Author: Legal Parivar

Jindal Steel and Power Ltd (JSPL) reported a robust performance for Q4, driven by strong domestic demand and high steel prices. The completion of most planned capital expenditures in FY25, coupled with the positive market conditions, has generated optimism among brokerages. As a result, several analysts have revised their earnings estimates upwards and raised their price targets for the stock to reflect the company’s impressive quarterly results. Investors responded positively to the news, pushing JSPL shares to a 52-week high of Rs 980 on the NSE, marking a gain of over 4 percent. JSPL witnessed a two-fold increase in net…

Swedish home furnishing brand IKEA has inked a Memorandum of Understanding (MoU) with Rhenus, a global logistics firm, to establish a large warehouse facility near Gurugram, aimed at enhancing the home delivery experience for its customers in the Delhi-NCR region. The warehouse, spanning 1.5 lakh square feet, will be situated in Farrukhnagar near Gurugram and will serve both IKEA’s e-commerce and offline businesses. Capable of storing and fulfilling over 7,000 products, the facility is expected to go live early next year, according to Saiba Suri, Country Customer Fulfilment Manager at IKEA India. Vivek Arya, Regional CEO of Rhenus India, highlighted…

Prime Minister Narendra Modi filed his nomination from the Varanasi Lok Sabha seat on Tuesday, following prayers at the Dashashwamedh Ghat and the Kaal Bhairav temple. Uttar Pradesh Chief Minister Yogi Adityanath was among those present at the collectorate during Modi’s filing of papers. Modi is seeking a third consecutive term from the Varanasi Lok Sabha constituency, which he first won in 2014. Expressing his deep connection with Varanasi, Modi wrote in a post in Hindi on a social media platform, stating, “My bond with Kashi is extraordinary, inseparable, and unparalleled… words fail to capture its essence!” The prime minister…

Devyani International, the operator of KFC, Pizza Hut, and Costa Coffee, disclosed a consolidated net loss of Rs 49 crore for the March quarter. This marks a significant downturn from the Rs 60 crore profit reported in the corresponding period last year. According to a regulatory filing on May 14, the quick-service restaurant chain reported total revenue of Rs 1,047 crore, reflecting a substantial increase of 38.69 percent from Rs 754.9 crore recorded a year ago. For the quarter, earnings before interest, tax, depreciation, and amortization (EBITDA) reached Rs 172.3 crore, marking a growth of 14.4 percent. However, EBITDA margins…

On May 14, the Commerce Ministry released the Wholesale Price Index (WPI) inflation data for April. According to the data, India’s wholesale price index-based inflation rose to 1.26 percent year-on-year in April, up from 0.53 percent the previous month. The month-on-month change in the WPI index for April was recorded at 0.79 percent compared to March.

The Supreme Court granted bail to activist Gautam Navlakha in the Elgar Parishad-Maoist links case on Tuesday. A bench of Justices M M Sundresh and S V N Bhatti declined to extend the stay imposed by the Bombay High Court order on Navlakha’s bail in the case. The Court also directed Navlakha to pay Rs 20 lakh towards security expenses during his house arrest. “We are inclined to not extend the stay as the High Court order provides detailed reasoning for granting bail. Considering the trial could take years to complete, we will not extend the stay. A sum of…

Shares of luxury watch retailer Ethos soared over 9 percent to Rs 2,324 on May 14 following its strong performance in the January-March quarter (Q4FY24). Since the beginning of the year, Ethos has surged over 18 percent, surpassing the 2 percent rise in the benchmark Nifty 50. The company’s shares had reached a 52-week high of Rs 3,040 per share on March 11, 2024. Ethos reported a 21.7 percent year-on-year increase in consolidated revenue from operations to Rs 252 crore in Q4FY24, with a 58 percent YoY surge in profit-after-tax (PAT) to Rs 21 crore. Additionally, Ethos’s earnings before interest,…

MSCI, the global index aggregator, is gearing up for a rebalance of its indices on May 15, with India poised to witness the addition of more than 10 stocks. This move is anticipated to bring in around $2 billion in passive Foreign Institutional Investor (FII) inflows by May 31, according to projections by Nuvama Alternative and Quantitative Research. As of May 13, 2024, India’s weight in the MSCI Emerging Market Index has surged to approximately 18 percent, a significant increase from around 8 percent in early 2020. Nuvama remains optimistic about India’s ascent within the EM landscape, stating, “We maintain…

Varun Beverages experienced a notable surge of over 5 percent in its share price during morning trading on the BSE on Tuesday, May 14, propelled by the company’s impressive performance in the March quarter. Opening at ₹1498.15 compared to the previous close of ₹1477.80, the share price soared by 5.5 percent to reach ₹1558.45. In its exchange filing on Monday, May 13, Varun Beverages reported a 25 percent year-on-year increase in its profit after tax (PAT) for the first quarter of the calendar year, reaching ₹548 crore from ₹438.6 crore in the corresponding quarter last year. This growth was attributed…

In morning trading on Tuesday, Cochin Shipyard witnessed a significant surge in its share price, gaining over 6%. This uptick followed the company’s announcement of securing a substantial order from a European client for the construction of a Hybrid Service Operation Vessel. Developing Story