Intimation regarding authorisation fiven under Reg 30(5) of SEBI (LODR)Regulations 2015
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▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 5.6 pts more than Nifty Microcap 250 and 6.7 pts more than its Industrial Products peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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The board approved selling its 50% stake in Suryavayu Renewable and Energy Solutions Pvt Ltd (SRESPL), a joint venture, to Kay Cee Energy & Infra Ltd at a fair market value of INR 4.124 per share. Post-sale, SRESPL will cease to be a joint venture; the JV had nil income and a net worth of just INR 5 lakh as of March 2025, suggesting it was a non-material asset. The board also approved incorporating a new wholly owned subsidiary in India (proposed name: Josts Techno Solutions Pvt Ltd) in the Engineered Products and Service business, with a modest initial capital of INR 1 lakh. Additionally, CFO Pranesh Bhandari resigned effective March 31, 2026, and K C Somani — a chartered accountant with 40+ years of experience at JSW Steel and Ispat Group — was appointed as the new CFO from April 1, 2026.
The JV exit is financially immaterial given SRESPL's nil revenue and token net worth, so the stock price impact should be minimal. The new subsidiary signals an intent to expand in engineered products and services, while the experienced CFO appointment should provide continuity in financial management.