) could cross the ₹1,600 mark — and potentially go beyond: 📊 Current Price & Technical Setup As of July 9, 2025, RIL is trading between ₹1,540–₹1,550, just shy of its 52‑week high of ₹1,605.85—less than 5% below that peak . Technical analysts highlight a breakout above ₹1,530  as a strong signal, suggesting momentum could quickly propel the stock toward ₹1,600–₹1,640  . 🧭 Key Triggers for ₹1,600+ Surge 1. Upcoming Q1 & AGM (July–Sep 2025) Q1FY26 earnings due in July, along with Jio & Retail disclosures—key for investor sentiment and valuation clarity . Reliance’s AGM, likely in August–September 2025 , could deliver pivotal updates (FMCG spin-off, Jio IPO roadmap, battery/FMCG timelines) that may catalyze further upside . 2. Analyst Upgrades on the Table Bernstein  raised its target to ₹1,640 (~+15% upside) citing deep valuation and strong fundamentals . JP Morgan  maintains 'Overweight' with a ₹1,568 target (~10% upside) . TipRanks data  shows an average 12‑month target of ₹1,546 (range: ₹1,500–₹1,606), implying roughly 3–4% upside from current levels—and more if sentiment strengthens . 3. Macro & Market Tailwinds A broader earnings revival in FY26 and positive market momentum position blue‑chip names like RIL to lead further gains . Domestic optimism across telecom, retail, and energy sectors supports momentum toward a fresh high . ✅ Summary: When Could ₹1,600 Be Crossed? Catalyst Timeline Likelihood Q1FY26 results (July) Late July High—could trigger ₹1,600 rally AGM revelations (Aug–Sep) August–September Moderate to High Technical breakout above ₹1,530 Any time now Already in progress In short, if Q1 earnings and AGM discussions deliver strong retail and telecom performance—and/or share clear IPO timelines—RIL could cross ₹1,600 as early as July , with further upside into the ₹1,640+ range by late summer .

Mukesh Ambani-led Reliance Industries Ltd (RIL) plans to consolidate its fast-moving consumer goods (FMCG) brands into a new entity. The new entity, to be named New Reliance Consumer Products Ltd (New RCPL), will operate as a direct subsidiary of RIL, similar to Jio Platforms Ltd.  Restructuring Details & Rationale New Entity Creation A National Company Law Tribunal (NCLT) order dated June 25, 2025  approved the formation of New RCPL, which will consolidate FMCG offerings currently housed under Reliance Retail entities like RRVL, RRL, and RCPL Focused Management & Capital Allocation Reliance stated that FMCG requires unique expertise, brand-building, manufacturing, distribution and ongoing capital investments—distinct from its conventional retail operations Investor Appeal & Valuation Clarity Spinning off FMCG removes a potential valuation “skew”—helping the forthcoming Reliance Retail IPO maintain clarity and appeal to dedicated retail investors . 📊 FMCG Portfolio Highlights Size & Scale In FY25, the FMCG arm was valued at approximately ₹11,500 crore  (~$1.4 bn) Brand Mix Over 15 brands: Beverages : Campa Cola, Sosyo Groceries : Independence brand Snacks/Confectionery : Ravalgaon Jams & Sauces : SIL Personal Care : Velvette Go-to-Market Strategy These products are priced 20–40% below majors like Coca‑Cola, Mondelez, and HUL, with distributors offered higher margins—aimed at gaining quick shelf presence  🏷️ IPO Strategy & Timeline IPO Ready, But Not Immediate Like Jio’s IPO slated for 2025, Reliance Retail is likely to list its retail arm after market conditions and internal structuring are fully optimized  IPO Positioning Benefit Crafting a clean retail offering—free from capital-intensive FMCG segments—can help attract broader investment and reduce valuation ambiguity in what’s expected to be one of India’s largest IPOs (~$100 bn+ valuation) . 🏢 Ownership & Strategic Outlook Parent Stake Reliance Industries will retain an 83.56% stake  in New RCPL, maintaining controlling interest . Independent Growth Engine New RCPL will operate similarly to Jio Platforms—as a standalone growth engine—aimed at carving out FMCG's distinct value and scale potential  ✅ Why It Matters Sharper Focus : FMCG gets tailored management and capital, improving execution. Attractive to Specialists : New investors who specialize in consumer goods can participate. IPO Readiness : Retail IPO remains uncluttered by high-capex FMCG, boosting investor clarity. Value Unlocking : Separation could reveal hidden value and drive stakeholder interest. 🧭 Summary Reliance is executing a smart demerger: FMCG brands under one roof with New RCPL, controlled by RIL, optimized for value creation and strategic growth—while prepping the retail arm for a big public debut. If you're tracking Ambani-led IPO plans, this is a key structural move worth watching.

