Author: Legal Parivar

CSB Bank, a private sector lender, reported a net profit of Rs 113 crore for the first quarter of fiscal year 2024-25, marking a 14 percent decline from Rs 132 crore in the same period last year. The decrease in profit is attributed to a deterioration in asset quality. Total income for the bank rose to Rs 1,004 crore from Rs 803 crore a year earlier, with interest income increasing to Rs 832 crore from Rs 683 crore. The bank’s asset quality declined, with gross non-performing assets (GNPAs) rising to 1.69 percent of gross advances, up from 1.27 percent at…

Blackstone Inc. has enhanced its bid for Haldiram’s, the renowned Indian fast-food chain, signaling a significant step towards the private equity firm’s entry into India’s thriving snacks market. As part of a consortium of investors, Blackstone is expected to offer between Rs 70,000 and 78,000 crore for a 51 percent stake in Haldiram’s. The final offer will depend on the results of the due diligence process. If successful, this deal would grant Blackstone control over Haldiram’s product business, including a perpetual license. Recent resolutions have addressed some of the issues that had previously delayed the deal, such as ownership of…

BrainBees Solutions Ltd, the parent company of FirstCry, is set to list on stock exchanges on August 13, according to news report by Moneycontrol. The e-commerce giant will also launch its anchor book for the initial public offering (IPO) on August 5, with the public subscription period expected to run from August 6 to August 8. The IPO will value FirstCry at just under Rs 25,000 crore ($3 billion). This listing will make FirstCry the second new-age company from SoftBank’s portfolio to go public in August, following Ola Electric’s anticipated debut on August 9. This valuation is slightly above its…

Finance Minister Nirmala Sitharaman made headlines with her decision to cut the gold customs duty in the Union Budget 2024, causing a dramatic drop in gold prices. The reduction led to a significant 5% decline in gold prices, erasing over Rs 10.7 lakh crore in value in just one day. This marked the sixth-largest wealth erosion ever recorded, and its effects were felt more broadly than declines in equity markets, given the higher number of households owning gold compared to those holding equities. Gold Prices on July 22 was Rs. 72,875/ per 10 Grams whereas on July 23 prices was…

On July 27, ICICI Bank announced a net profit of Rs 11,059.1 crore for the first quarter of fiscal year 2025, marking a 14.6% increase from the Rs 9,648.2 crore reported in the same period last year. This exceeded the average estimate of Rs 10,614 crore projected by seven brokerages. The bank’s net interest income for the quarter was Rs 19,552.9 crore, up 7.3% year-on-year and surpassing market expectations of Rs 19,515 crore. ICICI Bank’s gross non-performing assets (NPAs) stood at 2.15%, while net non-performing assets (NNPA) were 0.43%, slightly higher than the 0.42% reported last year. Shares of ICICI…

Life Insurance Corporation (LIC) of India has filed an appeal with the Joint Commissioner of State Tax, Mumbai, contesting an order issued by the Deputy Commissioner of State Tax, Mumbai. On July 27, LIC notified the exchanges that the appeal was filed against a demand for GST amounting to Rs 7,217,630,240, along with interest of Rs 7,760,961,048 and a penalty of Rs 721,871,003 for the financial year 2018-19. LIC stated, “In continuation of our previous communication dated April 30, 2024 (Ref. No. LIC/SE/2024 25/14), we inform that Life Insurance Corporation of India has filed an appeal before the Joint Commissioner…

Ceigall India, an infrastructure construction company, will open its initial public offering (IPO) for subscription on August 1, with the price band set to be announced on July 29. The IPO will comprise a fresh issuance of equity shares worth Rs 684.3 crore and an offer-for-sale (OFS) of 1,41,74,840 equity shares by existing shareholders, including promoters. The selling shareholders in the OFS include promoters Ramneek Sehgal, Ramneek Sehgal and Sons HUF, Avneet Luthra, Mohinder Pal Singh Sehgal, Parmjit Sehgal, and Simran Sehgal. The company has allocated up to Rs 2 crore worth of shares for its employees, who may receive…

ITR Filing: The deadline for filing income tax returns for the financial year 2023-24 is quickly approaching on July 31. With only limited time remaining, it’s crucial to act now to avoid any last-minute issues. The income tax department reports that over 5 crore taxpayers have already filed their returns, so you should prepare to ensure a smooth filing process. Before accessing the official e-filing portal at www.incometax.gov.in, start by gathering all necessary documents to expedite the process. Here’s a checklist of essential documents you should collect: ITR Filing 2023-24: Essential Documents For Salaried Individuals: File with Legal Parivar Tax…

IFB Industries Ltd announced a consolidated net profit of Rs 37.54 crore for the first quarter ending June 2024, a significant improvement from the consolidated net loss of Rs 0.62 crore in the same quarter last year, according to a regulatory filing. The company’s revenue from operations increased by 16.87% to Rs 1,269.16 crore during the quarter, up from Rs 1,085.91 crore in the corresponding period last year. Total expenses rose by 12.24% to Rs 1,222.14 crore in the June quarter. Revenue from the home appliances segment grew by 18.6% to Rs 1,023.63 crore, while the engineering segment saw a…

Ola Electric Mobility, the electric vehicle manufacturer, is set to launch its IPO on August 2, with plans to issue new shares worth Rs 5,500 crore and an offer-for-sale (OFS) of 8.49 crore equity shares. The price band for this public issue will be announced on July 29. The IPO will close on August 6, with the anchor book opening for a day on August 1. Selling Shareholders in Ola’s IPO: Promoters Bhavish Aggarwal and Indus Trust will sell 3.79 crore and 41.79 lakh equity shares, respectively, in the OFS. SVF II Ostrich (DE) LLC, the largest shareholder with a…