Author: Ansh Mangla

Karnataka Valmiki Corporation Scam: In a significant development in the Karnataka Maharshi Valmiki Scheduled Tribe Development Corporation scam, the Special Investigation Team (SIT) has seized 16 kg of gold and Rs 2.5 crore from two suspects. According to top SIT sources, a recent raid uncovered 15 kg of gold at Satyanarayana Varma’s residence. Varma admitted that he had used funds from the scam to purchase an ultra-luxury Lamborghini. Additionally, one kg of gold was seized from Kaki Srinivas Rao. Both individuals were arrested earlier this month as the investigation progressed. The SIT also recovered Rs 2.5 crore in cash from…

This week, there will be a total of 10 new IPOs and 11 listings on the stock exchanges. In the mainboard segment, three IPOs are set to open for subscription: Akums Drugs and Pharmaceuticals on July 30, Ceigall India on August 1, and Ola Electric on August 2. In the SME segment, seven new IPOs will become available: Sathlokhar Synergys E&C Global, Bulkcorp, Rajputana Industries, Ashapura Logistics, and Kizi Apparels on July 30; Utssav Cz Gold Jewels on July 31; and Dhariwalcorp on August 1. Among the ongoing SME IPOs, Clinitech Laboratory, Aprameya Engineering, and Trom Industries will close on…

Ace investor Akash Bhansali boosted his stake in One 97 Communications to 1.21% during the quarter ending in June, as per BSE shareholding data. In addition to One 97 Communications, the company behind Paytm, Bhansali holds publicly declared stakes in 19 other stocks with a combined value exceeding Rs 5,980.4 crore, according to Trendlyne data. Public shareholding data reflects the ownership of individual investors holding 1% or more stake in a company’s shares.

On July 12, HCL Technologies (HCLTech) reported a 20% increase in its consolidated net profit for Q1FY25, reaching Rs 4,257 crore compared to Rs 3,534 crore in the previous year. The Noida-based IT services firm also saw a 6.7% rise in revenue from operations, reaching Rs 28,057 crore in Q1FY25 from Rs 26,296 crore in Q1FY24. HCLTech declared an interim dividend of Rs 12 per equity share for FY25, with a record date of July 23, 2024, and payment scheduled for August 1, 2024. The company’s shares closed trading 3.3% higher at Rs 1,561.75 apiece on the same day. The…

On Friday, the Indian Renewable Energy Development Agency (Ireda) reported a net profit growth of over 30 percent, reaching Rs 383.69 crore for the June quarter, primarily due to higher revenues. In a company statement, Ireda noted a Profit After Tax of Rs 383.69 crore in Q1, reflecting a year-on-year increase of 30.25 percent. This compares to a net profit of Rs 294.58 crore for the quarter ending June 30, 2023. As India’s largest pure-play green financing NBFC, Ireda set a new industry benchmark by publishing its audited financial results within 12 days, making it the first central public sector…

India’s forex reserves surged by USD 5.158 billion to USD 657.155 billion during the week ending July 5, according to the Reserve Bank of India (RBI) on Friday. This increase follows two consecutive weeks of decline, where the reserves dropped by USD 1.713 billion to USD 651.997 billion for the week ending June 28. Previously, the reserves had reached an all-time high of USD 655.817 billion on June 7 this year. For the week ending July 5, foreign currency assets, which form a major part of the reserves, rose by USD 4.228 billion to USD 577.11 billion, according to the…

On July 12, HDFC Mutual Fund divested a 0.66 percent stake in Oriental Carbon and Chemicals through a bulk deal, selling 66,017 shares at an average price of Rs 249.06 per share. Subsequently, Oriental Carbon and Chemical shares fell by 4.93 percent, closing at Rs 250 on the National Stock Exchange. Oriental Carbon and Chemicals Limited specializes in manufacturing Insoluble Sulphur.

Mahanagar Gas (MGL) announced on July 8 that it will increase the prices for CNG and domestic piped natural gas (PNG) in and around Mumbai starting July 9 to counter the rising input costs. According to the state-run company’s statement, the price of delivered CNG will go up by Rs 1.5 per kg, while domestic PNG will see an increase of Rs 1 per SCM. With this hike, the revised prices, inclusive of taxes, will be Rs 75.00 per kg for CNG and Rs 48 per SCM for domestic PNG in the Mumbai area. The company stated that this adjustment…

Provident Fund contributions (PF) are a crucial aspect of an employee’s salary, aimed at providing essential social security and retirement benefits through the Employees’ Provident Fund Organization (EPFO). Mandatory Contributions Organizations with 20 or more employees must register under the EPF Act and contribute to the employees’ PF accounts. Both employees and employers are required to make contributions to the employee’s PF account. How to Check if PF Contributions Are Credited To verify if your PF has been credited by your employer, follow these steps: What to Do if PF is Not Credited If an employer fails to credit the…

The global financial environment is vast and complex, with countless entities engaged in numerous transactions. To ensure transparency and mitigate risks within this complexity, it is essential to accurately identify and differentiate each participant. Enter the Legal Entity Identifier (LEI), a groundbreaking mechanism designed to provide each legal entity involved in financial transactions with a unique identity. Developed in response to the 2008 financial crisis, the LEI system aims to enhance the transparency, efficiency, and security of the global economic system. This article explores the meaning of the LEI Code, the registration process, and its benefits. What is the Legal…