Author: Legal Parivar

DOMS Industries witnessed a significant surge on Monday, reaching a record high of ₹2,367.50 per share on the BSE. This rally marks the seventh consecutive day of gains, with the stock rising over 10% in just one week following a ‘Buy’ rating initiation by Axis Securities. Axis Securities has set a price target of ₹2,670 per share for DOMS Industries, indicating an 18% upside from Friday’s closing price. The brokerage firm cited DOMS’ strong performance over several quarters, driven by expansion into under-penetrated markets, new product development, and capacity expansion. The report highlights DOMS’ strategic move into the bags and…

The Congress criticized Prime Minister Narendra Modi on Monday, pointing out that while Rahul Gandhi will make his third visit to Manipur since violence erupted in May last year, the PM has not visited the state even briefly. Congress general secretary Jairam Ramesh remarked, “Today, while the non-biological PM travels to Moscow, the Leader of the Opposition in the Lok Sabha heads to Assam and Manipur.” Ramesh also commented on Modi’s visit to Moscow, suggesting that claims about the PM’s role in pausing the Russia-Ukraine war could become even more extravagant following this trip. Highlighting Rahul Gandhi’s frequent visits to…

Today, July 8, the Supreme Court will hear petitions seeking cancellation of the NEET-UG 2024 exam due to alleged malpractices and paper leaks. A bench comprising Chief Justice of India DY Chandrachud, along with Justices JB Pardiwala and Manoj Misra, began proceedings at 10:30 AM. NEET-UG cases listed as item 31 on today’s docket. The Central Government and the National Testing Agency have filed affidavits opposing the cancellation, arguing that isolated incidents of malpractice should not invalidate the exam, which affects the futures of numerous honest students. Petitioners have requested a retest, citing widespread paper leaks that they claim have…

Dabur Shares: Dabur India saw its shares rise by over 4% on July 8 following a positive business update for the April-June quarter. The company expects mid to high single-digit growth in consolidated revenue for Q1FY25. At 10:35 am, Dabur India shares were trading at Rs 629.70 apiece on the NSE. The company anticipates mid-single-digit volume growth in its India business, driven by improving demand, particularly in rural markets supported by a normal monsoon and government economic initiatives. Dabur forecasts high-single-digit growth in the home & personal care (HPC) and healthcare segments. However, the beverage segment faces challenges due to…

PC Jeweller Shares: Shares of PC Jeweller surged by 10% to hit the upper circuit after the company announced on July 7 that Punjab National Bank (PNB) had approved its One Time Settlement (OTS) proposal. PNB, a key lender in PC Jeweller’s consortium, conveyed its approval in a letter dated July 6. PC Jeweller’s stock has declined more than 5% in the last six months, underperforming the Nifty 50, which has risen over 13% during the same period. The jewellery firm, facing financial challenges, disclosed that the OTS terms involve cash, equity components, and provisions for releasing securities and mortgaged…

Shares of Bajaj Auto Limited traded over one percent lower at Rs 9,534 in morning trade on July 8 after international brokerage UBS issued a ‘sell’ recommendation following the company’s launch of India’s first CNG bike. UBS set a target price of Rs 6,250, implying a potential downside of 35 percent from current market levels. The brokerage believes the future lies in electric vehicles (EVs) and that CNG motorcycles will not slow the market’s shift towards electrification. Bajaj Auto recently introduced a 125cc CNG motorcycle priced between Rs 95,000 and Rs 1,10,000. The introduction of CNG bikes is expected to…

Shares of Marico surged over 6% on July 8 after the company reported strong business updates for the April-June quarter, indicating continued growth. At 10:12 am, Marico shares were trading at Rs 648 on the NSE. The company’s consolidated revenue grew by high single digits in Q1 of FY25, with management expecting this upward trend to continue throughout the fiscal year. Gross margin is also likely to expand year-on-year due to a favorable portfolio mix. Marico’s domestic business saw a modest sequential increase in underlying volume growth. Parachute coconut oil experienced low single-digit volume growth, which management expects to improve…

On July 8, shares of Titan Company fell nearly 4% after JPMorgan downgraded the stock to ‘neutral’ from ‘overweight’ following the Tata group’s June quarter business update. JPMorgan also reduced its target price for Titan Shares to Rs 3,450 from Rs 3,850. Titan’s jewellery business reported a 9% revenue growth in the June quarter, which did not meet the already lowered expectations. This marks the first miss after eight consecutive quarters of meeting or exceeding expectations. High gold prices and fewer wedding days resulted in subdued consumer demand, affecting overall growth, according to Titan. JPMorgan analysts highlighted concerns about the…

Ride-hailing giant Ola Cabs has transitioned from using Google Maps to its in-house Ola Maps for operations, resulting in annual savings of nearly ₹100 crore. “Following our exit from Azure last month, we’ve now completely moved away from Google Maps. We used to spend ₹100 crore a year, but this month we’ve reduced that to zero by switching entirely to our in-house Ola Maps! Check your Ola app and update if needed,” said Bhavish Aggarwal, co-founder and Chairman of Ola Group. This announcement comes three months after the Ola group of companies completed the transition of its entire workload to…

On July 5, the Reserve Bank of India (RBI) announced that it has imposed a monetary penalty of ₹1.32 crore on Punjab National Bank for rule violations. The penalty was imposed because the bank sanctioned working capital demand loans to two State Government-owned corporations against amounts receivable from the Government in the form of subsidies, refunds, or reimbursements, according to an RBI release. Additionally, the bank failed to preserve records related to the identification of customers and their addresses, which were obtained during the course of their business relationship in certain accounts, the release stated. The RBI had conducted a…