Author: Legal Parivar

The death toll from the hoarding collapse incident in Mumbai’s Ghatkopar area has climbed to 14, with 74 individuals sustaining injuries, according to civic officials on Tuesday morning. The collapse occurred when a 100-foot-tall illegal billboard toppled over at a petrol pump in Ghatkopar amidst dust storms and unseasonal rains that battered Mumbai on Monday. Brihanmumbai Municipal Corporation (BMC) officials have reported ongoing search and rescue efforts at the Chheda Nagar-based petrol pump on Tuesday morning. Among the injured, 31 individuals have been discharged from Rajawadi Hospital, as confirmed by a BMC official. The search and rescue operation continues, with…

“Paytm, the troubled mobile payments company, has been experiencing a gradual decline in both value and volume market share within India’s digital bill payment landscape, as indicated by data from the Bharat Bill Payment System (BBPS) website. BBPS serves as a centralized platform connecting utility companies or billers with banks and customer payment apps, handling over 80 percent of all online bill payments in the country. In March 2024, Paytm’s market share in bill payments dropped to 10 percent by volume compared to its 13 percent share in January. Similarly, its share in terms of the value of bills paid…

Piramal Enterprises, Balrampur Chini Mills, Canara Bank, Steel Authority of India (SAIL), Vodafone Idea, GMR Airports Infrastructure, Punjab National Bank (PNB), Hindustan Copper, and Zee Entertainment Enterprises have been placed on the National Stock Exchange’s futures and options (F&O) ban list on May 14, as they have exceeded 95 percent of the market-wide position limit (MWPL). This ban is lifted only if the open interest falls below 80 percent. On the technical side, Piramal Enterprises has decreased by 1.21 percent over the last month and is trading below its 20, 50, and 200 Daily Moving Averages (DMA). Balrampur Chini Mills…

Shares of ABB India surged over 7 percent to reach a new high of Rs 7,791.50 on the National Stock Exchange (NSE) on May 13, driven by the company’s impressive March quarter earnings that exceeded market expectations. The company’s net profit saw a remarkable 82 percent year-on-year increase to Rs 467 crore, attributed to higher revenue. Analysts maintained a positive outlook on the stock, citing factors such as the company’s robust performance and significant rise in total income, which increased by 29 percent year-on-year to Rs 3,080 crore. Nomura highlighted ABB India’s EBITDA margin of 18.3 percent in the March…

Neuland Laboratories witnessed a more than 13 percent decline in its share price during intra-day trading on Monday following the pharma company’s fiscal fourth-quarter results (Q4FY24) falling short of market expectations. In Q4FY24, the company’s net profit dropped by 20 percent year-on-year (YoY) to ₹67.6 crore, compared to ₹84.5 crore in the corresponding quarter of the previous year. Additionally, its total income also saw a decline of 6 percent YoY to ₹390.4 crore, down from ₹415 crore in the same quarter last year. The stock experienced a significant downturn, plummeting by as much as 13.5 percent to reach a day’s…

Bomb threats via email targeted at least four schools in Jaipur, the capital of Rajasthan, on Monday, according to police sources. The threats were delivered via email, and authorities are currently working to trace the sender, stated the police. Following the receipt of the threats, students and staff members were evacuated from the affected schools. Police teams, including bomb squads and dog squads, have been deployed to the schools as a precautionary measure. Jaipur Police Commissioner Biju George Joseph confirmed the incident, stating, “Four to five schools have received bomb threats. Police personnel have been dispatched to the schools.”

Eicher Motors witnessed a 3 percent decline in its share price to Rs 4,528 during morning trading on May 13, following concerns raised by several brokerages regarding the company’s bleak prospects after its fiscal fourth-quarter financial results. The Royal Enfield maker reported an 18.2 percent increase in net profit to Rs 1,070 crore, driven by an increase in sales volumes, higher average selling price (ASP), new launches, and benign commodity costs. The Eicher stock price has rallied over 21 percent in the last three months. Morgan Stanley remains underweight, despite raising the target to Rs 3,533 per share. It said…

At 10:16 am, Piramal Pharma shares were trading at Rs 160.70 on the NSE, reaching a one-year peak of Rs 166.70 on May 13. Trading volume surged as two crore shares exchanged hands, well above the one-month daily average of 61 lakh shares. The company’s net profit for the January-March quarter more than doubled to Rs 132 crore from Rs 50 crore a year ago, with a one-time exceptional item of Rs 31 crore included. Excluding this, net profit doubled annually. Revenue from operations rose by 18% to Rs 2,552 crore, driven by strong growth in its Contract Development &…

A recent report by the Center for World University Rankings (CWUR) on May 13 highlighted a concerning trend of Indian universities facing challenges amidst intensified global competition from well-funded institutions. While Indian universities have shown an increase in research output, this hasn’t translated into comparable success in higher education. The report noted that out of the 64 Indian universities and institutes that made it to the 2024 edition of the Global 2000 list, many experienced mixed results, with 33 institutions falling down in rankings while 32 moved up. Leading the pack among Indian institutions, the Indian Institute of Management (IIM)…

Tata Motors’ robust performance in Q4 FY24, with its net profit more than tripling year-on-year, received a mixed reception from investors. Despite the impressive growth, the stock fell nearly 6 percent at the opening on May 13, trading at Rs 985. The company reported a remarkable 222 percent year-on-year growth in its consolidated net profit, reaching Rs 17,407 crore. This surge was attributed to improved operating leverage, favorable commodity prices, and strong volume growth across various segments. Additionally, its revenue from operations increased by 13 percent to Rs 1.2 lakh crore. Several brokerages issued varying calls on the stock: Despite…