Food and grocery delivery major swiggy has shut down Snacc, its standalone 15-minute food delivery app, just a year after piloting the service, signaling a sharper capital allocation strategy amid mounting losses and intensifying competition. Launched as an experiment, Snacc was operational in Bengaluru and Gurugram, but did not scale meaningfully over the past 12 months, according to people aware of the development. The move comes as the quick food delivery space sees rising action from incumbents and new entrants alike. Rival Blinkit introduced Bistro as a separate app, while Zepto rolled out Zepto Cafe under a dedicated interface. Smaller players such as Accel-backed Swish have also attracted early investor and consumer traction in the rapid-meal segment. Meanwhile, mobility platform Rapido is charting plans to enter food delivery, further crowding the market.
Pharma counters:
Novartis AG, the promoter of Novartis India Ltdhas entered into a Share Purchase Agreement (SPA) with WaveRise Investments Ltd, ChrysCapital Fund Under the SPA, closing is subject to conditions precedent. Pricing varies: Acquirer 1 (WaveRise) acquires 56.45% (1,39,38,382 shares) at ₹860.64 per share; Acquirers 2 and 3 (ChrysCapital and Two Infinity) acquire 10.32% and 3.91% respectively at ₹701.25 per share. Consideration includes set-off against instruments issued by Acquirer 1 to Novartis AG, carrying no voting rights. Post-transaction, the Acquirers gain control, nominating directors (with Novartis-nominated directors resigning), and will launch a mandatory open offer under SEBI (SAST) Regulations, 2011. Novartis AG will cease as promoter, reclassifying to public category, with potential company name change post-regulatory approvals.
The US, Food and Drug Administration (USFDA) conducted Pre Approval Inspection (PAI) for Injectable Medical Devices at the company’s Unit 9 facility located at Zydus Biotech Park, Changodar, Ahmedabad. The inspection was conducted froh February 16 to 19. The inspection closed with NIL observations.
railway stocks
Texmaco Rail & Engineering Ltd. and Rail Vikas Nigam Ltd (RVNL) have formalized their strategic partnership by signing the Joint Venture Shareholders’ Agreement, marking a defining step toward accelerating India’s rail manufacturing capabilities and strengthening its position as a global infrastructure solutions provider. The signing of the Joint Venture Shareholders’ Agreement formally launches this next phase of collaboration, establishing a unified platform capable of delivering sustainable, scalable, and future-ready rail solutions for India and the world.
RailTel Corporation of India Ltd has received the Letter of Acceptance (LoA) from Dy. Cste/P/Cnb. The contract involves Provision of MSDAC and Other Associated Works Incl. Suitable Indoor Alterations in EI/RRI/PI Stns in Pryj. Div. of NCR. Work has to be completed within 24 months from the date of LOA. The estimated order size as per LoA is Rs 35,54,82,968 (Rs 35.55 crore).
Infra companies
GHV Infra Projects Ltd (Formerly known as Sindu Valley Technologies Ltd) has received a Letter of Award (LOA) from Enmas EPC Power Projects Ltd (JV) for supply of all materials required for 28.83 MWp GridConnected Rooftop Solar (RTS) Plants for 14,416 SC & ST Consumers, and Installation, Testing and Commissioning of the RTS plants for each of the 14,416 Consumers (in association with EEPC JV). The Work Order as per LOA is valued at approximately ₹123 crore and required to be completed within 120 (One Hundred and Twenty) days.
Arfin India Ltd has installed a High Capacity Double Wire Rod Breakdown (RBD) Machine at its manufacturing facility. The RBD Machine, having a monthly production capacity of 1,000 tonne strengthens backward integration capabilities, enhances operational efficiency, and supports higher production volumes of high-quality drawn wires required for advanced conductor manufacturing, the company said.
UPL Limited forfeited and canceled 2,64,278 partially paid-up equity shares of Rs 2 face value each due to shareholders’ failure to pay call money. The Rights Issue Committee took this action following Final Reminder Cum Forfeiture Notices issued in November 2025.
Meta Infotech has received a renewal order from a leading domestic. private sector bank worth ₹1,56,44,399 for Database Activity Monitoring (DAM) LicenseCes for the period from January 4 to October 22.
Intellect Design Arena Ltd., a global leader in enterprise-grade financial technology, has announced that Arab National Bank (ANB), a KSA-based award-winning full-service Corporate Bank, has implemented Intellect’s eMACH.ai Digital Transaction Banking solution to enhance its digital capabilities. Arab National Bank: Redefining Wholesale Banking Through Digital Innovation in Saudi Arabia ANB is committed to driving digital transformation in Saudi Arabia’s wholesale banking sector.
Pace Digitek Ltd has received an Advance Letter of Award for ₹89.069 crore (including GST) from Railtel Corporation for Supply, installation and commissioning of IP-based Video surveillance system in LHB coaches with three years warranty followed by five years CAMC for a Customer of RailTel (CoR) on back-to-back basis.
With respect to February 4, 2025, order passed by the Additional Commissioner, CGST & C.Ex, Palghar Commissionerate, Maharashtra (GST Rs 492.06 crore and Penalty Rs 492.06 crore), ICICI Prudential Life Insurance said its appeal petition has been dismissed by the Commissioner (Appeals).
Published on February 20, 2026