Author: Legal Parivar

Brigade Enterprises witnessed a nearly 1 percent increase in its shares during early trade on March 5th following the launch of the ‘Dioro’ project at Brigade El Dorado, spanning approximately 6.1 million square feet. As of 10:46 am, Brigade Enterprises was trading at Rs 992.00 on the BSE, a marginal decline of Rs 8.00 or 0.80 percent. The company estimates the potential revenue from the Dioro project, which comprises 525 two-bedroom and three-bedroom units in two towers, to be around Rs 380 crore. Expected to be completed by Q2 FY29, the project is part of a township offering over 80…

Data released on March 5th revealed that India’s services sector continued its expansion in February, as indicated by the HSBC Purchasing Managers’ Index (PMI) registering at 60.6. Although slightly lower than the flash estimate of 62.0 released on February 22nd, the February services PMI remains above the crucial threshold of 50, indicating expansion in activity for the 31st consecutive month. In January, the services PMI had recorded at 61.8, showcasing sustained growth in the sector.

On March 5th, shares of IIFL Finance tumbled 20%, hitting the lower circuit, following a directive from the Reserve Bank of India (RBI) ordering the company to cease sanctioning or disbursing gold loans immediately due to material supervisory concerns. In a press release, the RBI invoked its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, instructing IIFL Finance Ltd to halt gold loan operations, including assigning, securitizing, or selling any existing gold loans. Responding to the RBI’s action, IIFL Finance issued a statement reaffirming its commitment to addressing the RBI’s concerns regarding its gold loan portfolio…

Following Tata Motors’ decision to split its passenger and commercial vehicle businesses, its shares rose by 4 percent, reaching a 52-week high of Rs 1,027 on March 5th. This move was warmly received by both brokerages and investors. JP Morgan, among others, assigned an “overweight” rating to the stock with a price target of Rs 1,000, indicating a 1.2 percent upside from the previous close. Similarly, Morgan Stanley expressed confidence in the decision, stating that it reflects Tata Motors’ belief in the sustainability of the personal vehicle segment, potentially leading to enhanced value creation. Morgan Stanley also highlighted potential synergies…

Purv Flexipac made an extraordinary market debut on March 5th, opening at Rs 260, marking an astounding 266 percent premium over the issue price of Rs 71 on the NSE Emerge platform. Prior to its listing, Purv Flexipac was trading at an impressive 83 percent premium in the grey market, an unofficial platform where shares are traded before IPO allotment and until the listing day. The grey market premium (GMP) is often tracked by investors to gauge the potential listing price. The IPO, which opened for bidding on February 27th and closed on February 29th, witnessed an overwhelming subscription of…

Exicom Tele-Systems made a remarkable debut on the stock exchanges on March 5th, opening at Rs 265, marking an impressive premium of 87 percent over the issue price of Rs 142 per share. The Gurugram-based EV charger manufacturer aimed to raise Rs 429 crore through its initial public offering (IPO), comprising a fresh issue of Rs 329 crore worth of shares by the company and an offer-for-sale (OFS) of 70.42 lakh shares worth Rs 100 crore at the upper price band. Promoter NextWave Communication will be divesting shares in the OFS. The IPO garnered substantial interest, with a robust subscription…

Platinum Industries witnessed its stock debut on March 5th, listing at a 35 percent premium over the IPO price, slightly below the earlier Grey Market Premium (GMP) estimates of 50 percent. The stock commenced trading at Rs 225 on the NSE, surpassing the issue price of Rs 171. Prior to its listing, the company’s shares were trading at a 50 percent premium in the grey market. During the IPO subscription period from February 27th to 29th, the Rs 235.32 crore IPO issue garnered immense interest, being oversubscribed 99.03 times. Qualified institutional buyers subscribed 151 times the allotted quota, while non-institutional…

Kalpataru Projects International Ltd (KPIL) saw its shares rise by 3 percent in early trading, continuing a four-session upward trend following the company’s announcement on March 5th regarding a significant order from Saudi Arabia’s Aramco. This order pertains to the engineering, procurement, and construction (EPC) work for three segments of the third expansion phase of the Master Gas System Network (MGS‐3) in Saudi Arabia. As of 9:36 am, KPIL’s stock was up nearly 2 percent at Rs 1,019 on the NSE. Over the past six months, Kalpataru Projects shares have surged by 50 percent, with a nearly 20 percent increase…

JG Chemicals, a manufacturer of zinc oxide, secured Rs 75.36 crore from anchor investors on March 4, a day before its IPO opened for subscription. This marks the second public issue to debut on Dalal Street this month, following R K Swamy, which began its subscription today and will close on March 7. The Kolkata-based company disclosed that it allocated 34,09,818 equity shares to anchor investors at a price of Rs 221 per share. Massachusetts Institute of Technology emerged as the largest anchor investor, acquiring over 18.1 lakh equity shares valued at Rs 40 crore. Other notable participants in the…

Tata Motors’ recent announcement on March 4 regarding its intention to demerge its passenger vehicles and commercial vehicles businesses into two separately listed entities is aimed at unlocking value for both segments, particularly the passenger vehicle (PV) business, which is anticipated to require larger investments as it expands its electric vehicles (EV) portfolio, analysts noted. The company has been outlining the roadmap for this demerger for some time now. The PV unit was separated into a distinct subsidiary effective from January 2022, and within that, the passenger electric mobility business was further segregated into another subsidiary – Tata Passenger Electric…