Author: Legal Parivar

Wipro Ltd faced significant challenges during FY24, characterized by a volatile global economic environment that impacted client technology spends, as acknowledged by Chairman Rishad Premji in the company’s annual report for the year ended March 2024. Despite these difficulties, Wipro remains committed to innovation and future investments. The past year saw leadership changes, including the appointment of Srinivas Pallia as CEO, who succeeded Thierry Delaporte. Pallia described FY24 as a testing period marked by macroeconomic challenges affecting industry performance. Wipro reported a 4.4% decline in annual revenue to $10.8 billion in FY24, contrasting with revenue growth reported by its peers…

Krystal Integrated Services saw its stock climb 8.5% to ₹883.90 per share in today’s intraday trade following the initiation of coverage by Nuvama Professional Clients Group. The brokerage set a target price of ₹1,369 per share, indicating a potential upside of 68% from the stock’s latest closing price of ₹814. Krystal Integrated Services, a prominent player in India’s integrated facilities management services sector, operates across diverse segments including healthcare, education, public administration, airports, railways, metro infrastructure, and retail. The company debuted on the Indian secondary market on March 21 at ₹713, closely aligned with its IPO price of ₹715. Since…

Allied Blenders and Distillers has launched its IPO subscription today, June 25, which will conclude on Thursday, June 27. The price band for the Allied Blenders IPO ranges from ₹267 to ₹281 per equity share, with a face value of ₹2. The company has already secured ₹449.1 crore from anchor investors ahead of its IPO. The IPO consists of a fresh equity share issuance worth ₹1,000 crore and a promoter offer-for-sale (OFS) of shares valued at ₹500 crore. Proceeds from the new issuance, totaling ₹720 crore, will be allocated towards general corporate purposes and debt repayment. As of December 2023,…

5G Spectrum Auction: The Department of Telecommunications (DoT) commenced the auction of 10,500 megahertz (MHz) of mobile service radiowaves across eight bands on June 25, starting at 10 am. The spectrum bands up for auction include 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz, 2,300 MHz, 2,500 MHz, 3,300 MHz, and 26 gigahertz (GHz). Key telecom players such as Reliance Jio, Bharti Airtel, and Vodafone Idea are participating, expected to collectively spend approximately ₹15,000 crore based on brokerage estimates, as reported by Mint earlier. This marks the 10th spectrum auction since its initiation in 2010 and is notably the first…

JSW Steel, a key player in the steel industry under the $24-billion JSW Group, announced plans on Tuesday to invest $110 million in upgrading its subsidiary JSW Steel USA’s manufacturing facility in Baytown, Texas. This initiative aims to enhance production capabilities for high-quality monopile steel plates, critical for the expanding offshore wind energy sector in the United States, which targets deploying 30 gigawatts (GW) by 2030. In a statement, JSW highlighted its commitment to sustainable technology and advanced equipment at the Baytown facility, aligning with the US government’s renewable energy goals. Parth Jindal, Director of JSW Steel USA, emphasized that…

The Reserve Bank of India (RBI) has appointed Arun Kumar Singh, a former chief general manager at the central bank, as an additional director on the Board of Kolkata-based Bandhan Bank. This action falls under Section 36AB of the Banking Regulation Act, 1949, allowing RBI to appoint directors to safeguard the interests of the bank and its depositors, particularly in times of regulatory concern. This move coincides with the impending retirement of Bandhan Bank’s founder and CEO, Chandra Shekhar Ghosh, on July 9. The central bank’s decision not to extend Ghosh’s tenure, despite board approval for a three-year re-appointment, underscores…

Dindigul Farm Product Ltd’s initial public offering (IPO) concluded on June 24 with strong subscription numbers. Investors are now awaiting the allotment results, which are expected to be finalized today, June 25. The IPO bidding period ran from June 20 to June 24. The company will credit shares to eligible investors’ Demat accounts on June 26 and initiate refunds to unsuccessful bidders on the same day. Investors can check the Dindigul Farm Product IPO allotment status online through the BSE website or the official portal of the IPO registrar, Link Intime India Private Ltd. Here are the steps to check…

Intellect Design Arena Ltd announced on June 25 a 7-year partnership with Vancity, Canada’s largest community credit union, aimed at digital transformation through Emach.AI. The company’s stock surged over 4 percent in early trading on the NSE, settling at Rs 1,094.1 per share by 10:48 am, marking a gain of 2.64 percent. Under the partnership, Intellect Design Arena will leverage its digital engagement platform (DEP) for retail and SME digital experiences, along with its contextual banking experience (CBX) for commercial digital services. Vancity, with over 570,000 members and $35.5 billion in assets under administration, intends to redefine its digital landscape…

Kalpataru Projects International Ltd announced on Tuesday, June 25, that the company, along with its joint ventures and international subsidiaries, has secured new orders totaling Rs 2,333 crore. Following this announcement, Kalpataru Projects’ stock saw a nearly 3 percent increase at the opening of trading on June 25, reaching Rs 1,208.55 on the NSE. The stock had closed with a 1.2 percent gain in the previous session. The new orders acquired by Kalpataru include projects in Transmission & Distribution (T&D) sectors both in India and overseas, an EPC order for an industrial plant in the metal industry, and a residential…

Amara Raja Energy and Mobility shares have surged over 100 percent since the beginning of the year. On June 25, the stock price jumped 20 percent to an all-time high of Rs 1,656 after the battery manufacturer announced a technical licensing agreement with China-based Gotion High-Tech. Under this agreement, Gotion High-Tech’s unit, GIB EnergyX, will license its LFP technology for lithium-ion cells to Amara Raja Advanced Cell Technologies Pvt Ltd (ARACT). This development prompted several brokerages to issue calls on the stock. For instance, JPMorgan assigned a neutral call on Amara Raja with a target of Rs 1,210 per share,…