Author: Legal Parivar

Himadri Specialty Chemical witnessed a 2.5% increase in its shares during morning trading on March 21 following its announcement of acquiring a 40% stake in Invati Creations, a company specializing in engineering lithium-ion electrode materials, for Rs 45.16 crore. According to a regulatory filing on March 20, Himadri will provide Rs 19.99 crore in cash, with the remaining consideration settled through a share swap involving 7,96,446 equity shares of face value Rs 1 each. Trading at Rs 323 on the National Stock Exchange at 9:20 am, the share marked an increase of over 1% from the previous close and has…

Tremors were detected in parts of Maharashtra’s Nanded and Parbhani districts on Thursday morning, according to officials. There have been no reports of casualties or damage to property thus far. The tremors, measuring 4.5 and 3.6 on the Richter scale, occurred at 6:09 am and 6:19 am respectively, with the epicenter located at Jamb village in Kalamnuri taluka of Hingoli district, as stated by Nanded’s disaster management authority in a release. In Nanded, the tremors were felt in certain areas of the city, as well as in Ardhapur, Mudkhed, Naigaon, Deglur, and Biloli talukas of the district. Collector Abhijeet Raut…

Rail Vikas Nigam Limited (RVNL) witnessed a 2.5 percent surge in its share price during early trading on March 21, following the announcement of bagging a significant contract worth Rs 339 crore from Maharashtra Metro Rail Corporation Limited. As of 9:20 am, RVNL was trading at Rs 245.15 on the BSE, marking an increase of Rs 5.95 or 2.49 percent. In an exchange filing, RVNL disclosed that it had received the Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation Limited for the design and construction of an elevated viaduct between PCMC and NIGDI (Bhakti Shakti) on the North-South Corridor…

US Federal Reserve Chairman Jerome Powell announced on March 20 that the central bank would maintain unchanged monetary policy rates, opting to wait for clearer signs of inflation easing before considering any rate cuts. Key Takeaways from the Fed Meeting: Overall, the Fed’s decision reflects a cautious approach, prioritizing stability and gradual adjustments in response to evolving economic conditions.

Reserve Bank of India (RBI) has issued a press release announcing that all agency banks will remain open to the public on Sunday, March 31, 2024, in order to manage the substantial volume of transactions. The decision comes in response to a request from the Government of India to ensure that all branches dealing with government receipts and payments are operational on that day to account for transactions in the fiscal year 2023-24. Accordingly, agency banks are instructed to keep all branches handling government business open on March 31, 2024, Sunday. The RBI also emphasized that banks should promote awareness…

Indian stock markets are scheduled to be closed for multiple days towards the end of March due to festivals and holidays, in addition to the regular weekend breaks. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will not conduct trading activities on March 25 in observance of Holi, and on March 29 for Good Friday. Segments Affected by Closure Trading will be suspended in the equity, equity derivatives, and securities lending & borrowing (SLB) segments on these two dates across both the BSE and NSE. Additionally, the currency derivatives segment will remain closed on March 25 and 29,…

PB Fintech, the operator of insurance and loan product aggregator Policybazaar, has received board approval to establish a wholly owned subsidiary for the purpose of conducting payment aggregator business. The newly proposed subsidiary, PB Pay Private Limited, will operate as a payment aggregator in both domestic and cross-border markets, facilitating merchants with offline and/or digital payment acceptance infrastructure. The company disclosed this information in a regulatory filing, stating that PB Pay Private Limited would operate under the approval of the Reserve Bank of India. The proposed subsidiary will have a paid-up share capital of Rs 27 crore, subject to regulatory…

HDFC Bank announced on Wednesday the successful sale of its stake in education finance arm HDFC Credila for 95.53 billion rupees ($1.15 billion) to private equity firms BPEA EQT and ChrysCapital. The transaction, which was disclosed in June last year, was a regulatory requirement to be fulfilled before the merger of mortgage lender Housing Development Finance Corp with HDFC Bank. The completion of this deal precedes HDFC Bank’s upcoming fourth-quarter results, expected next month. Despite HDFC Bank’s third-quarter profit surpassing expectations, analysts noted concerns about its margins and liquidity pressures, leading to a significant decline in its share price.

Hindustan Unilever (HUL) announced on March 19th that it is exploring various options for its ice cream business’s future, following its parent company Unilever’s global decision to separate the vertical. Unilever, headquartered in London, aims to streamline, concentrate, and improve its performance by dividing the ice cream business, a move that may lead to the loss of 7,500 jobs. When questioned about the potential ramifications for the Indian operations, the Indian subsidiary of Unilever (HUL) stated that it is assessing different courses of action. “We are evaluating various options concerning the Indian ice cream business in light of this announcement.…

Eicher Motors shares experienced a 6% surge in today’s early trading, reaching ₹3,940 apiece, driven by a rating upgrade from global brokerage firm UBS. According to CNBC-TV18, UBS raised its rating on the stock from ‘Neutral’ to ‘Buy’ and revised its target price to ₹5,000 apiece, up from the previous target of ₹4,300. This adjusted target price suggests a potential upside of 34.5% from Tuesday’s closing price of ₹3,716 per share. UBS highlighted that Royal Enfield’s forthcoming launch of the 450 cc platform aims to address competitive pressures and growth concerns in the market. The brokerage firm forecasts that Eicher…