Author: Legal Parivar

Krisumi Corporation, a joint venture between Krishna Group and Japan’s Sumitomo Corporation, is set to invest Rs 2,000 crore in Gurugram to develop 1,051 luxury apartments as part of its expansion strategy amid robust demand for residential properties. The company is currently executing ‘Krisumi City’, a large luxury township in Sector 36A, Gurugram. The first phase, known as ‘Waterfall Residences’ comprising 433 units, is nearing completion, while the second phase, ‘Waterfall Suites’ with 320 units, is slated for delivery by 2028. Announcing its plans on Monday, Krisumi revealed that the investment will primarily fund Phase 3 and Phase 4 of…

Waaree Energies announced on Monday that it has secured a contract to supply solar modules for a 412 MWp project in Rajasthan. The project, anticipated to be operational by March 2025, will utilize bi-facial solar modules with capacities ranging from 540-545 Wp (watt peak) each. Bi-facial modules can absorb sunlight from both sides, enhancing their efficiency. “Waaree Energies has secured a significant module supply contract for Acciona Energy’s subsidiary Juna Renewable’s 412.5 MWp Project in Rajasthan,” the company stated, without disclosing further specifics about the order. Waaree Energies is renowned as one of India’s leading manufacturers of solar photovoltaic (PV)…

Larsen & Toubro Power Transmission & Distribution division has secured a contract to construct a 185MW Solar PV Plant along with a battery energy storage system (BESS) in Kajra, Bihar. This project aligns with the state’s renewable energy objectives, addressing climate change concerns while meeting its escalating energy needs. The BESS, totaling 254MWh, will store solar energy during periods of low demand and release it during peak demand, contributing to the stabilization of power generation fluctuations, frequency regulation, and support for voltage levels. Additionally, it includes a black start capability for rapid grid re-energization following outages. L&T has classified the…

Stanley Lifestyle IPO witnesses strong demand from retail and non-institutional investors on its second day of bidding, achieving a subscription rate of 3.17 times. Investors bid for 3.25 crore equity shares against a total offer size of 1.02 crore equity shares. Non-institutional investors showed robust interest, subscribing nearly 5 times their allocated quota, while retail investors demonstrated strong enthusiasm, subscribing over 4.1 times the reserved portion. In contrast, the portion reserved for qualified institutional buyers (QIBs) saw a subscription of 0.3 times. Stanley Lifestyle IPO, comprising a mix of a fresh issue and an offer for sale, will remain open…

Bharti Airtel is reportedly in discussions with Vodafone Plc to acquire an additional 3 percent stake in Indus Towers, a telecom infrastructure company, according to CNBC TV18 sources. Bharti Airtel’s stock remained relatively unchanged on June 24, trading at Rs 1,414.3 in the afternoon, slightly down from its previous close. Last week, Vodafone Group had sold an 18 percent equity stake in Indus Towers through block deals, generating approximately Rs 15,300 crore. Following this sale, Vodafone Group now holds a 3.1 percent share in Indus Towers. In the same transaction, Bharti Airtel had purchased an additional 1 percent stake in…

Shares of Welspun Specialty Solutions Ltd (WSSL) jumped over 17% on the BSE after the company secured the position of the lowest bidder for an order worth Rs 117 crore from Bharat Heavy Electricals Ltd (BHEL). As of 11:41 AM, Welspun Specialty shares were trading 12% higher at Rs 42.5 apiece. Over the past six months, the stock has gained 5%, which is below the Nifty 50 index’s nearly 10% rise during the same period. On June 23, Welspun Specialty informed the BSE that it had been selected as the L1 bidder by BHEL for supplying seamless stainless steel boiler…

Gautam Adani dismissed the allegations from the Hindenburg report as unfounded during Adani Enterprises’ Annual General Meeting on Monday. “We faced baseless accusations from a foreign short seller that challenge our decades of hard work,” Adani stated. However, Adani did not mention the name of the short seller. “Typical short sellers aim to profit from the financial markets. This case was different,” he continued. “It was a dual-sided attack with vague criticisms of our financial standing.” Adani attributed the controversy to misinformation that turned the situation into a political battleground. “The attack was strategically timed just two days before the…

Quant Mutual Fund, with assets under management close to Rs 90,000 crore, has drawn attention due to its exclusive investments in 14 stocks where it stands as the sole mutual fund investor. Recently, Sebi conducted search and seizure operations at Quant’s Mumbai and Hyderabad premises, adding to the scrutiny on the fund house. As of March 2024, Quant MF’s unique holdings include Century Enka, Rossell India, Lancer Container Lines, and others, where it maintains significant stakes despite other asset management companies abstaining. For instance, in Century Enka, Quant holds 17.20 lakh shares valued at Rs 103.66 crore, comprising over 1…

Sony Pictures Networks India (SPNI) has appointed Gaurav Banerjee, formerly of Disney, as its new Managing Director and CEO, effective no later than August 26 pending regulatory approvals. Banerjee will succeed NP Singh, who will transition to the role of Non-Executive Chairman after 25 years with SPNI, the company announced. Ravi Ahuja, Chairman of Global Television Studios and President & COO of Sony Pictures Entertainment, praised NP Singh’s leadership and expressed confidence in Gaurav Banerjee’s ability to continue driving SPNI’s success with his proven track record and visionary approach. Prior to joining SPNI, Banerjee held senior roles at Disney, including…

Quant Mutual Fund, managing assets worth Rs 93,000 crore, is under scrutiny by the Securities and Exchange Board of India (SEBI) for suspected front-running practices. SEBI conducted search and seizure operations at locations in Mumbai and Hyderabad associated with Sandeep Tandon-owned Quant MF. Front-running involves intermediaries exploiting advance knowledge of large mutual fund transactions to profit from personal trades. How does front-running operate? Intermediaries execute large stock market orders on behalf of mutual funds. They may trade stocks just before a mutual fund enters the market, anticipating price movements. This practice is illegal as it uses insider information, unfairly disadvantaging…