Author: Legal Parivar

Information technology (IT) services company Cyient announced on Tuesday, August 20, that its board has approved the sale of a 14.5 percent stake in its subsidiary, Cyient DLM Ltd, through a block deal. The company plans to finalize the stake sale on August 21, 2024. In a regulatory filing, Cyient stated, “The Board of Directors of the company, at its meeting held today, August 20, 2024 (Tuesday), has considered and approved the sale of up to 1.14 crore equity shares, representing approximately 14.5 percent of the total outstanding equity shareholding of its subsidiary, Cyient DLM Ltd, by way of a…

General Motors (GM), the American automotive giant, is laying off 1,000 employees from its software and service units globally, according to a Reuters report on Monday, August 20. “As we build GM’s future, we must simplify for speed and excellence, make bold choices, and prioritize the investments that will have the greatest impact,” the automaker said in an official statement, as cited in the report. Nearly 600 of the affected employees are based at GM’s tech campus near Detroit, Michigan, representing almost half of the job cuts in the US. The layoffs were not driven by cost-cutting measures but were…

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…