Business
Jaguar Land Rover shutdown extended again after cyber attack
Jaguar Land Rover (JLR) has confirmed that production in its factories will remain suspended until next month at the earliest.
The business secretary and industry minister are visiting JLR on Tuesday for the first time since the cyber attack to meet with the company and firms in the beleaguered carmaker’s supply chain.
The company has been unable to produce cars since the cyber attack at the end of August forced it to shut down its IT networks, and fears are growing that the company’s suppliers could go bust without support.
JLR has confirmed that its factories – including its UK facilities in Solihull, Halewood and Wolverhampton – won’t resume operations until at least October 1.
“Our focus remains on supporting our customers, suppliers, colleagues, and our retailers who remain open,” JLR said in a statement confirming the shutdown extension.
“We fully recognise this is a difficult time for all connected with JLR and we thank everyone for their continued support and patience.”
Sources previously told the BBC the disruption could last into November.
Industry minister Chris McDonald said he was visiting JLR alongside Business Secretary Peter Kyle to “host companies in the supply chain, to listen to workers and hear how we can support them and help get production back online.”
He said in a statement: “We have two priorities, helping Jaguar Land Rover get back up and running as soon as possible and the long-term health of the supply chain.
“We are acutely aware of the difficulties the stoppage is causing for those suppliers and their staff, many of whom are already taking a financial hit through no fault of their own – and we will do everything we can to reassure them that the government is on their side.”
Suppliers are anxious to be heard, according to Johnathan Dudley, the head of manufacturing for accounting and consulting firm Crowe UK. The firm is based in the West Midlands, which is where the Solihull and Wolverhampton plants are.
“Obviously, they’re being very, very cautious because they don’t want to create panic, and equally, they don’t want to be seen to be criticising people further up the chain,” he told BBC Radio 4’s Today programme.
“It’s not a blame game, but it is a cry for help, because there are businesses now seeing people not paying [staff].”
The halt in production had hit profits by about £120m already, and £1.7bn in lost revenue, according to David Bailey, Professor of Business Economics at the University of Birmingham.
JLR is currently taking the lead on support for its own supply chain, rather than any state intervention.
One of the country’s largest trade unions, Unite, called for a furlough scheme for staff of JLR suppliers, after reporting that some workers were being told to apply for Universal Credit.
Unite said staff were being laid off with “reduced or zero pay” following the hack, which has forced the carmaker to shut down its IT networks and halt production.
Business
Insolvency ruling: CoC cannot alter approved resolution plan or reallocate dissenting creditors’ funds, says NCLAT – The Times of India
The insolvency appellate tribunal NCLAT has ruled that the Committee of Creditors (CoC) cannot modify an approved resolution plan to reallocate funds meant for dissenting financial creditors, reaffirming limits on the exercise of commercial wisdom after a plan has been cleared, PTI reported.Dismissing an appeal filed by Bank of Baroda in the insolvency proceedings of Reliance Communications Infrastructure Ltd (RCIL), a two-member bench of the National Company Law Appellate Tribunal said that once a resolution plan is approved, the assenting members of the CoC cannot alter its financial distribution framework.“It is true that the CoC with commercial wisdom can take a decision regarding different aspects of the plan, including manner of distribution, but once the commercial wisdom has been exercised by approving the resolution plan in meeting, the modification of the said distribution mechanism, which is impermissible, cannot be saved in the name of commercial wisdom of the CoC,” NCLAT said in its order.The appeal arose from the insolvency resolution of RCIL, where the National Company Law Tribunal (NCLT) had approved the resolution plan submitted by Reliance Projects & Property Management Services Ltd (RPPMSL), a subsidiary of Jio. The plan was approved by 67.97 per cent of the CoC by vote share on August 5, 2021.While Bank of Baroda voted in favour of the plan, lenders including IDBI Bank and State Bank of India dissented. The plan was subsequently placed before the Mumbai bench of the NCLT for approval.Bank of Baroda later approached the NCLT seeking directions to convene a CoC meeting to consider reallocation of proceeds under the approved resolution plan, particularly in relation to a loan to Reliance Bhutan. Acting on this, the NCLT on October 17, 2023 directed the resolution professional to convene a CoC meeting.At the meeting held on October 27, 2023, a resolution proposing reallocation and reassignment of the Reliance Bhutan loan was passed with a 67.55 per cent majority, though IDBI Bank and SBI objected to the move.On December 19, the NCLT approved the resolution plan as originally proposed by RPPMSL. IDBI Bank subsequently challenged the October 27, 2023 CoC decision, arguing that the reallocation of proceeds violated the approved resolution plan.The NCLT held that the CoC could not alter the financial layout relating to the entitlement of financial creditors once the resolution plan had been approved. It also noted that the Reliance Bhutan loan, which was to be assigned to assenting financial creditors under the plan, could not be reassigned to dissenting lenders through a subsequent CoC decision.In its October 10, 2025 order, the NCLT ruled that the approved resolution plan could not be modified in this manner. Bank of Baroda challenged this decision before the NCLAT.Upholding the NCLT’s view, the appellate tribunal said, “The Adjudicating Authority in the impugned order after considering all relevant clauses has rightly come to the conclusion that the decision of the CoC dated 27.10.2023 is contrary to the approved resolution plan and cannot bind the dissenting financial creditors.”“We are in full agreement with the view taken by the adjudicating authority as noted above. The adjudicating authority did not commit any error in allowing the plea filed by the IDBI Bank. We do not find any good ground to interfere with the decision of the adjudicating authority,” NCLAT added, dismissing the appeal.