The Shares of Reliance Industry Up by 25% key reasons are:- 1. Broader analyst base raising price targets Goldman Sachs  added RIL to its APAC Conviction List, citing four key catalysts: rebound in EBITDA, better refining margins, retail recovery, and a telecom tariff hike . The same firm also sees RIL’s EBITDA growth recovering to ~16% in FY26, setting a target of ₹1,801 (≈18% upside from current levels) . CLSA  similarly anticipates a ~14% upside to ₹1,650, buoyed by improved performance in retail, Jio subscriber gains (2.6 M in April), and stronger oil-to-chem (O2C) margins . 🔋 2. New‑energy + AI ambitions at Jamnagar Morgan Stanley  projects up to $60 bn in potential market value from RIL’s strategy to integrate its New Energy unit with generative AI infrastructure, including powering a 1 GW data‑centre with NVIDIA chips . This emerging segment adds a transformative growth dimension beyond oil‑to‑chem, retail, and telecom. 🛍️ 3. Structural strength in retail & telecom Bernstein , Jefferies , and JPMorgan  highlight robust cash flow from Jio and Reliance Retail, noting store rationalisation near completion, tariff hikes for telecom, and stable or moderating capex & debt levels . Jefferies expects consumer-driven growth and scale economies in digital, retail and new energy to sustain free cash flow and equity value . ⚙️ 4. Improving operational fundamentals & earnings rebound Retail EBITDA growth is expected in the high‑teens YoY starting Q1FY26, with telecom adding millions of subscribers . Reuters  notes RIL’s Q4 profit beat was driven by strong telecom & retail earnings, sparking mid-April upgrades in 13 of 32 analyst targets . A broader earnings recovery across Indian corporates in FY26 supports an improving backdrop for RIL . 📊 Quantifying the upside With price targets ranging from ₹1,568 to ₹1,801—and the current level around ₹1,525—the implied upside potential ranges from 10% to ~18% . A consensus 12-month target average of ₹1,594 suggests ~4% more upside, with the top-end calls adding further room . ✅ Verdict Strong fundamental momentum across retail, telecom, and new energy, plus bullish signals from leading global and domestic brokerages, make the case compelling for another 10–18% upside in RIL stock—especially if growth materializes and investors remain confident.

Domestic brokerage Nuvama Institutional Equities (Nuvama) has raised its target price on oil-to-telecom conglomerate  Reliance Industries Ltd (RIL)  to ₹1,801—the second highest on Dalal Street after Mirae Asset Securities (Buy, ₹1,950, 14/10/2024). The upgrade by Nuvama reflects RIL’s foray into external sales of high-efficiency solar modules and the major growth potential of its rapidly expanding New Energy business.    The brokerage expects these developments to add majorly to profits and drive a re-rating akin to the market response during the RJio rollout in 2017.   At the core of this upgrade is RIL’s recent commencement of sales of heterojunction technology (HJT) solar modules, a move confirmed during the company’s latest analyst meet. According to Nuvama’s drill-down, “RIL has offered to sell its HJT modules in the lucrative domestic market,” even as its power generation rollout remains some time away.  Nuvama forecasts that the company's 10GW module and cell capacity, to be fully operational by early CY26, could contribute an incremental ₹3,800 crore to consolidated profit after tax (PAT), equivalent to 6 per cent of FY25 earnings

