Author: Legal Parivar

Electronic Arts announced on Wednesday that it will downsize its workforce by 5% as part of a restructuring initiative aimed at cutting costs, which also involves reducing its real estate footprint. This decision comes as the video game industry faces challenges in achieving growth amidst high interest rates. The company, known for popular gaming titles like “Star Wars Jedi: Survivor,” anticipates incurring charges ranging from $125 million to $165 million related to this restructuring. Similar moves have been made by other major players in the industry, including Sony, Microsoft, and Tencent-owned Riot Games, all of whom have laid off thousands…

Luxury hotel chain Juniper Hotels Ltd witnessed a rise in its stock price during morning trading on February 29 following news that Norges Bank, representing the Government Pension Fund Global, acquired 21.7 lakh equity shares, equivalent to a 0.98 percent stake in the company. The bulk deal was executed at an average price of Rs 398.15 per share. During the trading session, a total of 50 lakh shares of Juniper Hotels changed hands on both the BSE and NSE. By 11:55 am, Juniper Hotels shares were trading 9 percent higher at Rs 437.95 on the NSE, pushing the company’s market…

According to Reuters, Japanese investment behemoth SoftBank has reduced its stake in the troubled Indian fintech unicorn, Paytm. SoftBank has divested more than 13.7 million shares, approximately 2.17 percent of its holdings in Paytm, through open market transactions over the last month amidst a regulatory turmoil affecting the fintech giant’s stock price. Following this recent sale, the Japanese conglomerate’s ownership in Paytm’s parent company, One97 Communications, has dwindled to 2.83 percent. “SVF India Holdings (Cayman) Limited has liquidated a total of 13,784,787 shares of One97 Communication Limited in a series of transactions executed between January 23, 2024, and February 26,…

During the quarter ended December 2023, fast-moving consumer goods (FMCG) companies experienced a notable slowdown in revenue growth to just 2.1%, a sharp decline from approximately 6% in the first half of the year and around 13% in the previous fiscal year (FY23). Despite this, management commentaries from most FMCG companies expressed optimism about an anticipated improvement in revenue trajectory, primarily driven by the recovery in rural demand. Anand Rathi, a brokerage firm, projects a 13% earnings Compound Annual Growth Rate (CAGR) over FY24-26 for its FMCG coverage universe. This growth is expected to be supported by gains in gross…

NBCC witnessed an intraday surge in its stock on February 29 after successfully conducting an e-auction for approximately 61,000 sqft of commercial built-up area in Ayurvigyan Nagar, New Delhi. The basic sale price for the project stands at Rs 36,000 per sqft, with the total deal valued at Rs 272.68 crore. The Grid Controller of India Ltd, a PSU under the Ministry of Power, participated in the e-auction and secured the deal. The commercial space sold through this e-auction is part of a redevelopment project undertaken by NBCC for AIIMS Delhi. The proceeds generated from the sale will be utilized…

Bharat Highways Infrastructure Investment Trust’s (InvIT) IPO has garnered Rs 825.97 crore from various anchor investors on February 27. On the second day of bidding, February 29, the IPO has been subscribed 37%. With a size of Rs 2,500 crore, it stands as the largest IPO in 2024 so far, receiving a ‘Subscribe’ rating from several brokerages due to its reasonable valuation. Offer Details The IPO, which commenced on February 28 and is set to close on March 1, 2024, has a price band of Rs 98-100 per share. It comprises a fresh issue of 25 crore shares. The net…

Foreign direct investment (FDI) inflows into India witnessed a 13 percent decline to USD 32.03 billion in the April-December 2023 period, primarily due to reduced investments in sectors such as computer hardware and software, telecom, auto, and pharma, according to the latest government data. Comparatively, FDI inflows stood at USD 36.74 billion during the corresponding nine months of the previous fiscal year. However, inflows during the October-December quarter of the current fiscal year saw an 18 percent increase to USD 11.6 billion, compared to USD 9.83 billion in the same quarter of 2022-23. The total FDI, encompassing equity inflows, reinvested…

On the opening day of bidding, February 29, Mukka Proteins’ public issue witnessed a subscription of 39%. Retail investors took the lead, subscribing 67%, while high net-worth individuals subscribed to 26% of the allocated quota. The company aims to raise Rs 224 crore through the fresh issue of 8 crore shares. Of this, Rs 120 crore will be allocated to meet working capital requirements, with an additional Rs 10 crore earmarked for the working capital needs of its associate, Ento Proteins. The remaining proceeds will be utilized for general corporate purposes. Ahead of the IPO, the Karnataka-based fish protein products…

Shapoorji Pallonji Real Estate unveiled over 180 luxury residences in Bengaluru on Thursday, presenting a revenue opportunity of approximately Rs 500 crore. In a press release, the company announced the launch of ‘Sequoia’, the final tower within its Parkwest 2.0 project situated in Binnypet, Bengaluru. Parkwest 2.0 boasts a total saleable area exceeding 18.4 lakh square feet. The latest tower will feature more than 180 luxury apartments, covering a saleable area of 4.3 lakh square feet. Venkatesh Gopalakrishna, MD & CEO of Shapoorji Pallonji Real Estate, expressed pride in the meticulous planning and craftsmanship evident in Sequoia, the concluding phase…

In a significant decision, the Supreme Court of India has overturned the 2018 judgment regarding the automatic vacation of stay orders granted by lower courts or high courts after six months in civil and criminal cases. The ruling, delivered by a five-judge Constitution Bench led by Chief Justice D Y Chandrachud on Thursday, emphasizes that timelines for case disposal can only be established in exceptional circumstances. Two separate but concurring judgments were pronounced by the bench. Justice A S Oka, in his judgment, emphasized that constitutional courts should refrain from setting timelines for case disposal, as grassroots issues are best…