Author: Legal Parivar

Gensol Engineering, a prominent player in the solar power engineering, procurement, and construction (EPC) services, as well as the electric mobility sector, has secured a significant turnkey order in terms of both size and value from a power generation utility in Maharashtra. The project entails the development of a 100 MWAC/135 MWp ground-mount solar PV power project spread across 500 acres in Maharashtra, with an order value of Rs 520 Crore. In a press release, the company stated that the project aligns with the futuristic policy introduced by the Ministry of New and Renewable Energy (MNRE) in April 2022. It…

Delhi’s ITO metro station is set to remain closed until 6 pm today, as announced by the Delhi Metro Rail Corporation (DMRC) on the X platform. The DMRC stated, “Following advice from the Delhi Police, the ITO Metro station will be closed from 08:00 AM to 06:00 PM today, March 22, 2024.” The temporary closure of the ITO metro station coincides with the Aam Aadmi Party’s (AAP) planned protest in front of the headquarters of the PM Modi-led Bharatiya Janata Party (BJP), located near Pandit Deen Dayal Upadhyaya Marg, adjacent to the same metro station. The protest is scheduled to…

According to sources cited by CNBC-TV18, Texmaco Rail and Engineering is reportedly considering launching a Qualified Institutional Placement (QIP) to raise Rs 250 crore. The company is anticipated to offer approximately 4.21 percent equity to garner funds at an indicative price of Rs 155 per share for the QIP. This indicative price, signaling a discount of over 6 percent from Texmaco Rail’s recent closing price, has been mentioned in the report.

Investors in IIFL Finance, a prominent NBFC specializing in retail credit, have faced a significant downturn in their wealth due to the sharp decline in the company’s shares following RBI’s imposition of restrictions on its gold loan disbursements. This has raised concerns about liquidity among investors and lenders. Over the past 12 trading sessions, the company’s share price has witnessed a substantial drop from ₹597 per share to the current trading price of ₹336, marking a steep decrease of 44%. Despite broader market gains, the stock hit another 52-week low of ₹329.50 in today’s trading session, reaching levels not seen…

The Securities and Exchange Board of India (SEBI) unveiled a framework on March 21 for implementing the beta version of same-day or T+0 settlement alongside the existing T+1 settlement cycle in the equity cash segment. Initially, this option will be accessible for 25 selected stocks and through a limited number of brokers. Trading hours will be from 9:15 AM to 1:30 PM, and all investors will have the opportunity to participate. In a circular, SEBI stated that this decision follows deliberations and approval by the board during its meeting on March 15. The circular elaborated on why the market was…

Chennai Super Kings (CSK) made a significant decision ahead of the Indian Premier League (IPL) season opener by appointing Ruturaj Gaikwad as the new captain in place of legendary cricketer Mahendra Singh Dhoni. In an official statement released on their website, CSK announced that MS Dhoni has handed over the captaincy reins to Ruturaj Gaikwad for the upcoming TATA IPL 2024 season. Gaikwad, who has been an integral part of CSK since 2019, is set to lead the team into the new season. Ruturaj Gaikwad, with a commendable track record in the IPL, made his debut for CSK in 2020…

On March 21, Tata Consultancy Services ( TCS ), India’s largest IT services company, announced a multimillion-dollar strategic partnership with Ramboll, a global architecture, engineering, and consultancy firm based in Denmark, to conduct an end-to-end IT transformation. Over the next seven years, TCS will assist Ramboll in streamlining its IT operating model to drive business growth and optimize costs. This partnership entails TCS delivering services for managing Ramboll’s cloud and data centers, application development and maintenance, cybersecurity, and digital workplace, with a focus on reducing environmental impact and enhancing scalability. Additionally, more than 300 Ramboll IT employees across 12 countries…

The Bombay High Court has emphasized that banks and financial institutions must provide reasoned orders before declaring an entity or individual as a wilful defaulter under the Reserve Bank of India’s Master Circular. In its order on March 4, a division bench comprising Justices B P Colabawalla and Somasekhar Sundaresan noted the significant consequences faced by wilful defaulters, such as being ostracized from the financial sector. Therefore, the discretion granted to banks under the circular should be exercised cautiously, as mandated by the RBI. The court stated that banks and financial institutions invoking the Master Circular to declare wilful default…

Yash Optics and Lens IPO is set to open for subscription on Wednesday, March 27, and will conclude on Wednesday, April 3. The price band for the IPO has been fixed in the range of ₹75 to ₹81 per equity share of face value ₹10 each. The IPO lot size comprises 1,600 shares, with bids allowed for a minimum of 1,600 equity shares and in multiples of 1,600 equity shares thereafter. Notably, the floor price is 7.5 times the face value, while the cap price is set at 8.1 times the face value of the equity shares. The IPO has…

The Indian stock market witnessed robust buying across sectors on Thursday, March 21, buoyed by broadly positive global cues. Both the Nifty 50 and the Sensex, the key indices of the Indian stock market, opened positively, surging by over one percent each. Majority of components within these indices displayed gains, indicating a widespread optimism among investors. Heavyweight stocks like HDFC Bank, Reliance Industries, SBI, and Larsen and Toubro contributed significantly to the upward momentum of the Sensex index. As of 11:15 am, the Sensex was up by 1.05 percent at 72,861, with only one stock, Nestle, showing a slight decline.…