Author: Legal Parivar

Next week marks the debut of Allied Blenders and Distillers’ IPO, one of several IPOs keeping investors engaged as initial public offerings flood D-Street. On Monday, June 24, the allocation to anchor investors for the Allied Blenders and Distillers IPO is expected. The subscription period begins on Tuesday, June 25, and ends on Thursday, June 27. The price band is set between ₹267 to ₹281 per equity share, each with a face value of ₹2. The IPO comprises a fresh issue of ₹1,000 crore and an offer-for-sale (OFS) worth ₹500 crore by the promoters and other investors, totaling ₹1,500 crore.…

Avanse Financial Services Ltd has submitted a draft red herring prospectus to the Securities Exchange Board of India for an initial public offering (IPO) to raise Rs 3,500 crore. The IPO plan includes a fresh issue of Rs 1,000 crore and an offer for sale (OFS) of up to Rs 2,500 crore. The OFS will involve selling shares worth up to Rs 1,758 crore by Olive Vine Investment, an affiliate of Warburg Pincus holding more than 58 percent stake in the company. Additionally, International Finance Corp plans to sell shares worth Rs 342 crore, and Kedaara Capital Growth Fund aims…

The death toll resulting from the recent incident of tainted liquor in Tamil Nadu has risen to 47, with over 100 individuals still hospitalized, according to a government official on Friday. Since Wednesday, more than 150 people have required medical treatment for symptoms such as vomiting, stomachaches, and diarrhea after consuming methanol-contaminated alcohol produced in Kallakurichi district, located approximately 250 km (150 miles) from Chennai, the state capital. As of Friday morning, 118 individuals remain under treatment in hospitals across the district and nearby areas, the official confirmed. On Thursday, a government spokesperson initially reported 36 fatalities. Police have arrested…

RailTel Corporation of India, a prominent provider of information and communication technology (ICT) services, extended its winning streak into a second consecutive trading session on Friday. The company’s shares surged by 12.50% to reach ₹488 apiece, nearing their previous all-time high of ₹494.41 achieved in February. The positive momentum follows RailTel’s recent announcement of securing a significant ₹20 crore contract from South Central Railway for telecommunication works across 523 RKM of the Secunderabad division. This development propelled the stock to post nearly a 2% increase in the previous session. In addition to the South Central Railway contract, RailTel has secured…

Hindustan Zinc’s stock surged by 4 percent during late morning trading following the announcement by the Vedanta group company that it had secured a deal to supply zinc to the US-based battery manufacturer AEsir Technologies. As of 11 am, the stock was trading at Rs 676.55. In an exchange filing, Hindustan Zinc disclosed that it had been selected as the preferred supplier of zinc for AEsir Technologies. AEsir Technologies specializes in batteries designed for large-scale energy storage in industrial settings.

Zerodha’s trading platform experienced another technical disruption on June 21, causing significant inconvenience for traders. During this outage, stocks like India Cement, which were no longer under the F&O ban, erroneously appeared as banned, preventing traders from placing orders. The platform has since resumed normal operations after this brief period of disruption. This incident comes just 15 days after a previous glitch on June 3, when Zerodha encountered issues coinciding with the domestic benchmark indices reaching record highs following exit polls indicating a potential third term for PM Modi’s government in the Lok Sabha elections. Additionally, IIFL brokerage accounts also…

Bangladesh Prime Minister Sheikh Hasina is set to begin a two-day state visit to India starting this Friday, marking the first incoming bilateral state visit by a foreign leader since India’s recent government formation following the Lok Sabha elections. The visit aims to bolster the already robust ties between Bangladesh and India, enhancing collaboration across various sectors. Hasina was among the distinguished foreign leaders who attended Prime Minister Narendra Modi’s swearing-in ceremony on June 9 at Rashtrapati Bhavan. During her upcoming visit, Prime Minister Sheikh Hasina will engage in bilateral consultations with PM Modi. She is also scheduled to meet…

PIB Fact Check, formerly known as the Press Information Bureau (PIB), issued an alert via its X handle (formerly Twitter), warning about a fraudulent SMS circulating under the guise of India Post. The message falsely claims that a package awaits delivery at a warehouse and urges recipients to update their address details within 48 hours to prevent the package from being returned. The alert emphasized that this SMS is deceptive and cautioned against clicking on the embedded link (indisposegvs.top/IN), which could compromise personal data. The threat posed by this fake India Post SMS involves potential access by hackers to users’…

Tata Consultancy Services (TCS) saw its shares rise by more than 2 percent following its announcement of a partnership with Xerox aimed at transforming the latter’s IT technology using cloud and generative AI. According to a filing with the stock exchange, TCS has expanded its strategic collaboration with Xerox through an extensive transformation program. This initiative is designed to accelerate Xerox’s transition to a simplified, services-oriented, software-driven organization. Headquartered in the US, Xerox is a global provider of digital print technology and related solutions, serving clients across nearly 145 countries, including small and medium-sized businesses, graphic communications firms, governmental bodies,…

Zepto, an instant grocery delivery app based in Mumbai, has secured $665 million in funding at a valuation of $3.6 billion, underscoring robust investor confidence in India’s quick commerce sector. The latest round, primarily a fresh capital infusion, was co-led by existing investors Glade Brook, Nexus, and StepStone, with significant contributions from new backers including Avenir Growth, Lightspeed, Avra, and others. Notably, DST Global, a key investor in Swiggy, emerged as the largest new investor, injecting around $100 million into Zepto. This fundraising effort marks a notable achievement for Zepto, which has achieved rapid growth by surpassing $1 billion in…