Author: Legal Parivar

Owais Metal and Mineral Processing Limited witnessed a remarkable debut on the NSE SME platform today. Opening at ₹250 on NSE SME, the share price surged by 187.36% compared to the issue price of ₹87. The IPO of Owais Metal and Mineral Processing was open for subscription from Monday, February 26, to Wednesday, February 28. The price band for the IPO was set between ₹83 to ₹87 per share, with a lot size of 1,600 shares. Investors had the option to bid for a minimum of 1,600 shares and in multiples thereof. Owais Metal and Mineral Processing Limited is engaged…

Within the first hour of opening on March 4, the initial public offering (IPO) of marketing communications firm RK Swamy witnessed a 16 percent subscription rate. Notably, the retail portion was subscribed 70 percent, while non-institutional investors bid 14 percent of their allotted share quota. The Rs 423 crore IPO comprises a fresh issue of 60.06 lakh shares worth Rs 173 crore and an offer-for-sale of 87 lakh shares worth Rs 250.56 crore. With a price band of Rs 270-288 per share, the IPO is scheduled to close on March 6. The company’s promoters are Srinivasan K Swamy and Narasimhan…

According to sources familiar with the matter, the National Highways Infra Trust, an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI), aims to raise up to Rs 7,500 crore through a fresh issue of InvIT units. The funds will be utilized to finance the acquisition of new roads from NHAI. InvITs are trusts that manage income-generating infrastructure assets, offering investors regular yield and a liquid method of investment in them. The planned fundraise will facilitate the acquisition of road assets worth Rs 15,600 crore, spread across Assam, Madhya Pradesh, West Bengal, Uttar Pradesh, and Karnataka.…

HG Infra Engineering, specializing in the construction, development, design, and management of various infrastructure projects, saw its shares surge for the fourth consecutive trading session on Monday, rising by 5.4% to reach ₹972.40 apiece. The uptrend today can be attributed to the company’s receipt of a letter of acceptance from South Central Railway on Saturday, valued at ₹447.11 crore. This LoA pertains to the Doubling of Track project, including electrification and signaling work, between Karanjgaon station as part of the Aurangabad Ankai Doubling Project in the Nanded Division of the South-Central Railway. Furthermore, on Friday, HG Infra Engineering was declared…

Mukka Proteins Limited’s initial public offering (IPO) opened for subscription on February 29, 2024, and will close on March 4, 2024, giving primary market investors just one day to apply. The company has already secured ₹67.20 crore from anchor investors, with the aim of raising a total of ₹224 crore through the issuance of fresh shares. The IPO price band has been set at ₹26 to ₹28 per equity share. In the first two days of bidding, the IPO was oversubscribed 6.97 times, reflecting strong interest from investors. The grey market premium for Mukka Proteins IPO currently stands at ₹30,…

Adani Ports achieved a record high share price on Monday following the announcement of a 33% year-on-year increase in cargo volumes for February. The shares of Adani Ports and Special Economic Zone climbed by 1.32% to reach ₹1,356.50 on the BSE. In February, Adani Ports handled a total cargo volume of 35.4 MMT, marking a significant 33% growth compared to the previous year. Notably, Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT, according to a regulatory filing by Adani Ports. For the fiscal year 2023-24 up to February 2024, Adani Ports has already managed to handle 382 MMT…

The allotment process for the Bharat Highways InvIT IPO has commenced today, Monday, March 4, and is underway. Investors who participated in the IPO can verify their allotment status through the registrar’s portal, Kfin Technologies Ltd. The IPO subscription window was open from Wednesday, February 28, to Friday, March 1, and witnessed a subscription status of 8.01 times on the final bidding day. Investors can ascertain the number of shares allocated to them through the basis of allotment, which will also reflect in the IPO allotment status. Refunds will be initiated for applicants who were not allotted shares, while those…

The Hindu Business Line reports that with less than two weeks remaining before Paytm Payments Bank Limited (PPBL) ceases operations, the Reserve Bank of India (RBI) may take the unprecedented step of revoking the banking license. If this action is indeed taken, it would mark the first instance in over two decades where the banking regulator has resorted to such measures. The report suggests that an administrator could be appointed to oversee critical aspects of the bank’s operations. Citing sources, the report indicates that the RBI’s decision may be driven by repeated instances of failed due diligence by the banking…

Global brokerage firm HSBC has issued a ‘buy’ rating on HDFC Bank, setting a target price of Rs 1,750 per share, indicating a potential upside of 22 percent from current levels. Analysts at HSBC are optimistic about the stock’s prospects, forecasting returns of 15-29 percent compounded annually over FY24-27. Despite a challenging year with HDFC Bank’s stock declining by over 16 percent while the benchmark Sensex dropped by only 2 percent, HSBC remains bullish. The private sector lender’s shares hit a 52-week low of Rs 1,363 on February 14, 2024. According to HSBC analysts, the primary factor behind the stock’s…

CLSA maintains a cautious stance on the Indian steel sector despite the recent rally in metals. They point out several reasons for their concern, including a shift in profit distribution towards miners, expectations of reduced spreads compared to previous periods, and high stock valuations not aligned with anticipated spread compression, which isn’t reflected in consensus estimates. Tata Steel has been downgraded by CLSA from ‘outperform’ to ‘sell’, with the target price cut to Rs 135 from Rs 145. Similarly, JSW Steel’s rating has been lowered from ‘underperform’ to ‘sell’, with the target price revised to Rs 730 from Rs 810.…