Author: Legal Parivar

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.…

On June 21, 9.3 percent of Aster DM Healthcare’s equity was sold for Rs 1,607 crore in block deals, with private equity firm Olympus likely selling part of its remaining stake in the company. Previously, on June 20, Moneycontrol reported that Olympus intended to sell a 5 percent equity stake in Aster DM, with the option to sell an additional 5 percent, potentially marking its complete exit from the Indian healthcare company. Approximately 4.7 crore shares were traded at Rs 345 per share, reflecting a discount of over 3 percent from the last closing price. This transaction price is also…

FIU-IND imposes Rs 18.82 crore penalty on Binance, world’s largest crypto exchange, for non-compliance with Indian regulations. Earlier, nine offshore exchanges faced similar action under the PMLA 2002 for failing to register and adhere to local anti-money laundering rules. Binance’s penalty follows FIU-IND’s review of written and oral submissions, confirming the charges against the exchange. Vivek Aggarwal, Director at FIU-IND, previously noted Binance’s initial registration and ongoing evaluation for compliance. In contrast, competitor KuCoin secured full registration and resumed operations after paying a Rs 34.5 lakh penalty.

Shares of New India Assurance Company Ltd (NIACL) surged 5 percent following the announcement of Girija Subramanian as the new Chairperson cum Managing Director (CMD). Subramanian’s appointment took effect on June 19, and she will serve as CMD until her superannuation or until further orders. Girija Subramanian holds a bachelor’s degree in Statistics and is a Fellow member of the Insurance Institute of India, as well as an Associate member of the Chartered Insurance Institute, London. She began her career as a Direct Recruit Officer at General Insurance Corporation of India (GIC Re) in 1988. “In her 34-year career, she…

Shares of PNB Housing fell over 4 percent to Rs 801 per share on June 20 as approximately 1.36 crore shares, or 5.2 percent equity, were traded in multiple block deals. Sources cited by CNBC-Awaaz suggested that General Atlantic and Asia Opportunities Fund were likely the sellers. Reports indicated that Asia Opportunities V (Mauritius) and General Atlantic Singapore Fund FII Pte were each looking to sell about 5.4 million shares, with the floor price set at Rs 773, which is an 8 percent discount to the previous close of Rs 840. Following the stake sale, there will be a 60-day…

Hyundai Motor India, having filed its draft prospectus for an initial public offer (IPO), demonstrates superior financial metrics in terms of margins and ratios compared to competitors like Maruti Suzuki and Tata Motors. According to data in the IPO prospectus, Hyundai Motor India’s EBITDA margin for the nine months ending December 31, 2023, was 12.7 percent. This outperformed Tata Motors’ 6.1 percent and was just below Maruti Suzuki India’s 13 percent. Hyundai’s earnings (EBITDA) also surpassed those of Maruti Suzuki and Tata Motors in the passenger car segment. Hyundai has consistently achieved double-digit operating profit margins over the past few…

Shares of Gokaldas Exports rose nearly 5 percent on June 20 following the company’s announcement of an investment in fabric manufacturer BRFL Textiles Pvt Ltd through optionally convertible debentures (OCDs). According to an exchange filing on June 19, Gokaldas Exports will also consider a possible merger or acquisition by June 30, 2025, contingent on certain conditions. At 9:22 am, Gokaldas Exports shares were up 2 percent at Rs 848. Despite this rise, the stock has declined 3 percent over the past six months, underperforming the Nifty 50 index, which gained 10 percent during the same period. In the initial tranche,…

Sapphire Foods India Limited’s share price is gaining attention following news of a stock split. The company, which operates KFC and Pizza Hut outlets across India, Sri Lanka, and Maldives, saw its share price rise nearly 10% in the last month. On Wednesday, the share price of Sapphire Foods India closed at ₹1557.50, marking a gain of ₹43.50 or 2.57% per share. In a recent exchange filing, Sapphire Foods India announced that its board, in a meeting held on June 19, 2024, discussed and approved a stock split proposal. The current face value of each equity share of ₹10 will…

India’s markets regulator, the Securities and Exchange Board of India (SEBI), has reprimanded Religare Enterprises Ltd’s chairperson Rashmi Saluja and its board of directors for their failure to comply with securities laws. This action comes after the Burman family initiated an open offer to acquire additional shares in the financial services conglomerate. SEBI has directed the REL board to promptly apply to the Reserve Bank of India (RBI) for necessary approvals within a week. The regulator expressed dissatisfaction with the board’s efforts to delay and obstruct the open offer process, highlighting concerns over governance and shareholder rights. The Burmans, prominent…