Author: Legal Parivar

Shree Cement Ltd’s consolidated net profit for Q4 FY24, attributed to the owners, soared by almost 28% year-on-year to Rs 674.9 crore, surpassing market expectations. This impressive performance was buoyed by inventory gains, as per the company’s quarterly results disclosed on May 14. In comparison, the firm had reported a consolidated net profit of Rs 525.8 crore in the corresponding quarter of the previous year. Moreover, revenue from operations for the fiscal fourth quarter witnessed a robust increase of over 6% year-on-year, reaching Rs 5,433 crore. However, sequentially, profit dipped by 3%, while revenue surged by 4%. The company’s results…

Liquor manufacturer Radico Khaitan announced a 26% increase in fourth-quarter profit on Tuesday, attributing it to robust demand for its premium brands. The maker of Magic Moments vodka recorded a consolidated net profit of Rs 54 crore for the quarter ending March 31, up from Rs 43 crore a year ago. Analysts noted a growing preference for premium liquors, particularly whiskey, among India’s affluent urban population. This trend has spurred the establishment of more whiskey distilleries and a wider array of whiskey brands in the market. Additionally, there has been increasing demand for flavored alcoholic beverages like vodka and rum…

Bharti Airtel, a telecom major, disclosed a consolidated net profit of Rs 2,072 crore for the fourth quarter of the financial year 2023-24, marking a 31.1% decline from the corresponding period last year. The company’s consolidated Q4 revenue stood at Rs 37,599 crore, reflecting a 4.4% increase from the previous year. However, this growth was tempered by the devaluation of African currencies, particularly the Nigerian Naira, during the period, as stated by the telecom operator in an exchange filing on May 14. Although revenue aligned with expectations, net profit fell short of Street estimates. Brokerages had anticipated Airtel’s net profit…

Ant Group, affiliated with China’s e-commerce giant Alibaba Group Holding, saw a 19% decrease in net profit, amounting to 7.87 billion yuan ($1.09 billion) for the three months ending on December 31, according to Reuters’ calculations based on Alibaba’s earnings release on Tuesday. The financial results from Ant are reported with a one-quarter delay by the e-commerce conglomerate. In July of the previous year, Chinese authorities imposed a fine of 7.12 billion yuan on Ant Group for breaching consumer protection and corporate governance laws, marking the culmination of a lengthy regulatory overhaul of the fintech firm. Both companies were co-founded…

Sanjay Dhingra, the ex-promoter of Kwality Limited, a dairy firm, has been instructed to surrender profits exceeding Rs 2.12 crore earned through insider trading. Found to be in breach of the Prohibition of Insider Trading (PIT) Regulations, Dhingra, who served as both promoter and managing director (MD), has also been levied a fine of Rs 5 lakh and barred from the securities market for a six-month period starting from the date of the order. The Securities and Exchange Board of India (SEBI) issued this directive on May 14. Additionally, Dhingra is required to pay a penalty of 10 percent per…

Exicom, an EV charging and critical power solutions provider, announced the launch of India’s “fastest DC chargers” for electric vehicles, boasting speeds of up to 400 kW, as per a statement released on May 14. The Harmony Gen 1.5 DC fast charger, designed to enhance user convenience, aims to accelerate the adoption of EVs. It features a compact design, facilitating easier and more economical installation. Additionally, it offers advanced functionalities such as an AI-driven remote management system, high operational efficiency, integrated ambient lighting, and other amenities to enhance the customer charging experience. A robust charging infrastructure is indispensable for the…

Tata Group stocks, including Voltas, Tata Power, and Tata Motors, have encountered significant selling pressure lately, leading to a sharp decline in share prices. This sell-off followed the release of their financial results for the March quarter and full-year FY24. Analysts anticipate further selling pressure on these stocks in the short term. In the previous trading session, Tata Motors witnessed a notable intraday drop of 9.4% before closing with an 8.30% decline, marking its largest single-day decrease in two years. Over the past six trading sessions, Tata Motors saw a 6.70% decline in its share price, resulting in a market…

Torrent Pharmaceuticals and Glenmark Pharmaceuticals emerged as top performers among listed companies, with their domestic sales surging by 16.7-17.7% in April 2024. Alkem Laboratories followed closely, witnessing a 14.8% year-on-year growth in sales value. Sun Pharmaceutical, Lupin Ltd, and Cipla Ltd also demonstrated robust growth, with domestic sales increasing slightly over 12% in value terms, according to data from Pharmatrack, a pharmaceutical market research company. The Indian pharmaceutical market experienced a year-on-year growth of 8.9% in April 2024. While the value growth stood at 9.2%, volumes saw a slight decline of 0.3% year on year, as reported by Pharmatrack. A…

Amit Shah, the Union Home Minister, noted on Tuesday that the decision by the Narendra Modi government to revoke Article 370 is yielding positive outcomes in the polling percentages observed in Jammu and Kashmir, indicating an increased trust in democracy among the people. His comments followed the recent polling in the Srinagar Lok Sabha constituency, where approximately 38 per cent voter turnout was recorded during the 4th phase of the general elections. This is a significant rise compared to the voter turnout in previous elections, such as 14.43 per cent in 2019, 25.86 per cent in 2014, 25.55 per cent…

The much-anticipated listing of TBO Tek IPO is set for tomorrow, Wednesday, May 15, following the finalization of IPO allotment. For those fortunate to secure shares, the crediting to demat accounts is scheduled for today, May 14. Additionally, refunds for those awaiting shares are expected to be completed today as well. Kfin Technologies Ltd is the appointed registrar for TBO Tek IPO. The IPO received overwhelming response from investors, with a subscription rate of 86.70 times on the final day of subscriptions, as per NSE data. Notably, the segment for qualified institutional buyers (QIBs) saw a subscription rate of 125.51…