Author: Legal Parivar

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…

On June 19, Bharti Airtel announced the acquisition of a 1 percent equity stake in Indus Towers. This came shortly after reports emerged that the UK’s Vodafone Group had divested up to 20 percent of its shareholding in the towers company. Bharti Airtel disclosed that it purchased 2.695 crore shares of Indus Towers through on-market transactions. The telecom company, led by Sunil Mittal, had received board approval to acquire up to 2.7 crore shares. Prior to this transaction, Bharti Airtel held a 47.95 percent equity stake in Indus Towers. Earlier the same day, Vodafone Group reportedly sold 53.3 crore shares…

The Bank Nifty index reached a record high on Wednesday, alongside the frontline indices, Sensex and Nifty 50, as the Indian stock market continued its bull run for the fourth consecutive session. The Sensex surged 280 points to achieve a record high of 77,581.46, while the Nifty 50 gained 73 points, reaching its lifetime high of 23,630.85. Bank Nifty outperformed the benchmarks, jumping more than 770 points, or over 1%, to a new record high of 51,215.50, surpassing the previous high of 51,133.20. Banking heavyweights such as IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, and HDFC Bank led…

In a potential relief for the online gaming sector, the Goods and Services Tax (GST) Council is expected to consider an amendment to the Central Goods and Services Tax (CGST) Act, 2017, that would nullify retrospective tax demands. This proposal, suggested by the law committee, aims to address tax notices issued due to lower taxes being paid because of interpretation issues or lack of clarity in the law. According to an Economic Times report, the law committee has recommended introducing a new Section 11A to the CGST Act. This section would give the government the authority to refrain from recovering…

Delta Corp shares soared nearly 13 percent during morning trade on the BSE on Wednesday, June 19. This surge followed a 3 percent decline the previous day due to profit booking. The shares opened at ₹136.05 each, up from the previous close of ₹132.15, and climbed as high as 12.5 percent to ₹148.65. By around 10:15 am, the stock was trading 12.22 percent higher at ₹148.30. Meanwhile, the equity benchmark Sensex was up by 0.17 percent at 77,431.

Rail Vikas Nigam (RVNL) saw its share price rise by 3 percent during early trading on June 18, following the company’s successful bid for a contract worth Rs 160 crore from East Coast Railway. At 09:38 am, RVNL was trading at Rs 403.50 on the BSE, marking an increase of Rs 13.50 or 3.46 percent. According to RVNL, they emerged as the lowest bidder (L1) for providing an automatic block signaling system with dual MSDAC and modifications at existing stations in the Jakhapura-Nergundi, Khurda Road-Bhusundpur & Bhusundpur-Golanthra sections of Khurda Road Division, East Coast Railway. The contract is scheduled to…

IIFL Finance witnessed a notable surge of over 5% in its share price, reaching Rs 495 per share on June 18. This increase followed the company’s announcement that it had rectified all deficiencies highlighted by the Reserve Bank of India (RBI) regarding its gold loan portfolio. In their Q4 investor presentation, Nirmal Jain, Founder of IIFL Finance, stated, “The special audit has been completed, and we now await the RBI’s review and expect positive action soon. The business environment remains healthy, and we are optimistic about the outlook for all our other business segments.” Earlier this year, the RBI had…

ixigo made a strong debut on the stock exchanges today, with its share price opening at ₹138.10 on NSE, marking a 48.5% increase from its issue price of ₹93. On BSE, ixigo shares opened at ₹135, reflecting a 45.16% rise from the issue price. Market experts had anticipated the opening price to be in the range of ₹120 to ₹125 per share. During its three-day subscription period, Le Travenues Technology’s IPO, which operates ixigo, received overwhelming investor interest, with the issue being subscribed 98.34 times on the final day of bidding.

M&M’s stock price surged over 2% to reach a record high on Tuesday, driven by analysts maintaining their bullish outlook. Shares of Mahindra & Mahindra (M&M) rallied by as much as 2.71% to ₹3,006.45 on the BSE. During its Investor Day presentation, M&M announced plans to introduce 23 new vehicles by 2030, including several new SUVs. The company highlighted an increase in its SUV market share from 15% in FY21 to 18% in FY24. M&M also unveiled plans to launch seven Born Electric Vehicles (BEVs) by the end of the decade, showcasing three feature-rich models (E8, E9, BE.5) with high…