Author: Legal Parivar

Vraj Iron and Steel, based in Chhattisgarh, has set a price band of Rs 195-207 per share for its upcoming initial public offering (IPO). The IPO, valued at Rs 171 crore, will open for subscription on June 26, with the anchor book opening on June 25 and closing on June 28. The company, known for manufacturing sponge iron, MS billets, and TMT bars, plans to utilize Rs 129.5 crore from the net proceeds of the IPO for expanding its Bilaspur plant. The remaining funds will be allocated for general corporate purposes. Currently operating from Raipur and Bilaspur in Chhattisgarh, Vraj…

A labor strike has disrupted operations at KEI Industries, halting production at two of its units and causing the share price to plummet on June 19. The strike has partially affected the Rakholi and Chinchpada units, leading to an estimated daily production loss of approximately Rs 8 crore, as reported in a stock exchange filing by the cables and wires manufacturer. KEI Industries’ stock dropped by 5.55 percent on June 19, closing at Rs 4,429.9. Meanwhile, the Nifty 50 index experienced a slight decline of 0.15 percent. Despite this setback, KEI Industries’ stock has doubled over the past year. The…

The National Testing Agency (NTA) has cancelled the UGC-National Eligibility Test (UGC-NET) following concerns about the exam’s integrity. The NTA conducted the UGC-NET in 83 subjects in OMR (pen and paper) mode on June 18, with two shifts across various cities in India. In a statement released late Wednesday night, the Ministry of Education announced that a new examination would be scheduled, with details to be provided later. Additionally, the matter is being handed over to the Central Bureau of Investigation (CBI) for a thorough investigation. Ensuring Transparency On June 19, the University Grants Commission (UGC) received inputs from the…

On June 19, Tata Motors Limited disclosed its decision to raise prices for its lineup of commercial vehicles, slated to take effect from July 1, 2024. This adjustment, ranging up to 2%, is a response to the rising costs of commodities and will be applied uniformly across all models and variants. As a constituent of the USD 150 billion Tata Group, Tata Motors Limited holds a prominent position in the global automotive industry, boasting a turnover of USD 44 billion. The company is a frontrunner in India’s commercial vehicle segment and stands among the top three in the passenger vehicle…

Shares of Sona BLW Precision Auto Ltd. saw a notable increase of over three percent during the morning session on June 19. This surge followed an announcement from the company that it had received certification from the Ministry of Heavy Industries under the Production-Linked Incentive (PLI) scheme. In a filing to the stock exchanges, Sona BLW Precision stated that it had obtained certification for its traction motor designed for electric three-wheelers, as part of the PLI scheme dedicated to the Automobile and Auto Component industry (“PLI-Auto”) by the Ministry of Heavy Industries. As of 11:15 am on the NSE, Sona…

The deadline for filing Income Tax Returns (ITRs) for the financial year 2023-24 (Assessment year 2024-25) is approaching on July 31, 2024. With just over a month left, it’s crucial to begin gathering the necessary documents for completing your ITR form, starting with the Annual Information Statement ( AIS ). This document is essential for Indian taxpayers as it provides a comprehensive record of all financial transactions reported to the Income Tax department, complementing Form 26AS. Significance of AIS:The AIS covers a broader range of information compared to Form 26AS, including details such as Tax Deducted at Source (TDS), Tax…

Shares of Delta Corp and Nazara Tech have surged following reports indicating that the GST Council might amend the CGST Act to nullify retrospective tax demands, a move sought by the gaming industry for a more favorable taxation framework. As of 11 am, Delta Corp’s shares were up over 12 percent, while Nazara Tech also experienced a significant increase in early trading. Over the past month, Delta Corp’s stock has risen by 23 percent, and Nazara’s by 40 percent. The CGST Act includes provisions for notices regarding lower taxes paid by e-gaming entities due to ambiguity or interpretation issues. The…

Sansera Engineering share price surged over 7%, reaching a 52-week high during Wednesday’s session, following reports that 62.53 lakh shares, or 11.6% of the company’s total stock, were traded in significant transactions. The shares opened at ₹1,267.05 each on the BSE, hitting an intraday high of ₹1,317 and a low of ₹1,264.80. According to a CNBC-TV18 report, the total value of the deal is estimated at ₹750 crore, though the buyers and sellers remain unidentified. On Tuesday, CNBC-TV18 reported that Client Ebene and CVCIGP II Employee Ebene were expected to sell up to 6.25 million shares in the car component…

Shares of Zee Entertainment came under pressure on June 19 following the resignation of CFO Rohit Kumar Gupta, who cited personal reasons for his departure. The company has appointed Mukund Galgali, head of Zee’s commercial and strategic initiatives and a 17-year veteran of the group, as the interim CFO. As of 11:06 am, ZEEL shares were trading 2.36 percent lower at Rs 157.13 on the National Stock Exchange (NSE). This year, the stock has plummeted 44.66 percent, significantly underperforming the benchmark Nifty 50. Cost-Cutting and Restructuring Recently, Zee implemented several cost-cutting measures and leadership restructuring to reduce losses, including a…

Advertisers had warned that a self-declaration mechanism introduced after the Patanjali Ayurved case to prevent misleading ads would overwhelm them with paperwork and other complications. Some of their concerns were realized on Tuesday, June 18, the first day of the new process. As advertisers hurried to upload their documents on the Broadcast Seva website for TV and radio ads and the Press Council of India website for print and digital ads, they encountered numerous technical glitches that prevented them from completing the process. Following a Supreme Court decision last month in the Patanjali Ayurved case, the Ministry of Information and…