Author: Legal Parivar

Two terrorists were killed by security forces on Wednesday in ongoing clashes in the forested area of Doda district, Jammu and Kashmir, police officials reported. The intensified search and cordon operation by police, Army, and Central Reserve Police Force (CRPF) followed twin terrorist attacks in the district on June 11 and 12. A gunfight erupted around 9:50 am in Bajaad village, Gandoh area, resulting in casualties among both security personnel and militants. Six security personnel were injured in an attack on a joint check post at Chattargalla on June 11, while another skirmish with militants at Kota top in Gandoh…

Renowned investor Ashish Kacholia has made a significant investment of Rs 40 crore in Inox Green Energy Services by subscribing to equity shares and convertible warrants in a preferential issue, according to a recent stock exchange filing. Kacholia acquired 14.49 lakh equity shares in Inox Green at Rs 138 per share, totaling Rs 20 crore. Additionally, he subscribed to 13.79 lakh convertible warrants priced at Rs 145 per unit, amounting to another Rs 20 crore. Notably, investors are required to pay 25% of the subscription amount upfront for the warrants, with the remaining 75% payable upon conversion into equity shares…

MIC Electronics, a prominent small-cap stock in the Indian market with a market capitalization of ₹1,651 crore, has demonstrated significant growth, climbing from approximately ₹23.25 to ₹74.60 per share over the past year, marking a remarkable 220% rally. The stock opened with a substantial upside gap and reached an intraday high, locking in a 5% upper circuit during Wednesday’s trading session, indicating strong potential for further gains. In a recent exchange filing, MIC Electronics announced a notable achievement: receiving a completion certificate from the Ratlam Division of Western Railways. This certification underscores the company’s successful projects and its outlook for…

Kogta Financial, specializing in vehicle finance and MSME loans, has secured a Series E investment of $148 million from Ontario Teachers’ Pension Plan, a leading Canadian pension fund. This investment grants Ontario Teachers’ a significant minority stake in the Jaipur-based NBFC. The primary capital raised will fuel expansion across Kogta’s product offerings and geographical footprint, while also facilitating partial exits for existing institutional investors such as Morgan Stanley Private Equity Asia and Creador, backed by Multiples Alternate Assets Private Ltd. Ontario Teachers’ nominee, Rahul Mukim, Director of Private Capital for India, is set to join Kogta’s board as part of…

Britannia Industries recently announced the departure of its permanent workers from the historic Taratala factory in Kolkata, fueling speculation about the company’s potential complete withdrawal from West Bengal. On June 20, Britannia informed the exchanges that all permanent workers at its Taratala facility had opted for a voluntary retirement scheme (VRS), prompting discussions about the possible shutdown of one of its oldest units in India. Despite concerns, Amit Mitra, special advisor to the Chief Minister of West Bengal on finance, assured that Britannia remains committed to the state. He stated on June 25 that Varun Berry, MD of Britannia Industries,…

Sanjiv Bhasin, previously associated with IIFL Securities as a consultant, is under investigation by the market regulator for his alleged involvement in market manipulation, according to news report by Moneycontrol. Authorities have reportedly examined Bhasin’s digital devices as part of the investigation, gathering evidence related to the allegations. Requests for comment from Bhasin and the Securities and Exchange Board of India (SEBI) are pending responses. Bhasin’s association with IIFL Securities was on a contractual basis, and his contract was terminated prematurely due to health reasons on June 17, 2024. IIFL Securities clarified that Bhasin was not a member of its…

Jammu and Kashmir police reported on Wednesday that one terrorist was killed in an ongoing encounter with security forces in the forest area of Doda district. The operation was initiated as part of a search and cordon operation following twin terrorist attacks earlier this month in the district. The gunfight broke out in Bajaad village in the Gandoh area around 9:50 am, as state police, along with the Army and Central Reserve Police Force (CRPF), intensified their search and cordon efforts following the attacks on June 11 and 12, 2024. Security forces had been conducting anti-terror operations and had announced…

Zee Media Corporation Ltd witnessed an over eight percent increase in its share price following the announcement that its Board of Directors has approved exploring various fundraising options aimed at raising up to Rs 200 crore. The decision was taken during a board meeting held on June 26. As of 2 PM, Zee Media’s shares were up seven percent at Rs 15.3. The stock has gained more than 90 percent in the past year, marking today as the fourth consecutive day of gains. Zee Media plans to utilize permitted instruments for fundraising, including equity shares, preference shares, and other eligible…

LTIMindtree Vice Chairman SN Subrahmanyan will assume the role of Chairman on June 27, following the resignation of AM Naik from the board, the company announced on June 26. Earlier, It was reported that Naik, also the Chairman Emeritus of Larsen & Toubro, would be stepping down as the non-executive chairman and board member of L&T Technology Services Ltd (LTTS). The company acknowledged Naik’s significant contributions, noting that under his leadership, LTIMindtree transformed into a focused global conglomerate. Naik’s tenure saw the creation of the Larsen & Toubro Employee Trust (LTET), the largest shareholder of the company, and he played…

Silver prices on the MCX plummeted to a six-week low of ₹86,620 per kilogram today, influenced by a strengthening U.S. dollar and rising Treasury yields following hawkish statements from U.S. Federal Reserve officials about potential rate cuts. The prices have been on a sharp downward trend for the past four sessions, resulting in a 5% decline. Currently trading at ₹87,000, silver prices have dropped by 10% from their recent peak of ₹96,493 on May 29. Federal Reserve Governor Michelle Bowman stated on Tuesday that the central bank is not ready to lower rates and is open to raising them if…