Author: Legal Parivar

Eicher Motors witnessed a 3 percent decline in its share price to Rs 4,528 during morning trading on May 13, following concerns raised by several brokerages regarding the company’s bleak prospects after its fiscal fourth-quarter financial results. The Royal Enfield maker reported an 18.2 percent increase in net profit to Rs 1,070 crore, driven by an increase in sales volumes, higher average selling price (ASP), new launches, and benign commodity costs. The Eicher stock price has rallied over 21 percent in the last three months. Morgan Stanley remains underweight, despite raising the target to Rs 3,533 per share. It said…

At 10:16 am, Piramal Pharma shares were trading at Rs 160.70 on the NSE, reaching a one-year peak of Rs 166.70 on May 13. Trading volume surged as two crore shares exchanged hands, well above the one-month daily average of 61 lakh shares. The company’s net profit for the January-March quarter more than doubled to Rs 132 crore from Rs 50 crore a year ago, with a one-time exceptional item of Rs 31 crore included. Excluding this, net profit doubled annually. Revenue from operations rose by 18% to Rs 2,552 crore, driven by strong growth in its Contract Development &…

A recent report by the Center for World University Rankings (CWUR) on May 13 highlighted a concerning trend of Indian universities facing challenges amidst intensified global competition from well-funded institutions. While Indian universities have shown an increase in research output, this hasn’t translated into comparable success in higher education. The report noted that out of the 64 Indian universities and institutes that made it to the 2024 edition of the Global 2000 list, many experienced mixed results, with 33 institutions falling down in rankings while 32 moved up. Leading the pack among Indian institutions, the Indian Institute of Management (IIM)…

Tata Motors’ robust performance in Q4 FY24, with its net profit more than tripling year-on-year, received a mixed reception from investors. Despite the impressive growth, the stock fell nearly 6 percent at the opening on May 13, trading at Rs 985. The company reported a remarkable 222 percent year-on-year growth in its consolidated net profit, reaching Rs 17,407 crore. This surge was attributed to improved operating leverage, favorable commodity prices, and strong volume growth across various segments. Additionally, its revenue from operations increased by 13 percent to Rs 1.2 lakh crore. Several brokerages issued varying calls on the stock: Despite…

Indegene Limited started its journey on the market with a solid debut on May 13, opening at Rs 655, marking a 45 percent premium over its issue price of Rs 452. However, these initial gains fell short of grey market predictions, where shares were trading at a 68 percent premium. The grey market, an unofficial trading platform, allows shares to be traded well before the subscription offer opens and continues until the listing day. During the three-day subscription period, the Rs 1,841.76-crore public offer garnered strong interest, with a subscription rate of 69.91 times. Investors snapped up 201.81 crore equity…

Zomato is poised to unveil robust earnings growth in the fourth quarter of FY24, primarily driven by its healthy food delivery and hyperpure business segments. The company’s Q4 results are slated to be disclosed later today. Analysts anticipate a 6% sequential increase in consolidated revenue for the quarter ended March 2024, reaching ₹3,486.8 crore, compared to ₹3,288 crore in the preceding quarter. Moreover, Zomato’s Q4 revenue is expected to surge by nearly 70% from ₹2,056 crore in the corresponding period last year. Profitability is also projected to see significant improvement, with net profit likely to rise by 58% to ₹218…

Today, on Monday, May 13, the allocation status of the Aadhar Housing Finance IPO will be determined, and investors can check their status on the registrar’s portal, Kfin Technologies Ltd. The subscription for the housing finance company’s IPO, which opened on Wednesday, May 8, and closed on Friday, May 10, saw strong demand from both retail and non-institutional investors (NIIs), with a subscription status of 25.49 times by the end of the third day. Investors can verify their allotment status to ascertain whether and to what extent they have been allocated shares. Those who were not allotted shares will have…

Today, on Monday, May 13, the allotment status of the TBO Tek IPO will be determined, with investors able to check their allotment status on the registrar’s portal, Kfin Technologies Ltd. The IPO subscription, which opened on Wednesday, May 8, and closed on Friday, May 10, witnessed significant oversubscription, with retail investors subscribing 25.74 times and non-institutional investors (NIIs) subscribing 50.60 times. The overall subscription status reached 86.70 times by the end of the third day. Investors who receive shares will find them credited to their demat accounts, while those who do not will begin the refund process starting Tuesday,…

HUDCO’s shares are drawing attention on May 13 following the signing of a Memorandum of Understanding (MoU) with the Surat Integrated Transportation Development Corporation Ltd (SITCO). This collaboration aims to develop the Surat Multi-Modal Transportation Hub (MMTH) on land provided by the railway ministry and the Gujarat government. Executed on May 9 by Sanjay Kulshrestha, CMD of HUDCO, and Manoj Garg, MD at SITCO, in the presence of officials from HUDCO, SITCO, and Rail Land Development Authority (RLDA), the MoU paves the way for consultancy, capacity building, and technical assistance from HUDCO. SITCO, a joint venture organization of the Ministry…

Trouble brews for big tech as workers in an Apple store in Maryland vote to strike, while Microsoft grapples with a hefty fine over patent violations in voice-recognition technology. Meanwhile, Chinese electric vehicle prices are expected to soar, and healthcare giants Pfizer and AstraZeneca double down on investments in France. Tax Hike on Chinese EVs The USA is poised to significantly raise tariffs on Chinese electric vehicles imported into the country, nearly quadrupling them from around 25 percent to over 100 percent. President Biden’s concerns over national security threats posed by Chinese EVs, given their potential to transmit sensitive data…