Author: Legal Parivar

Shares of Saraswati Saree Depot closed with a premium of over 31 percent on August 20, compared to the issue price of Rs 160. The stock debuted on the BSE at Rs 200, reflecting a 25 percent increase from the issue price, and later surged 31.21 percent to reach the upper circuit limit of Rs 209.95. On the NSE, the shares were listed at Rs 194, a 21.25 percent rise, and ended the day at Rs 203.70, marking a 27.31 percent gain. The company’s market valuation stood at Rs 831.40 crore. The initial public offering (IPO) of Saraswati Saree Depot,…

IPO-bound digital payments firm MobiKwik reported a 62 percent rise in operating revenue, reaching Rs 875 crore for the fiscal year ending March 2024. In a notable turnaround, the company achieved a profit after tax (PAT) of Rs 14.08 crore, a significant improvement from the Rs 83.08 crore loss recorded the previous year. Despite this, total expenses increased by 36.4 percent to Rs 876 crore, up from Rs 642 crore in FY23, driven by higher costs related to employee benefits, legal fees, advertising, and other overheads. Co-founder and CFO Upasana Taku attributed the company’s growth to an expanding user base…

General Atlantic Singapore Fund FII Pte Ltd is reportedly planning to sell a 5.1 percent stake in PNB Housing Finance Limited through a block deal at a floor price of Rs 775 per share, according to sources cited by CNBC-TV18 on August 20. This floor price represents a 4.4 percent discount compared to PNB Housing Finance’s current market price of Rs 810 per share. The expected size of the deal is approximately Rs 1,032.7 crore, with IIFL Securities likely serving as the broker for the transaction. As of June 30, 2024, General Atlantic Singapore Fund held a 5.1 percent stake…

The IPO of Picture Post Studios Ltd, a VFX studio, has received an exceptional response from investors. The three-day subscription period, which began on August 2, 2024, concluded on August 6, 2024, with the offering being oversubscribed by nearly 266.6 times. As of August 7, 2024, the allotment status for the Picture Post Studios IPO has been finalized. The SME IPO, which involved issuing 78 lakh shares at a price band of ₹22 to ₹24 per share, saw 1,38,52,44,000 shares applied for, against the 5,196,000 shares available. IPO Details: The IPO is set to list on the NSE SME platform…

Airbnb Inc. shares plummeted by their largest margin ever following a disappointing outlook and warnings of declining demand from US vacationers. Bookings grew by 8.7% in Q2 to 125.1 million, missing analysts’ forecasts. Airbnb anticipates “sequential moderation” in bookings growth for Q3, falling short of the 11% gain analysts had predicted for the peak summer season. This marks the third consecutive quarter of bleak forecasts from Airbnb, setting the stage for its slowest growth pace since 2020. The broader industry is also facing challenges, with Booking Holdings Inc. recently issuing weak guidance due to “mild moderation” in European travel and…

The Haryana government, led by Nayab Singh Saini, has suspended internet services across the entire Sirsa district until midnight on Thursday following the death of Dera chief Bahadur Chand Vakil last week. Vakil, who led Dera Jagmalwali in Sirsa, passed away and was cremated on Friday. His followers have raised concerns about foul play in his death, and a different faction is poised to take over the Dera. The suspension order, issued by Additional Chief Secretary (Home) Anurag Rastogi, cites concerns over potential unrest and disturbances that could lead to damage to public and private property. The measure aims to…

On August 7, provisional data from NSE revealed that domestic institutional investors (DIIs) were net buyers of shares worth ₹3,801 crore, while foreign institutional investors (FIIs) were net sellers, offloading shares worth ₹3,315 crore. DIIs purchased ₹16,071 crore worth of shares and sold ₹12,270 crore worth. In contrast, FIIs bought ₹14,095 crore in shares and sold equities worth ₹17,410 crore during the session. Year-to-date, FIIs have net bought shares totaling ₹1.32 lakh crore, while DIIs have acquired shares worth ₹2.38 lakh crore. Market Overview At the close of trading, the Sensex was up 874.94 points, or 1.11 percent, at 79,468.01,…

Dovetail Global Fund PCC – Marcellus India Fund acquired a 3.5 percent stake, equivalent to 38.45 lakh shares, in ADF Foods at an average price of ₹220. Concurrently, Infinity Holdings sold a 3.5 percent stake, also 38.45 lakh shares, in ADF Foods at the same average price. Kotak Mahindra Mutual Fund purchased 5.99 lakh shares in Sapphire Foods India at an average price of ₹1650, while Arinjaya (Mauritius) Ltd sold 23.90 lakh shares in the company at an average price of ₹1649.94. Sixth Sense India Opportunities 11 divested a 1.33 percent stake, or 11.40 lakh shares, in JHS Svendgaard Laboratories…

Welspun Corp Ltd (WCL) reported a 47 percent increase in net profit to ₹247.94 crore for the June quarter, driven primarily by reduced expenses. In comparison, the company had a net profit of ₹168.45 crore during the same period last year. Total income, however, fell to ₹3,179.67 crore from ₹4,118.78 crore in the previous year. WCL successfully reduced its expenses to ₹2,914.50 crore from ₹3,878.67 crore year-on-year. Chairman B K Goenka expressed satisfaction with the Q1FY25 performance, noting it aligned with FY25 guidance, thanks to growth in new businesses, particularly the DI Pipes division. The Sintex business has outpaced market…

On August 7, BSE, Asia’s oldest stock exchange, reported a 40 percent drop in net profit to ₹265.05 crore for the first quarter of FY25, down from ₹442.66 crore in the same period last year. The decline in profit was attributed to higher expenses and the profit from divesting a 5 percent stake in Central Depository Services (India) amounting to ₹406.62 crore in the previous year. The exchange’s revenue from operations surged over 180 percent to ₹607.7 crore, up from ₹215.62 crore a year earlier. Revenue for the March quarter was ₹488.37 crore. Income from investments rose 43 percent to…