Author: Legal Parivar

JP Morgan, a prominent brokerage firm, expresses bullish sentiment towards engineering, research, and development (ER&D) companies due to their relatively resilient growth trajectory. Amidst strong growth compared to IT firms, JP Morgan considers CY24 a year of recovery for ER&D companies, with a substantial total addressable market that continues to remain attractive and supportive of momentum. Initiating coverage on Cyient, the firm assigns an “overweight” rating with a target price of Rs 2,600, indicating a potential upside of approximately 31% from the closing price on March 19. JP Morgan highlights Cyient’s robust demand across the majority of its portfolio. Conversely,…

Gujarat State Petroleum Corp. has issued a tender to procure a commissioning cargo for the upcoming Chhara terminal, slated for delivery in April. The terminal, located in Gujarat state and developed by Hindustan Petroleum Corp., will have a capacity to import 5 million tons of LNG annually. The move comes as New Delhi aims to significantly increase LNG import capacity to raise the share of natural gas in its energy mix to 15% by 2030, up from the current 7%. This strategic shift is intended to reduce reliance on more polluting fossil fuels like coal and oil. Currently, India imports…

Indian state-owned oil refiner Bharat Petroleum Corp (BPCL) has reportedly entered into an agreement with BP to purchase 1 million barrels per month of U.S. West Texas Intermediate (WTI) crude for a duration of four months, according to trade sources. Delivery of the oil is expected to commence from June, as stated by the sources. Additionally, BPCL has procured 2 million barrels of WTI crude through a separate spot tender for loading in April. BPCL frequently procures U.S. oil for its three refineries, which collectively have a refining capacity of 706,000 barrels per day (bpd). The WTI crude will fulfill…

Aurobindo Pharma share price surged by nearly 2 percent in early trading on March 20 following the company’s receipt of approval from the US Food & Drug Administration (USFDA) for a nasal spray. As of 9:18 am, Aurobindo Pharma was trading at Rs 1,003.90, up by Rs 14.50, or 1.47 percent, on the BSE. The company announced that it has received final approval from the USFDA to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray. This product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC. Mometasone Furoate…

On March 19, the Securities and Exchange Board of India (SEBI) proposed the incorporation of audio-visual (AV) representations in companies’ offer documents for public issues. This initiative aims to assist investors in better understanding the crucial aspects of an offer, according to a PTI report. Stakeholders have been invited to provide their feedback to the capital markets regulator on this proposal until April 9. Key Details of the Proposal: SEBI suggests that companies seeking listing on the main board should include disclosures from their Draft Red Herring Prospectus (DRHP) and Red Herring Prospectus (RHP) in an Audio-Visual (AV) format. The…

IREDA’s stock price experienced a decline of 1.6% during Wednesday’s trading session following NSE’s decision to remove it from various indices, including Nifty 500, Nifty Midcap 150, Nifty Midcap 100, Nifty 200, Nifty LargeMidcap 250, Nifty MidSmallcap 400, and Nifty Total Market. As per an announcement by the NSE, the Committee has rescinded its earlier resolution to include IREDA, which was declared on February 28, 2024. This action was taken due to a violation of the SEBI Portfolio Concentration Norms for Equity Exchange Traded Funds (ETFs) and Index Funds related to impact cost.

The upcoming SRM Contractors IPO has set a price band of ₹200 to ₹210 per equity share with a face value of ₹10. Subscription for the IPO will commence on Tuesday, March 26, and conclude on Thursday, March 28. Allocation to anchor investors is scheduled for Friday, March 22. The floor price for the IPO is set at 20 times the face value of equity shares, while the cap price stands at 21 times the face value. At the upper end of the price band, the price/earnings ratio based on diluted EPS for the financial year 2023 is 2.31, compared…

According to Axis Securities, Vedanta Ltd, Hindustan Zinc Ltd, Coal India Ltd, GAIL (India), Power Grid Corporation of India, Indian Oil Corporation, Bharat Petroleum Corporation, Oil and Natural Gas Corporation, Piramal Enterprises, ITC Ltd, Tech Mahindra Ltd, HCL Technologies, Hero MotoCorp, Tata Steel, and NTPC are among the top 15 large cap companies with significant dividend yields. These companies have offered dividend yields ranging from 2% to 20% over the past year. Notably, Vedanta Ltd and Hindustan Zinc Ltd stand out in the metal and mining sector, boasting stellar dividend yields of 20% and 13%, respectively, over the last 12…

Election Commission’s Data on Electoral Bond Scheme Raises Eyebrows as Future Gaming Private Limited Tops Donations with ₹1,368 Crore. The recent release of data by the Election Commission regarding the electoral bond scheme introduced in 2018 has drawn significant attention due to the substantial donations made by various conglomerates to India’s political parties. Future Gaming Private Limited, founded by Santiago Martin, emerged at the forefront by donating ₹1,368 crore. Santiago Martin, often dubbed the ‘lottery king’, has an intriguing background. Born in 1961, Martin worked as a daily wage laborer in Myanmar during his youth before returning to India in…

Inox Green Energy Services announced on Tuesday that its subsidiary, I-Fox Windtechnik India Pvt Ltd, has secured a contract valued at Rs 39.5 crore for the refurbishment of 33 wind turbine generators (WTGs) of 1.5MW each from NLC India. The contract encompasses the supply of materials/spares and other associated activities for the refurbishment of 33 WTGs over a span of eight months. The company statement mentioned a revenue realization of Rs 39.5 crore (inclusive of taxes) during the contract duration. This order pertains to the restoration of 33 wind turbine generators, each with a capacity of 1.5 MW, situated at…