Author: Legal Parivar

In April, Paytm, a mobile payments firm, saw its market share in the Unified Payments Interface (UPI) ecosystem plummet to a new low of 8.4 percent. Over the past year, Paytm, based in Noida, has witnessed a decline of five percentage points in its market share. As a result, only two players now hold double-digit market share in UPI—PhonePe and Google Pay. PhonePe has experienced an increase in its market share, rising from around 46 percent for most of last year to approximately 48-49 percent amid the Paytm crisis that began in late January this year. In April, PhonePe commanded…

Tata Group-owned Air India Express will provide passengers with the option of a full refund or complimentary rescheduling after the airline was forced to cancel numerous flights due to a reported ‘crew shortage.’ On Wednesday, the airline had to cancel multiple flights as a portion of the crew called in sick in protest against alleged mismanagement following the merger with AIX Connect, formerly AirAsia India. An Air India spokesperson confirmed the situation, stating that a segment of the cabin crew reported sick at short notice from the night of May 7, resulting in delays or cancellations of flight operations. The…

TBO Tek’s IPO subscription will commence on May 8, attracting a subscribe rating from several brokerages due to its capital-efficient business model and sustainable growth prospects. Here are the offer details: The IPO, valued at Rs 1,550.81 crore, consists of a fresh issue of shares worth Rs 400 crore and an offer-for-sale of shares worth Rs 1,150.81 crore. Promoters Gaurav Bhatnagar, Manish Dhingra, and LAP Travel will sell 52.12 lakh equity shares via OFS, while investors TBO Korea and Augusta TBO will offload 72.96 lakh shares. The price band for the issue, open until May 10, is set at Rs…

REC and PFC stocks bounced back during mid-day trading on May 6, following reassurances from brokerage firm CLSA that the proposed RBI regulations would have minimal impact on the companies’ financial performance. REC stock initially opened at Rs 530 on the NSE but experienced a downturn, dropping by approximately 10 percent to Rs 502 in early trade. However, it has since recovered and is currently trading at Rs 517.70, around 7 percent lower. Similarly, PFC shares started at Rs 454.85 per share before declining by about 12 percent to Rs 422.55 during early trading hours. The stock has now rebounded…

Birla Corporation witnessed a nearly eight percent surge in its shares on May 6, propelled by a remarkable 128 percent increase in net profit for the quarter ending March 31, 2024. The company reported a consolidated net profit of Rs 193.34 crore in Q4FY24, marking a substantial growth from Rs 84.95 crore recorded in the corresponding quarter of the previous year. Furthermore, the total revenue rose by eight percent to Rs 2,463 crore during the quarter, compared to Rs 2,656 crore in the March quarter of FY23. By 12:55 pm, Birla Corporation shares were trading at Rs 1,594 on the…

Adani Group, led by billionaire Gautam Adani, is reportedly seeking a $600 million offshore loan to refinance existing debt, as per sources familiar with the matter. The loan is anticipated to be raised by Dhamra LNG Terminal Pvt., a subsidiary of Adani Total Pvt., with the debt’s duration potentially ranging from three to five years. Pricing is expected to be tied to the Secured Overnight Financing Rate. Discussions regarding the proposed transaction involve lenders such as Credit Agricole, DBS Bank Ltd., BNP Paribas, Mitsubishi UFJ Financial Group Inc., and Mizuho Bank Ltd. Adani aims to finalize the borrowing within the…

A court in Hyderabad rejected the bail pleas of BRS leader K Kavitha on Monday in relation to corruption and money laundering cases investigated by the CBI and ED concerning the alleged excise policy scam. Special Judge Kaveri Baweja, presiding over CBI and ED cases, dismissed the applications, stating that it wasn’t appropriate to grant bail at this stage. Kavitha remains in judicial custody in both cases pursued by the ED and the CBI. The ED had apprehended Kavitha (46) from her residence in Banjara Hills, Hyderabad, on March 15, following which she was placed under judicial custody. Subsequently, the…

Ahead of the Lok Sabha elections scheduled for Tuesday in Ahmedabad, police confirmed that six schools in the city have received threatening emails regarding potential bomb blasts. Law enforcement, including bomb disposal squads and crime branch teams, are currently conducting inspections at these schools. DCP of the cyber crime branch, Lavina Sinha, informed PTI, “Some schools in Ahmedabad have received emails threatening bomb blasts. So far, six schools have reported receiving such emails to us. This incident appears to be reminiscent of the bomb threats received by schools in Delhi a few days ago.” Sinha added, “Based on our initial…

The Indegene Ltd IPO, which opened for subscription on May 6, saw strong investor interest, with 26 percent of the total issue size subscribed during the early hours of the first day of bidding. Investors bid for 75.34 lakh equity shares against the total issue size of 2.29 crore shares, according to stock exchange data. Non-institutional investors led the bidding, purchasing 44 percent of the reserved portion, while retail investors bought 32 percent of the portion allocated to them. The employee portion saw a subscription of 43 percent. However, qualified institutional buyers (QIBs) were yet to subscribe to the issue.…

Deepak Nitrite’s shares saw a significant surge, rising nearly 7 percent to reach a record high of Rs 2,619.80 on the NSE following a double upgrade by Morgan Stanley, elevating the stock from “underweight” to “overweight.” The international brokerage also revised the target price for the specialty chemicals stock to Rs 2,985, indicating a potential upside of 22 percent from the previous closing price. Morgan Stanley attributed the increase in the target price to a higher valuation multiple for the base business and an increased medium-term capital expenditure. According to analysts, Deepak Nitrite’s substantial new investment cycle, exceeding $1 billion,…