Author: Legal Parivar

Ride-hailing giant Ola Cabs has transitioned from using Google Maps to its in-house Ola Maps for operations, resulting in annual savings of nearly ₹100 crore. “Following our exit from Azure last month, we’ve now completely moved away from Google Maps. We used to spend ₹100 crore a year, but this month we’ve reduced that to zero by switching entirely to our in-house Ola Maps! Check your Ola app and update if needed,” said Bhavish Aggarwal, co-founder and Chairman of Ola Group. This announcement comes three months after the Ola group of companies completed the transition of its entire workload to…

On July 5, the Reserve Bank of India (RBI) announced that it has imposed a monetary penalty of ₹1.32 crore on Punjab National Bank for rule violations. The penalty was imposed because the bank sanctioned working capital demand loans to two State Government-owned corporations against amounts receivable from the Government in the form of subsidies, refunds, or reimbursements, according to an RBI release. Additionally, the bank failed to preserve records related to the identification of customers and their addresses, which were obtained during the course of their business relationship in certain accounts, the release stated. The RBI had conducted a…

Ganesh Green Bharat IPO: Ganesh Green Bharat Ltd’s initial public offering (IPO) commenced subscriptions on Friday, July 5, and will conclude on Tuesday, July 9. The IPO, offering shares in lots of 600 shares each, is priced between ₹181 and ₹190 per equity share with a face value of ₹10. Retail investors are allocated 35% of the net issue, while the non-institutional investor (NII) segment has 15%, and Qualified Institutional Buyers (QIBs) have the remaining 50%. With a minimum application requirement of ₹1.14 lakh for retail investors and ₹2.28 lakh for HNIs at the upper price band, the IPO is…

Railway stocks surged significantly in today’s trading session, with several setting new record highs. Leading the rally were companies like Rail Vikas Nigam (RVNL), IRCON International, RailTel Corporation, IRCTC, and IRFC, all witnessing gains of up to 18%. RVNL shares soared by 18% to reach a fresh record high of ₹498.50 per share, driven by the company’s collaboration with Delhi Metro Rail Corporation for upcoming infrastructure projects both domestically and internationally. The projects span sectors including metro, railways, high-speed rail, highways, bridges, tunnels, institutional buildings, workshops, depots, S&T works, and railway electrification. Earlier in June, RVNL secured a significant contract…

The Centre filed an affidavit with the Supreme Court on Friday, opposing the cancellation of the entire NEET UG 2024 examination held on May 5, citing lack of substantial evidence of widespread confidentiality breaches. The affidavit argues that annulling the exam would unfairly impact the efforts of lakhs of sincere candidates who participated in the test. Highlighting its commitment to conducting all competitive exams fairly and transparently, the Centre acknowledged the criticality of maintaining question paper confidentiality. It emphasized the need to prosecute individuals involved in any criminal breach of confidentiality with severe legal consequences. The affidavit also noted that…

JSW Group subsidiary JSW Energy Ltd announced a capital expenditure plan of ₹15,000 crore for the current financial year (FY25) at its annual general meeting. Chairman and managing director Sajjan Jindal emphasized the company’s intentions to pursue acquisitions in the power sector alongside its investment plans. JSW Energy aims to achieve a total investment of ₹1.15 trillion to expand its renewable energy capacity to 20 GW and establish 40 GWh of battery storage under its ‘Strategy 2.0’. Jindal highlighted the company’s progress in commissioning projects for power generation, battery storage, and green hydrogen production. He noted that the recently completed…

New demat accounts openings surged to a four-month high in June, driven by continued foreign investor activity in India’s bullish market. According to data from the Central Depository Service and National Securities Depository, over 42.4 lakh demat accounts were opened, marking a significant increase from the previous month’s 36 lakh and a substantial rise from 23.6 lakh a year ago. This surge represents the fourth instance of monthly demat additions surpassing 40 lakh, following milestones in December 2023, January 2024, and February 2024. The total number of demat accounts now exceeds 16.2 crore, reflecting a 4.24 percent month-on-month increase and…

Effwa Infra and Research IPO has been highly oversubscribed on its first day of bidding, driven by strong demand. The IPO, which opened on July 5 and closes on July 9, is a book-built issue. The company offers engineering, consulting, procurement, construction, and project management services. As of July 5, the IPO has been subscribed 9.33 times overall, with the retail category oversubscribed by 16.35 times and the Non-Institutional Investors (NII) category by 5.20 times. The grey market premium (GMP) for Effwa Infra IPO is ₹90 per share, implying a trading price of ₹172 per share, a significant premium over…

Yes Bank share price surged over 8% on Friday, driven by heavy trading volumes. The shares hit an intraday high of ₹25.90 apiece on the BSE, marking an 8.09% increase from the previous close. Trading volume for Yes Bank shares on July 5 also saw a significant rise, with around 51 crore shares traded compared to the average one-week volume of 15 crore shares. At 2:10 pm, Yes Bank shares were trading 9.02% higher at ₹26.12 apiece on the BSE.

On Friday, July 5, shares of small-cap stock BGR Energy surged to their 5 percent upper circuit at ₹44.13 per share following the announcement of the company’s plans to raise up to ₹1,000 crore through a rights issue of equity shares. This decision was approved by the company’s Board of Directors in a meeting held on July 4. In an official filing with the stock exchanges, BGR Energy Systems Ltd stated, “We wish to inform you that the Board of Directors of the Company has considered and approved the offer and issuance of equity shares of face value of ₹10…