Author: Legal Parivar

SEBI has extended the ban on Farm Tech Silo LLP, also known as Growpital, and its associated entities and directors from participating in the securities markets until the completion of an ongoing investigation into allegations of unauthorized fund collection through investment schemes, PTI reported on April 28. A significant update to the previous restrictions, SEBI has lifted the freeze on the bank accounts of Growpital directors Rituraj Sharma, Gayatri Rinwa, and Krishna Sharma. This decision was announced by Amarjeet Singh, a full-time member of SEBI, on Friday, April 26. Singh, in the latest order issued on April 26, stated, “I,…

Gold prices witnessed a slight increase on Monday, with the cost of 24-carat gold rising to Rs. 7,411.4 per gram, up by Rs. 145.0. Similarly, the cost of 22-carat gold increased to Rs. 6,788.8 per gram, up by Rs. 132.0. Over the past week, there has been a 0.88% change in the price of 24-carat gold, while over the last month, the change has been -7.71%. On the other hand, the cost of silver decreased to Rs. 83,900.0 per kilogram, down by Rs. 600.0 per kilogram. In Delhi, today’s gold rate stands at Rs. 74,114.0/10 grams, whereas yesterday it was…

SBI Cards and Payment Services saw a decline of over 3 percent in its shares as brokerages expressed caution following the company’s Q4 results, which exhibited a mixed performance. Despite lower operating expenses contributing to strong earnings, margins and asset quality remained under pressure. As of April 29, SBI Card shares were trading at Rs 738 in early morning trade, marking a decrease of more than 3.5 percent since the beginning of January this year. HSBC downgraded the rating on SBI Card stock to ‘Reduce’ and reduced the target price to Rs 650 per share, citing concerns regarding net interest…

Glenmark Pharmaceuticals witnessed a marginal gain in early trade on April 29 following the announcement of receiving final approval from the US FDA for acetaminophen and ibuprofen tablets. As of 9:57 am, Glenmark Pharma’s stock was quoting at Rs 1,084.30, up by Rs 4.25 or 0.39 percent, on the BSE. The company stated in a release, “The company has received the final approval by the United States Food & Drug Administration (USFDA) for acetaminophen and ibuprofen tablets, 250 mg/125 mg (OTC), determined by the FDA to be bioequivalent to advil dual action with acetaminophen tablets, 250 mg/125 mg (OTC), of…

The Ministry of Railways is reportedly considering offering an additional 200 Gati Shakti Cargo Terminals (GCTs) to corporate entities and freight operators for their rail-based supply chains, encouraged by the positive response received. According to reports from Business Standard, establishing these 200 terminals may necessitate private investment ranging from Rs 12,000 to Rs 14,000 crore. However, Legal Parivar has not independently verified this information. In the Union Budget for 2022-23, Finance Minister Nirmala Sitharaman had announced the plan to set up 100 GCTs within three years. An official quoted by Business Standard stated, “The response to these first 100 GCTs…

BSE Ltd (Bombay Stock Exchange) witnessed a significant decline of over 17% in its share price during morning trades on Monday, marking its largest single-day drop since its listing. This downturn is linked to BSE’s requirement to pay a higher regulatory fee to SEBI (Securities and Exchange Board of India) for derivatives, calculated based on the notional turnover rather than premiums. BSE is required to complete the task within a month, covering past periods, along with applicable interest of 15% per annum on the unpaid amount. As of 09:58 am, BSE shares were trading at Rs 2,682.70 on the NSE.…

IREDA, the Indian Renewable Energy Development Agency, witnessed a remarkable surge of over 10% in its share price during Monday’s session following the announcement of being granted ‘Navratna status’ by the Department of Public Enterprises, a recognition for public sector undertakings. The stock opened at ₹186.20 on the BSE, touching an intraday high of ₹191.50 and a low of ₹182.05. Analysts view the ‘Navratna’ status as a significant milestone for IREDA, enabling the government-owned entity to expedite its goals and initiatives without the need for frequent government clearances, especially for various joint ventures both domestically and internationally. This development is…

Ircon International saw a 3.5 percent surge in its share price during the opening trade on April 29 following an announcement that its joint venture (JV) had secured a significant order worth Rs 1,198.09 crore from the East Coast Railway. As of 9:33 am, Ircon International’s stock was trading at Rs 259.50, up by Rs 8.70 or 3.47 percent, on the BSE. The company, in collaboration with Dineshchandra R Agrawal Infracon Pvt Ltd (DRA) under the Ircon-DRA JV, clinched a letter of award for the construction of the Kottavalasa-Koraput Doubling Project. This project spans from Shivalingapuram Station to Borraguhalu Station…

Indegene, a company backed by private equity firms Carlyle and Nadathur Fareast, has announced the price band for its initial public offering (IPO) scheduled to open on May 6. The price range is set at Rs 430-452 per share for a total IPO size of Rs 1,842 crore. The IPO comprises a fresh issue to raise Rs 760 crore, while existing shareholders will offer shares worth approximately Rs 1,081.75 crore. The selling shareholders include Manish Gupta, Dr. Rajesh Bhaskaran Nair, Anita Nair, Vida Trustees (Trustee of Fig Tree Trust), and entities like BPC Genesis Fund I SPV, BPC Genesis Fund…

Q4 Earnings Update: Axis Bank, AU Small Finance Bank, Hindustan Unilever (HUL), LTIMindtree, 5Paisa Capital, Chennai Petroleum Corporation, Dalmia Bharat, DCB Bank, Dhampur Bio Organics, Equitas Small Finance Bank, Indian Hotels, Lodha, and Maharashtra Scooters are among the 23 companies set to announce their Q4 results today. Additionally, Anant Raj, Agro Tech Foods, PNGS Gargi Fashion Jewellery, Harshdeep Hortico, MAS Financial Services, Nippon Life India Asset Management, Oracle Financial Services Software, Supreme Petrochem, and Syngene International are scheduled to release their Q4FY24 earnings. Investors will closely watch these companies’ performances and react to their Q4 results accordingly.