Author: Legal Parivar

On February 27, a block deal involving 4.2 crore shares of CMS Info Systems, representing a 27.1 percent stake, transacted, valued at Rs 1,594 crore. The buyer and seller identities remain undisclosed, as the deal occurred at a floor price of Rs 375.30 per share, slightly lower than the previous session’s closing price of Rs 397.35. While the parties involved couldn’t be confirmed, CNBC Awaaz hinted on February 26 that promoter Sion Investment might divest its entire 26.7 percent stake in block deals. Reportedly, the shares were expected to be sold at Rs 360 each, indicating a 9 percent discount…

JSW Energy Limited shares saw a 2 percent uptick in morning trading on February 27 following the announcement that its wholly owned subsidiary, JSW Neo Energy Limited, secured an order for 700 MW of ISTS-connected solar capacity from SJVN. According to a regulatory filing, the project is mandated to deliver power at full contracted capacity within 24 months. With the addition of this 700 MW capacity from SJVN Ltd, JSW Energy’s total locked-in capacity rises to 11 GW, including 1.4 GW of solar capacity. JSW Energy currently holds a total locked-in generation capacity of 11.0 GW, comprising 7.2 GW operational…

Deem Roll Tech celebrated a remarkable market entry, debuting at a 55 percent premium to its IPO price on February 27. The stock commenced trading at Rs 200 on the NSE SME platform, surpassing the issue price of Rs 129 per share. Anticipating the listing, the stock commanded a 63 percent premium in the grey market, an unofficial platform where shares trade before IPO allotment and until the listing day. Investors often monitor the grey market premium for insights into the listing price. The strong market debut was fueled by robust subscription rates. The IPO, open for subscription from February…

Bengaluru is poised for a significant surge in property taxes following the proposal by the local municipal corporation Bruhat Bengaluru Mahanagara Palike (BBMP) to adopt guidance value-based tax collection. This move is anticipated to further drive up already soaring apartment rentals, as noted by experts. Guidance value, set by the government, represents the minimum price of a property. Under the new draft notification, property tax collection will transition to being based on the guidance value or circle rates in respective areas, replacing the previous zonal classification (A-E) for tax assessment. Key changes proposed in the draft include doubling the tax…

In early trading on February 27, HFCL witnessed a gain of over one percent, reaching a 52-week high, subsequent to the company securing purchase orders totaling Rs 40.36 crore for the supply of optical fibre cables to a prominent private telecom operator in the country. At 9:36 am, the share price soared to a 52-week high of Rs 117.70 before settling at Rs 116.30, up by Rs 1.50 or 1.31 percent on the BSE. The company is set to fulfill the order by supplying various types of optical fibre cables tailored to customer specifications, with the deadline for execution scheduled…

In early trading on February 27, Lemon Tree Hotels witnessed a rise in its share price following the company’s announcement of signing an agreement for two new properties in Rajasthan and Andhra Pradesh. As of 9:32 am, Lemon Tree Hotels was trading at Rs 142.95, marking an increase of Rs 1.90 or 1.35 percent on the BSE. According to an exchange filing by the company, it has entered into a license agreement for Lemon Tree Resort in Sankhwas Garh, Rajasthan, and Keys Lite by Lemon Tree Hotels in Vijayawada, Andhra Pradesh. Both properties are slated to open in the financial…

During early trade on February 17, Canara Bank witnessed a gain of nearly 1 percent in its share price. As of 9:37 am, Canara Bank’s shares were trading at Rs 577.30, up by Rs 4.50 or 0.79 percent. The decision to approve the sub-division/split of each equity share from Rs 10 face value to five equity shares of Rs 2 face value each was announced following a board of directors meeting on February 26, 2024. This move, subject to RBI approval, aims to enhance the bank’s share liquidity and accessibility for retail investors, while expanding its retail investor base. The…

Power Mech Projects saw a surge of over 3 percent in its share price during early trading on February 27, following the announcement of securing a significant order worth Rs 396.25 crore from the South East Central Railway. By 9:40 am, Power Mech Projects was trading at Rs 5,336.70, up by Rs 129.35 or 2.48 percent on the BSE. The newly acquired order pertains to the construction of an electrified 4th Railway BG line spanning between Dadhapara-Belaha-Dagori and Nipania-Bhatapara-Hathbandh stations in Chhattisgarh, under the South East Central Railway, on an Engineering, Procurement, and Construction (EPC) basis. The company disclosed this…

Kotak Mahindra Mutual Fund has joined other asset management companies (AMCs) in restricting or halting lumpsum investments into their smallcap funds, citing concerns over the continued inflow into smallcap stocks. Effective March 4, 2024, Kotak Mahindra Asset Management Company has temporarily limited subscriptions of units, including switch-ins, into its Kotak Small Cap Fund. The move aims to safeguard the interests of existing unitholders amidst a significant surge in smallcaps. Under the new restrictions, lumpsum investments, additional investments, or switch-ins in the scheme are capped at Rs 2 lakh per PAN (Permanent Account Number) per month. However, Systematic Investment Plan (SIP)…

Ahead of the Rajya Sabha elections, eight MLAs from the Samajwadi Party skipped a meeting convened by party chief Akhilesh Yadav. The meeting was intended to brief MLAs about the voting process for the upcoming elections. According to a senior SP leader, who spoke on condition of anonymity, Akhilesh Yadav called the meeting to inform MLAs about the voting procedure for the Rajya Sabha polls. However, the party’s chief whip in the Uttar Pradesh Legislative Assembly, Manoj Pandey, along with seven other MLAs—Mukesh Verma, Maharaji Prajapati, Pooja Pal, Rakesh Pandey, Vinod Chaturvedi, Rakesh Pratap Singh, and Abhay Singh—were absent. Confirming…