Business
Apollo Techno Industries IPO Last Day: Issue Receives 50.63x Subscription; GMP Rises To 9.23%
Last Updated:
Unlisted shares of Apollo Techno Industries are trading at Rs 136 apiece in the grey market, which is 4.6% premium over the issue price of Rs 130, indicating weak listing.
Apollo Techno Industries IPO.
Apollo Techno Industries IPO GMP: The initial public offering (IPO) of Apollo Techno Industries Ltd (ATIL) has been closed today, Friday, December 26. The price band of the Rs 47.96-crore IPO has been fixed in the range of Rs 123 and Rs 130. On the final day of bidding on Friday, the IPO received a total of 50.63x times subscription, garnering bids for 12,42,53,000 shares as against 24,54,000 shares on offer.
Its retail category got a 44.81x subscription, while its non-institutional investor (NII) quota got a 98x subscription. Its qualified institutional buyer (QIB) category has received a 25.26x subscription.
ATIL is a manufacturer specialising in trenchless technology and foundation equipment for the construction industry
Apollo Techno Industries IPO GMP Today
According to market observers, unlisted shares of Apollo Techno Industries Ltd are currently trading at Rs 142 apiece in the grey market, which is a 9.23 per cent premium over the issue price of Rs 130. It indicates a weak listing. Its listing will take place on December 31, Wednesday.
The GMP had stood at 4.62 per cent in the morning.
The GMP is based on market sentiments and keeps changing. ‘Grey market premium’ indicates investors’ readiness to pay more than the issue price.
Apollo Techno Industries IPO: More Details
The Apollo Techno Industries Limited IPO is a book-built issue worth ₹47.96 crore, comprising only a fresh issue of 0.37 crore equity shares. There is no offer-for-sale component in the issue.
The IPO opened for subscription on December 23, 2025, and will close on December 26, 2025. The basis of allotment is expected to be finalised on December 29, 2025, while the shares are scheduled to list on the BSE SME platform on December 31, 2025, subject to approvals.
The price band for the issue has been fixed at Rs 123 to Rs 130 per share. The lot size is 1,000 shares. Retail investors are required to apply for a minimum of 2 lots (2,000 shares), translating into an investment of Rs 2.60 lakh at the upper end of the price band. For HNIs, the minimum application size is 3 lots (3,000 shares), amounting to Rs 3.90 lakh.
Beeline Capital Advisors Pvt Ltd is the book running lead manager to the issue, while MUFG Intime India Pvt Ltd is acting as the registrar. The market-making duties will be handled by Spread X Securities Pvt Ltd.
Apollo Techno Industries reported strong financial growth in FY25. The company’s revenue rose 44 percent, while profit after tax (PAT) surged 327 percent for the year ended March 31, 2025, compared with the previous financial year.
Incorporated in 2016, Apollo Techno Industries operates in the manufacturing and technology space, with a focus on equipment used in the construction and infrastructure sector.
The company specialises in trenchless technology and foundation equipment, catering to complex construction requirements. Its product portfolio includes Horizontal Directional Drilling (HDD) rigs, Diaphragm Drilling Rigs, Rotary Drilling Rigs, along with associated spare parts.
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December 26, 2025, 10:51 IST
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The KSE-100 Index posted a solid +0.58% gain on a week-on-week basis, closing the period on a positive note amid strong investor sentiment.
The primary catalyst was the landmark privatization of Pakistan International Airlines (PIA), finalized at Rs135 billion (approximately US$480 million), marking one of the largest and most significant privatization deals in Pakistan's history.
The successful auction, won by the Arif Habib-led consortium for a 75% stake, signals a major step toward reducing the government's burden from loss-making state-owned enterprises and boosting private sector confidence.
Market Snapshot – December 26th, 2025
Unlock today’s market moves and stay one step ahead!
Here’s what’s making waves:
ETFs (Exchange Traded Funds): Most Active in Today’s Market
Market Indices – At a Glance:
•KSE-100: Pullers & Draggers
•KMI-30: Pullers & Draggers pic.twitter.com/rCQIk0IVGt
— PSX (@pakstockexgltd) December 26, 2025
A positive session was observed at the exchange, as the index gained to close at an all-time high of 172,400 level (up by +0.92%).
Top positive contributions to the index came from ENGROH, PPL, SYS, NBP, and MLCF, as they cumulatively added +774 points to the index, according to Topline Securities. Traded value-wise, BOP (Rs3.1b), NBP (Rs2.94b), SEARL (Rs2.05b), PPL (Rs2.03b), PTC (Rs1.51b), and MLCF (Rs1.35b) dominated the trading activity. Traded value and volume for the day stood at 797 million shares and Rs38b, respectively.
Today, 59% of the total equity value traded at PSX was in Shariah-compliant stocks!
Learn about the top 3 Shariah Compliant Stocks in today's PSX Market Breakdown pic.twitter.com/TXQAxCc95U
— PSX (@pakstockexgltd) December 26, 2025
This positive momentum was further supported by the State Bank of Pakistan's (SBP) recent 50 basis points policy rate cut to 10.5%, which continued to encourage investment in equities by lowering borrowing costs and improving liquidity. Trading activity remained robust, with average daily volumes at 736 million shares and a value of Rs31.5b.
Analysts view this as a turning point for market reforms, with the PIA deal expected to pave the way for more divestments and enhanced economic efficiency.
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Insolvency ruling: CoC cannot alter approved resolution plan or reallocate dissenting creditors’ funds, says NCLAT – The Times of India
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