Author: Legal Parivar

On Thursday, June 27, UltraTech Cement announced that its board has approved the acquisition of a 23% equity stake in India Cements. The deal involves purchasing 7.06 crore shares of India Cements at Rs 267 per share, amounting to approximately Rs 1,900 crore in total. Deal Details The acquisition follows a significant block deal on the same day where 20% equity stake in India Cements was sold. The specifics of the buyers and sellers were not immediately disclosed. Market Reaction India Cements’ stock surged up to 7% in early trading, building on a 14% gain from the previous session. Ownership…

On Thursday, June 27, a significant 20% equity stake in India Cements was sold in a block deal. Details of the buyers and sellers were not immediately disclosed, although CNBC TV18 had earlier reported that UltraTech Cement was interested in acquiring a stake in India Cements. Deal Highlights The block deal involved 6 crore shares traded at Rs 265 per share, totaling approximately Rs 1,600 crore in value. Market Reaction India Cements’ stock had surged 14% in the previous session, closing at Rs 261.5 on Wednesday, June 26.

On June 27, approximately 9.7% of CSB Bank stake was sold in a block deal worth Rs 595 crore, likely executed by promoter FIH Mauritius Investments. Deal Details About 1.70 crore shares were traded on the exchanges at an average price of Rs 353 per share, representing a nearly 1% discount from the previous closing price. CNBC Awaaz had earlier reported that FIH Mauritius Investments aimed to sell its 9.72% stake in the Kerala-based private lender through this block deal, raising Rs 595 crore. Promoter Holding Adjustment As per the latest shareholding data, the promoter initially held 49.72% stake in…

Dr. Reddy’s Laboratories has made headlines with its announcement of acquiring consumer healthcare brands in the Nicotine Replacement Therapy category, excluding the United States. This move, revealed post-market hours on Wednesday, involves a definitive agreement with Haleon plc and its associate companies. Acquisition Details Dr. Reddy’s Laboratories SA, Switzerland, a wholly owned subsidiary, will acquire all quotas of Northstar Switzerland SARL, a company within the Haleon Group based in Switzerland. The acquisition includes four prominent brands, including the global leader Nicotinell, which generated GBP 217 million in sales in CY23. Financial Terms The acquisition entails an upfront cash consideration of…

Kalki 2898 AD: In Telangana, crowds gathered at Sandhya Theatre in Hyderabad to watch the new movie starring Amitabh Bachchan, Kamal Haasan, Prabhas, and Deepika Padukone. A video captures the enthusiastic masses celebrating its release with singing and dancing. The film premiered today, and cinema enthusiasts expressed their excitement by putting up cut-outs and posters of actor Prabhas.

The government has asked Tamil Nadu to submit a detailed report addressing allegations that Foxconn rejected married women for jobs at its iPhone assembly facility in Chennai, according to a Reuters report. The Ministry of Labour, in a statement, noted media reports suggesting that married women were not allowed to work at Foxconn’s India Apple iPhone plant. The Ministry cited Section 5 of the Equal Remuneration Act of 1976, which stipulates that no discrimination should occur while recruiting men and women workers. As the state government is responsible for enforcing this Act, the Ministry has requested a report from Tamil…

Nvidia shareholders have approved all proposals, including the compensation packages for CEO Jensen Huang and other executives, as well as the re-election of 12 directors. Huang reportedly earned $34 million in fiscal 2024. During the Annual General Meeting held on Wednesday, June 26, Nvidia stockholders approved all agenda items. These included the selection of PricewaterhouseCoopers LLP as the independent registered public accounting firm for fiscal year 2025 and a stockholder proposal for a Simple Majority Vote. Highlights from the AGM Speaking at the AGM, Nvidia CEO Huang highlighted the potential of AI to automate $50 trillion worth of heavy industries.…

Titan stocks will be in the spotlight when the Indian stock market opens today, as Tata Group’s shares will trade ex-dividend. This means that purchasing Titan shares today will not entitle you to the recently declared dividend. On May 3, 2024, the company’s board declared an ₹11 per share dividend for eligible shareholders, setting June 27, 2024, as the dividend record date. Titan Company’s dividend record date is on an ex-date basis, meaning only those who were shareholders before today are eligible for the dividend. The Tata Group company announced this dividend in conjunction with its Q4 2024 results on…

The Sensex surged by 620 points to close at 78,674, marking a 0.8 percent increase, while the Nifty climbed 147 points to 23,868, up by 0.6 percent. Market activity saw 1611 shares advancing, 1796 declining, and 81 remaining unchanged. Key Highlights:

The newly-elected BJP government in Odisha is reportedly considering a phased ban on liquor in the state. Nityananda Gond, Odisha’s Minister for Social Security & Empowerment of Persons with Disabilities, highlighted potential revenue losses as a concern behind this decision. Gond stated, “We cannot promote liquor sales if it leads to revenue loss. Alcohol addiction is polluting our society.” He emphasized that several states have successfully implemented liquor bans, and Odisha aims to follow suit. Discussions with the Excise and other departments are planned to facilitate this phased approach towards making Odisha liquor-free. Additionally, Gond mentioned the government’s intentions to…