Author: Legal Parivar

Despite no activity in the mainboard segment, the SME segment of the primary market remains active. On July 12, four companies will launch their IPOs on Dalal Street, aiming to raise a total of Rs 133.34 crore, with all public issues closing on July 16. Aelea Commodities IPOAelea Commodities, an agricultural products trader, plans to raise Rs 51 crore through its initial public offering (IPO) comprising a fresh issue of 53.68 lakh equity shares. The price band is set at Rs 91-95 per share. The company, which processes and trades cashews, has already raised Rs 14.52 crore from five investors…

Debt-ridden Vodafone Idea (VIL) has approached the Department of Telecom (DoT) to request a waiver for a financial bank guarantee (FBG) of Rs 24,747 crore, which is due for spectrum payment in September 2025, according to a news report from Moneycontrol. VIL is required to securitize the annual installment a year before the payment date. An anonymous source told PTI that Vodafone Idea has requested the waiver for the FBG, which must be deposited one year before the due date per spectrum auction rules. Vodafone Idea did not respond to an email query. These payments are for frequencies VIL purchased…

The Supreme Court issued guidelines on Monday to prevent the “disparaging” portrayal of persons with disabilities in visual media and films. The ruling, stemming from a plea filed by Nipun Malhotra, highlighted concerns over the derogatory depiction of differently abled individuals in the Hindi film ‘Aankh Micholi’. Chief Justice D Y Chandrachud, leading the bench, emphasized that terms like “cripple” and “spastic” have acquired negative connotations in society. The court mandated that the film certification body CBFC seek expert opinions before approving screenings. The guidelines underscored the need for visual media to depict the diverse realities of people with disabilities,…

Larsen & Toubro’s (L&T) renewable energy division has secured substantial contracts with an undisclosed Middle Eastern partner to develop Gigawatt-scale Solar PV plants totaling 3.5 GW, the company announced on July 8. The agreement also covers grid interconnections, including pooling substations and overhead transmission lines. Detailed engineering and initial construction are set to begin soon, with the deal valued between Rs 10,000 crore and Rs 15,000 crore, as per filings. Shares of Larsen & Toubro traded down 0.71% at Rs 3,601.10 on the NSE at 11:43 am. Earlier in June, the company had announced securing an order for a solar-cum-storage…

Mumbai Rains: Mumbai experienced more than 300 mm of rainfall from 1 am to 7 am on Monday, leading to severe flooding in areas like Kurla and Andheri and disrupting rail services, severely impacting daily life. The India Meteorological Department (IMD) issued an orange alert for Maharashtra, forecasting heavy rainfall throughout the day. In a social media post on X, IMD mentioned, “Expect light to moderate rainfall over Mumbai in the next 3 hours.” Further heavy precipitation was predicted during the day, exacerbating the ongoing havoc caused by incessant rains in the financial capital. On Sunday, extensive waterlogging led to…

Swan Energy witnessed a significant surge of 5% after a block deal of 1.22 million shares on July 8, By 10:41 am, the stock had hit the upper circuit at Rs 692.60 on the National Stock Exchange (NSE). The company operates across multiple sectors including textiles, real estate, energy, and petrochemicals. Its business segments encompass Textile, Energy, Construction/Others, Distribution & Development, Warehousing, Manufacturing, and Power Generation. Swan Energy recently approved the acquisition of a 49% equity stake in Triumph Offshore Private Ltd (TOPL) from Indian Farmers Fertiliser Cooperative (IFFCO) for Rs 440 crore. This move aims to strengthen its presence…

Today, several stocks including Bharat Electronics, Zydus Lifesciences, CG Power & Industrial Solutions, Dr Reddys Laboratories, and Trent reached their highest levels in the past 52 weeks. However, the Nifty 50 index declined by -18.35 points (-0.08%), and the Sensex was down by -98.64 points (-0.12%) as of 10:59:55 AM IST on July 8, 2024. Meanwhile, the Bank Nifty index saw a decline of -95.6 points (-0.18%) as of 10:44:56 AM IST today. On the flip side, stocks such as Brightcom Group, Bohra Industries, Praxis Home Retail, Mep Infrastructure Developers, and Sel Manufacturing Company hit their lowest points in the…

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…