Author: Legal Parivar

Canara Bank announced its quarterly results for March 2024, revealing a notable surge in profit. According to the regulatory filing, the bank’s profit increased by 18 percent to ₹3,757 crore, compared to ₹3,174 crore in the corresponding quarter of the previous year. Additionally, the board of the public sector lender proposed a dividend of ₹16.10 per equity share, equivalent to 161 percent of the face value of ₹10 each, for the fiscal year 2023-24. However, this recommendation is subject to approval at the upcoming Annual General Meeting.

Sterlite Technologies Limited (STL) disclosed a consolidated loss of Rs 82 crore for the fourth quarter ending March 31, 2024, attributing it to a downturn in the optical networking business. This marked a stark contrast to the profit of Rs 63 crore recorded in the same period last year. During the quarter, the company’s consolidated revenue from operations witnessed a significant decline of about 39 percent, amounting to Rs 1,140 crore compared to Rs 1,872 crore in the corresponding quarter of March 2023. Ankit Agarwal, Managing Director of STL, commented, “FY24 had its challenges, but we were resilient in actioning…

Shares of Pidilite Industries witnessed a sharp decline of over 5 percent on May 8, marking the largest intraday fall in four months. This significant drop followed the release of the company’s quarterly results for the period ending March 2024, which were perceived as mixed by the market. Although Pidilite Industries reported a 19.3 percent year-on-year increase in consolidated net profit to Rs 364 crore, and a 7.9 percent growth in revenue to Rs 2,902 crore, these figures fell short of street estimates. Foreign brokerages such as Citi and Macquarie maintained their pessimistic views on Pidilite post-Q4 results. Citi, which…

The initial public offering (IPO) of Indegene continued to attract robust investor interest as it headed into the final day of bidding on May 8. The issue garnered subscriptions of 9.42 times, with investors bidding for 27.19 crore equity shares against the 2.88 crore shares on offer. Indegene specializes in providing digital services for the life sciences industry, assisting in various aspects such as drug development, clinical trials, regulatory submissions, pharmacovigilance, complaints management, and sales/marketing support. High net worth individuals led the subscriptions, oversubscribing their reserved portion by 25.68 times, followed by qualified institutional buyers (QIBs) who subscribed 5.69 times…

Indraprastha Gas Limited (IGL) witnessed a 7% surge in its stock price during intra-day trading on Wednesday, defying market downtrends, fueled by robust financial performance for the March quarter (Q4FY24). The company reported a 9% increase in its consolidated net profit to ₹433.79 crore compared to ₹397.51 crore in the same period last year. However, its revenue from operations for the quarter declined by 2% to ₹3,964.42 crore from ₹4,056.44 crore in the corresponding period. IGL’s stock climbed as high as 7% to reach ₹468.20 during the trading session. It has shown a 24.5% increase from its 52-week low of…

Slone Infosystems IPO Allotment Date Today: Investors eagerly await the finalization of Slone Infosystems IPO share allotment today, Wednesday, May 8. Applicants can check their Slone Infosystems IPO allotment status on the registrar’s portal, managed by Kfin Technologies Ltd. The IPO subscription period for Slone Infosystems ran from Friday, May 3, to Tuesday, May 7, with the subscription status reaching an impressive 667.81 times on the closing day, as per data from chittorgarh.com. Investors can ascertain their share allocation and quantity through the basis of allocation. For those not allotted shares, the refund process will commence on Thursday, May 9.…

IRDAI has levied a penalty of Rs 1 crore on Go Digit General Insurance, slated for an IPO, for failing to disclose a change in the conversion ratio of compulsorily convertible preference shares (CCPS) issued to Fairfax-owned FAL Corporation by its parent company. The regulator’s order, dated May 2, 2024, highlighted that the company issued 78,00,000 CCPS instead of the agreed upon 63,00,000, altering the conversion ratio from “1 CCPS for 2.324 equity shares” to “2.324 CCPS for 1 equity share”. Although Go Digit amended the JV agreement and disclosed the change in its Draft Red Herring Prospectus (DRHP), it…

Amkay Products made a remarkable debut on the BSE on Wednesday, May 8, with its shares opening at a premium of 90 per cent at ₹104.50 compared to the issue price of ₹55 per share. Shortly after, the stock surged to a high of ₹109.72. By around 10:45 am, Amkay Products shares were trading at ₹109.72 each, marking a nearly 100 per cent increase from its issue price. Meanwhile, the Sensex was down 0.53 per cent at 73,126 during the same period. The Amkay Products IPO witnessed robust demand across categories, resulting in an overwhelming response. Overall, the IPO was…

On Tuesday, a Reddit user alleged that they were suspended from Tata Consultancy Services (TCS), India’s largest IT services company, after reporting a security incident. Despite the company’s policy stating that “no action can be taken against whistleblowers,” the user claimed to have received a suspension notice. According to the post on a social media platform, the user reported a security incident at TCS where their manager allegedly mandated employees to use personal laptops and share login credentials. Expressing frustration, the user sought advice on how to proceed, noting the unhelpful response from HR and managers due to strained relations.…

Today, May 8, marks the announcement of fourth-quarter financial Q4 results for at least 30 companies, including Larsen & Toubro, Tata Power Company, Canara Bank, TVS Motor Company, and Hero Motocorp, among others. This release is part of the ongoing Q4 earnings season for the fiscal year 2024, with over 260 companies slated to declare their results this week. These earnings reports will provide insights into various industries, offering valuable information on recent trends, revenue growth, and future outlooks. From prominent tech firms to well-established consumer brands, these announcements will paint a picture of the broader economic landscape. One of…