Author: Legal Parivar

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…

In a significant relief for property owners, the central government has proposed a change to long-term capital gains (LTCG) taxes for properties acquired before July 23, 2024. Homeowners will now have the option to choose between a 20 percent LTCG tax with indexation benefits or a 12.5 percent tax rate without indexation. This amendment follows substantial criticism from the real estate sector and middle-class homeowners, who were concerned about the higher tax liability without indexation benefits, which adjust for market inflation. There were also worries that the removal of indexation benefits might lead to increased cash transactions, potentially fueling black…

Despite ongoing market pressures, Akums Drugs and Pharmaceuticals is anticipated to see opening gains of 10-15% on August 6, driven by robust IPO subscription figures. The Rs 1,857-crore IPO was oversubscribed 63.56 times, with significant demand from qualified institutional buyers, who subscribed 90.09 times their allotted portion. Non-institutional investors subscribed 42.21 times their share, while retail investors subscribed 21.3 times. The IPO includes a fresh issue of Rs 680 crore and an offer-for-sale of Rs 1,176.7 crore by promoters Sanjeev and Sandeep Jain, and Ruby QC Investment Holdings. Akums Drugs, a leading pharmaceutical contract development and manufacturing organization (CDMO), has…

Bajaj Housing Finance, Baazar Style Retail, Diffusion Engineers, Deepak Builders, and Manba Finance have received approval from the Securities and Exchange Board of India (SEBI) to raise funds through initial public offerings (IPOs). SEBI issued an observation letter to Bajaj Housing Finance on August 5, allowing the company to proceed with its IPO plans within the next year. The company, which filed its draft red herring prospectus (DRHP) in June, aims to raise Rs 7,000 crore through a combination of a fresh issue of Rs 4,000 crore and an offer-for-sale (OFS) of Rs 3,000 crore by promoter Bajaj Finance. The…

General Waker-Uz-Zaman, who became Bangladesh’s army chief just over a month ago, made a pivotal announcement on Monday: the resignation of Prime Minister Sheikh Hasina. Hasina fled the country following a month of intense protests. The unrest began when student groups demanded the elimination of a controversial quota system in government jobs, which escalated into a broader movement calling for Hasina’s removal after her 15-year rule. The violence has claimed nearly 250 lives. Who is General Waker-Uz-Zaman? General Waker-Uz-Zaman, 58, assumed his role as army chief on June 23, following a tenure as Chief of General Staff. Born in Dhaka…

Oil and Natural Gas Corporation (ONGC) reported a 42.8% decline in consolidated net profit for the first quarter of the financial year 2024-25, totaling Rs 10,236 crore, down from Rs 17,893 crore in the same period last year. Sequentially, ONGC’s net profit decreased from Rs 11,526.53 crore in the previous quarter. Despite the drop in profit, the company saw an increase in revenue from operations, which rose to Rs 1.66 lakh crore, compared to Rs 1.63 lakh crore a year ago. ONGC’s earnings before interest, tax, depreciation, and amortization (EBITDA) for Q1 increased to Rs 18,617.5 crore. Crude oil price…

On August 5, domestic institutional investors (DIIs) were net buyers of shares worth Rs 9,156 crore, while foreign institutional investors (FIIs) were net sellers, offloading shares worth Rs 10,074 crore, according to provisional data from the NSE. DIIs purchased shares worth Rs 23,767 crore and sold shares worth Rs 14,611 crore. In contrast, FIIs bought shares worth Rs 12,724 crore but sold equities worth Rs 22,798 crore during the session. So far this year, FIIs have net bought shares totaling Rs 1.39 lakh crore, while DIIs have net purchased shares worth Rs 2.76 lakh crore. Market Overview: Global market turmoil,…

Bharti Airtel board has decided to delay calling the remaining approximately Rs 15,000 crore from its rights issue, citing sufficient cash reserves for its current needs. The company explained that, given its strong financial position and immediate funding requirements being met, it is prudent to postpone requesting the balance on partly paid-up shares. The board noted that it will only call for the remaining funds when significant capital expenditures or leverage considerations arise. They assured that shareholders will receive notice whenever such a call is made. Airtel emphasized its robust balance sheet, supported by strong free operating cash flows, and…

Sheikh Hasina son, Sajeeb Wazed Joy, announced on Monday that his mother will not return to politics following her resignation and departure from Bangladesh. Hasina’s 15-year term as Prime Minister concluded with her arrival in India. Joy told the BBC’s Newshour that his mother was “disappointed” that a minority group opposed her despite her extensive efforts. He added that Hasina had been considering stepping down since Sunday. Defending his mother’s tenure, Joy highlighted that she transformed Bangladesh from a struggling state into one of Asia’s rising economic tigers. He stated that Hasina left the country at her family’s urging for…