Author: Legal Parivar

Indegene Limited started its journey on the market with a solid debut on May 13, opening at Rs 655, marking a 45 percent premium over its issue price of Rs 452. However, these initial gains fell short of grey market predictions, where shares were trading at a 68 percent premium. The grey market, an unofficial trading platform, allows shares to be traded well before the subscription offer opens and continues until the listing day. During the three-day subscription period, the Rs 1,841.76-crore public offer garnered strong interest, with a subscription rate of 69.91 times. Investors snapped up 201.81 crore equity…

Zomato is poised to unveil robust earnings growth in the fourth quarter of FY24, primarily driven by its healthy food delivery and hyperpure business segments. The company’s Q4 results are slated to be disclosed later today. Analysts anticipate a 6% sequential increase in consolidated revenue for the quarter ended March 2024, reaching ₹3,486.8 crore, compared to ₹3,288 crore in the preceding quarter. Moreover, Zomato’s Q4 revenue is expected to surge by nearly 70% from ₹2,056 crore in the corresponding period last year. Profitability is also projected to see significant improvement, with net profit likely to rise by 58% to ₹218…

Today, on Monday, May 13, the allocation status of the Aadhar Housing Finance IPO will be determined, and investors can check their status on the registrar’s portal, Kfin Technologies Ltd. The subscription for the housing finance company’s IPO, which opened on Wednesday, May 8, and closed on Friday, May 10, saw strong demand from both retail and non-institutional investors (NIIs), with a subscription status of 25.49 times by the end of the third day. Investors can verify their allotment status to ascertain whether and to what extent they have been allocated shares. Those who were not allotted shares will have…

Today, on Monday, May 13, the allotment status of the TBO Tek IPO will be determined, with investors able to check their allotment status on the registrar’s portal, Kfin Technologies Ltd. The IPO subscription, which opened on Wednesday, May 8, and closed on Friday, May 10, witnessed significant oversubscription, with retail investors subscribing 25.74 times and non-institutional investors (NIIs) subscribing 50.60 times. The overall subscription status reached 86.70 times by the end of the third day. Investors who receive shares will find them credited to their demat accounts, while those who do not will begin the refund process starting Tuesday,…

HUDCO’s shares are drawing attention on May 13 following the signing of a Memorandum of Understanding (MoU) with the Surat Integrated Transportation Development Corporation Ltd (SITCO). This collaboration aims to develop the Surat Multi-Modal Transportation Hub (MMTH) on land provided by the railway ministry and the Gujarat government. Executed on May 9 by Sanjay Kulshrestha, CMD of HUDCO, and Manoj Garg, MD at SITCO, in the presence of officials from HUDCO, SITCO, and Rail Land Development Authority (RLDA), the MoU paves the way for consultancy, capacity building, and technical assistance from HUDCO. SITCO, a joint venture organization of the Ministry…

Trouble brews for big tech as workers in an Apple store in Maryland vote to strike, while Microsoft grapples with a hefty fine over patent violations in voice-recognition technology. Meanwhile, Chinese electric vehicle prices are expected to soar, and healthcare giants Pfizer and AstraZeneca double down on investments in France. Tax Hike on Chinese EVs The USA is poised to significantly raise tariffs on Chinese electric vehicles imported into the country, nearly quadrupling them from around 25 percent to over 100 percent. President Biden’s concerns over national security threats posed by Chinese EVs, given their potential to transmit sensitive data…

The US National Weather Service has announced that a powerful geomagnetic storm hitting Earth is anticipated to intensify, offering another chance to witness dazzling auroras on Sunday. Multiple intense Coronal Mass Ejections (CMEs) are predicted to reach the Earth’s outer atmosphere by later today, as stated by the US National Weather Service. These ejections have already produced spectacular celestial displays across various parts of the Earth since Friday, extending beyond the usual extreme latitudes where auroras are commonly observed. Keith Ryden, head of the Surrey Space Centre in England, mentioned to AFP news agency that the plasma and magnetic fields…

Today, on Thursday, May 13, at least 51 companies are slated to unveil their fourth-quarter (Q4) financial results for the fiscal year 2024. This marks a continuation of the ongoing Q4 earnings season, which commenced in the second week of April and is still underway. Over 500 companies are expected to announce their Q4 results throughout this week. These earnings reports hold significant importance in the domestic market, as they are poised to influence stock movements. Notable entities such as DLF, Zomato, Apollo Tyres, Bharti Airtel, Dixon Technologies, India Energy Exchange (IEX), Shree Cements, GAIL, JSW Steel, and RVNL are…

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Wipro is reportedly finalizing a settlement agreement with its former CFO Jatin Dalal and former healthcare head Mohd Haque, with the pact expected to be formalized within the week, as per a report by the Times of India. LegalParivar has not independently verified this information. According to the report, Wipro is seeking Rs 25 crore from Dalal in a lawsuit filed in a Bengaluru civil court for breach of contract, as he joined Cognizant as CFO immediately after leaving Wipro on November 30. In November, Wipro filed a lawsuit against Dalal, accusing him of violating the non-compete clause in his…