Dr. Reddy’s Laboratories integrates ESG (Environmental, Social, and Governance) principles  into its business practices through a comprehensive, multi-layered approach aligned with global standards and ambitious internal targets: Environmental Integration Carbon Neutrality:  Committed to achieving carbon neutrality in direct operations (Scope 1 and 2 emissions) by 2030 and a 12.5% reduction in indirect (Scope 3) emissions by 2030. Renewable Energy:  Targets 100% renewable power usage by 2030; as of the latest reports, over 26% of total power is already from renewables. Water Positivity:  Aims to be water positive by 2025, with 78% water neutrality already achieved. Waste Management:  Implements waste reduction and circularity projects, including sustainable packaging, hazardous waste co-processing, and plastic reduction in product packaging. Green Chemistry:  Applies green chemistry principles and process optimization to reduce hazardous waste and environmental impact in manufacturing. Social Integration Access and Affordability:  Strives to serve 1.5 billion+ patients by 2030 by expanding access to affordable, high-quality medicines and launching innovative products 3 . Diversity and Inclusion:  Targets at least 35% women in senior leadership by 2030, gender parity by 2035, and 3% of workforce to be Persons with Disability (PwD) by 2030. Living Wages:  Ensures 100% living wages for the extended workforce by 2025. Community Engagement:  Invests in education, skilling, and health initiatives through Dr. Reddy’s Foundation and partnerships with NGOs. Governance Integration Board Oversight:  ESG strategy and performance are overseen at the highest levels, with direct CEO accountability and regular board engagement. Supplier Standards:  Aims for 100% of strategic suppliers to comply with Dr. Reddy’s internal ESG framework by 2030. Transparency and Reporting:  Regularly publishes sustainability and ESG reports based on global frameworks (GRI, UN SDGs, TCFD, SBTi), and seeks to reach top quartile in ESG disclosures by 2025. Ethics and Compliance:  Maintains robust corporate governance, compliance, and ethics programs to ensure responsible business conduct. Operational Excellence and Innovation Industry 4.0 Adoption:  Facilities recognized by the World Economic Forum’s Global Lighthouse Network for using advanced digital and sustainable manufacturing technologies. Continuous Improvement:  Implements cost-improvement and sustainability projects across operations, including energy efficiency, water conservation, and process excellence. Through these integrated strategies, Dr. Reddy’s embeds ESG principles into every aspect of its value chain, from R&D and manufacturing to supply chain and community engagement, aiming for long-term sustainable growth and positive societal impact.

CSR Report Highlights for Dr. Reddy’s FY25: Strategic Focus:  Dr. Reddy’s FY25 Business Responsibility and Sustainability Report (BRSR) demonstrates a strong commitment to the nine principles of the National Guidelines on Responsible Business Conduct (NGRBC), integrating environmental, social, and governance (ESG) objectives into its core business. Key CSR Areas: Access to Medicines:  Major focus on expanding access to affordable and innovative medicines globally, aiming to serve 1.5 billion patients by 2030. Initiatives include launching new drugs, expanding the product portfolio, and collaborating with organizations like Pharmazz, Junshi Biosciences, and Sanofi for novel therapies and vaccine distribution 1 . Education & Skilling:  Projects in education and livelihood enhancement, implemented through Dr. Reddy’s Foundation and partner NGOs, aim to promote education, skill development, and employability, especially for underprivileged communities. Environmental Sustainability:  Multiple projects with agencies like WWF-India and Wildlife Trust of India focus on environmental conservation and sustainability practices. Governance:  Enhanced ESG integration into board oversight, risk management, and executive compensation. The company conducted a double materiality assessment in FY25 to align with upcoming regulatory requirements and improve disclosure standards. Monitoring & Impact:  All CSR projects are regularly monitored by the CSR team, with progress updates to the CSR Committee. Impact assessments are conducted as per the Companies Act, 2013, ensuring accountability and transparency in fund utilization. Hot News (2025): Q1 FY25 Financial Results:  Dr. Reddy’s reported Q1 FY25 revenues of ₹76,727 million, up 14% year-on-year, with a gross margin improvement to 60.4%. The company’s growth was primarily driven by its generics business, and it continues to invest in biologics and consumer healthcare. Sustainability Initiatives:  The release of the FY25 BRSR and Integrated Annual Report highlights ongoing progress in sustainability, with independent assurance provided by DNV for the report’s core indicators. Women Safety Program:  The SAP Progress Report for FY25 notes the impact of the Women Safety Ambassador Program, reaching over 1,800 stakeholders, reflecting Dr. Reddy’s focus on workplace safety and inclusion. Summary Table: Key CSR Thematic Areas in FY25 Thematic Area Key Initiatives/Partners Focus Period Access to Medicines Pharmazz, Junshi Biosciences, Sanofi Ongoing Education & Skilling Dr. Reddy’s Foundation, Naandi Foundation Apr 2024–Mar 2025 Environmental Sustainability WWF-India, Wildlife Trust of India Apr 2024–Mar 2025 Women Safety & Inclusion Women Safety Ambassador Program FY25