Author: Legal Parivar

DEE Development Engineers Ltd, a provider of specialized process piping solutions, has garnered significant investor interest in its initial public offering (IPO). As of June 21, the final day of bidding, the IPO has been heavily oversubscribed. The IPO, valued at ₹418.01 crore, comprises a combination of a fresh issue of 1.6 crore equity shares amounting to ₹325 crore and an offer for sale (OFS) component of 46 lakh shares totaling ₹93.01 crore. DEE Development set the price band for its IPO at ₹193 to ₹203 per share, with a lot size of 73 shares. The subscription status as of…

South Korea’s foreign minister Cho Tae-yul and U.S. Secretary of State Antony Blinken have jointly condemned the new treaty between Russia and North Korea, describing it as a significant threat to regional peace and stability, according to a statement from Seoul’s foreign ministry on Friday. During a phone call on Thursday, the two diplomats discussed potential responses to the pact and agreed to closely monitor the evolving situation, the ministry added. Secretary Blinken affirmed that the United States supports South Korea’s measures in light of the agreement, in which Moscow and Pyongyang pledged mutual military assistance in case of armed…

KEI Industries witnessed a more than 3% rise in its share price to Rs 4,565 on June 21 following the resolution of a labour strike at its two units. The strike had caused production losses amounting to approximately Rs 10 crores, as disclosed in a filing with the stock exchange. According to KEI Industries, operations at its Rakholi and Chinchpada units, which were affected by the strike, have now returned to normal. The company stated its intention to swiftly scale up production to compensate for the lost output.

On June 21, the Enforcement Directorate (ED) moved the Delhi High Court to contest the bail granted to Arvind Kejriwal in connection with a money laundering case related to a defunct excise policy. According to ANI, ED is expected to request an urgent hearing on the matter. Hindustan Times reported that the plea challenging Kejriwal’s bail is scheduled to be heard by a vacation bench presided over by Justice Sudhir Kumar Jain today at 10:30 am.

Sun Pharmaceutical Industries has announced a licensing agreement with Takeda Pharmaceutical Company to introduce a new gastrointestinal drug in India. Under this non-exclusive patent licensing pact, Sun Pharma will commercialize Vonoprazan tablets in 10 mg and 20 mg strengths across the country. Vonoprazan, a novel potassium competitive acid blocker (PCAB), is specifically designed to treat reflux esophagitis and other acid peptic disorders. Kirti Ganorkar, CEO – India Business at Sun Pharma, expressed enthusiasm about the partnership, emphasizing Sun Pharma’s leadership in gastroenterology. He highlighted that bringing Vonoprazan to India aligns with their commitment to enhancing gastrointestinal health by offering patients…

Time Technoplast Achieves Record High as Shares Surge 12.7% on PESO Approval for Hydrogen Cylinders Time Technoplast, a leading polymer products manufacturer, saw its shares soar by 12.7% in early trading, reaching a new peak of ₹335 each. This surge followed the company’s announcement of receiving final approval from the Petroleum and Explosives Safety Organization (PESO) for manufacturing and supplying high-pressure Type-IV composite cylinders for hydrogen. Earlier in mid-March, Time Technoplast had secured prototype approval for these cylinders from PESO, which underwent joint testing and inspection leading to the final clearance. The approval positions Time Technoplast as India’s first company…

GST Council Plans Amendments to Exclude Extra Neutral Alcohol (ENA) from GST, Bringing Relief to Spirits Industry The GST Council is gearing up to amend GST laws concerning Extra Neutral Alcohol (ENA), a high-purity form of alcohol used in liquor production but not for direct consumption. These amendments aim to clarify that ENA should not be subject to GST, potentially alleviating the dual taxation burden on the spirits industry. Alongside legislative changes, the Council is expected to propose a scheme allowing central and state tax authorities to waive the recovery of past tax dues, offering further support to the spirits…

Bikaji Foods’ share price surged nearly 4% to hit a 52-week high in early trade on Friday following Nuvama Institutional Equities’ initiation of coverage on the stock. The shares rallied as much as 3.91% to ₹747.95 apiece on the BSE. Bikaji Foods International is a significant player in the rapidly growing Indian savoury snacks market. It holds the position of the third-largest player in the organized ethnic snacks market, is the market leader in family packs, and leads in its core states: Rajasthan, Assam, and Bihar. Nuvama Equities initiated coverage on Bikaji Foods with a ‘Buy’ rating and a target…

Shares of GE Power India surged over 6 percent after the company secured a Letter of Intent (LoI) for a Rs 243.46 crore contract from NTPC GE Power Services Private Ltd (NGSL). The contract involves the renovation and modernization of LMZ Steam Turbines at Wanakbori Thermal Power Station (TPS) Unit No. 1 and Unit No. 2, each with a capacity of 210 MW. The project aims to improve heat rate efficiency and extend the operational life of these units, GE Power India stated in a regulatory filing. The order focuses on Steam Turbine Renovation and Modernization (R&M), with a stipulated…

On June 21, the Nifty reached a new record high, driven by gains in IT stocks after Accenture forecasted annual revenue growth above expectations, fueled by the surging demand for its artificial intelligence tools. Accenture’s stock surged over 7 percent in overnight US trading. The Sensex also moved higher, continuing gains from the previous session, as market sentiment remained positive due to factors such as the upcoming budget, policy continuity, and the potential return of foreign institutional investors (FIIs). At around 9:45 am, the Sensex was up 0.13 percent at 77,576.47, and the Nifty was up 0.19 percent at 23,612.80.…