Author: Legal Parivar

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

In early trading on Tuesday, Zomato’s share price witnessed a 6% decline following the company’s announcement of its Q4 results. Zomato shares fell by as much as 5.98% to ₹182.10 each on the BSE. Zomato reported a consolidated net profit of ₹175 crore in the fourth quarter of FY24, marking a significant improvement compared to the ₹188 crore loss incurred in the same period last year. The net profit grew by 27% from ₹138 crore posted in the previous quarter ending in December. Revenue from operations in Q4FY24 surged by 73% to ₹3,562 crore from ₹2,056 crore year-on-year (YoY). The…

Air India’s Chief Executive Officer and Managing Director, Campbell Wilson, announced plans to begin integrating around 7,000 Vistara employees into Air India in the coming months, aiming to complete the merger by the end of the year. This signifies an expedited process of merging the two full-service carriers under the Tata group. Vinod Kannan, CEO of Vistara, had previously indicated an operational merger with Air India by mid-2025, but the recent developments suggest a faster timeline. At a town hall meeting attended by employees from both airlines, Wilson and Kannan revealed that 120 pilots have already transitioned between the two…