Author: Legal Parivar

Vodafone Idea’s follow-on public offering (FPO), launched on Thursday, April 18, is set to close on Monday, April 22. Initial subscription figures reveal that qualified institutional buyers (QIBs) and non-institutional investors predominantly drove the subscription, with the overall subscription rate reaching 26% on the first day. Retail investors accounted for only 6% of the shares allocated to them, while QIBs subscribed to 61% and non-institutional investors to 28%. Analysts anticipate stronger retail participation in the coming days, especially as larger retail applications, particularly those just below the ₹2 lakh threshold, are noted. Market analysts highlighted the potential impact of geopolitical…

Bajaj Auto’s shares experienced a nearly 3% decline in early trading on Friday following the release of its fourth-quarter earnings for FY24. The company reported a net profit of ₹1,936 crore for Q4FY24, marking a 35.1% increase from the corresponding quarter of the previous year. Revenue from operations also saw a significant rise of 29% to ₹11,485 crore, attributed to strong domestic demand for motorcycles and steady export performance. The company’s EBITDA for Q4FY24 increased by 34.4% to ₹2,307 crore, with an improved EBITDA margin of 20.1%. Analysts view Bajaj Auto’s performance as resilient, citing factors such as effective profit…

Just Dial, a local search service provider, saw its shares surge by over 13 percent in early trading on April 18 following the company’s robust performance in Q4FY24. In Q4FY24, Just Dial reported a significant increase in its consolidated net profit, which rose by 38 percent year-on-year to reach Rs 115.74 crore. Additionally, the company’s revenue from operations witnessed a growth of over 16 percent year-on-year, totaling Rs 270.30 crore. Operating EBITDA for the company stood at Rs 70.60 crore, marking a remarkable increase of 111.4 percent year-on-year. The EBITDA margin also saw a notable improvement, standing at 26.1 percent…

Pricol, a key supplier of clusters and Driver Information Systems to major clients such as Tata, TVS, Bajaj, and Hero, holds substantial market shares, especially in the two-wheeler and commercial vehicle segments. In Q3 FY24, the company introduced new Driver Information Systems and provided clusters for leading entities like Hero MotoCorp, Tata Motors’ EVs, Switch Mobility, and Daimler’s buses and trucks. This follows their track record of supplying products for various other models in the past. Notably, since the transition to BS-VI emission standards in April 2020, there has been a notable shift from mechanical to digital instrument clusters, a…

Vodafone Idea Ltd’s Follow-on Public Offer (FPO) commenced on April 18 and garnered bids for 1 percent subscription within the first hour of opening. The total bids received amounted to 8.31 crore shares out of the 1,260 crore shares offered. Various categories of investors, including retail investors, employees, high net-worth individuals (HNIs), and qualified institutional buyers (QIBs), have begun submitting bids for the offer. Retail investors and HNIs have each subscribed to 1 percent of their allotted quota. HNIs have bid for 2.86 crore shares against the reserved portion of 270 crore shares, while no bids have been received for…

Prior to the launch of its follow-on public offer (FPO) today, Vodafone Idea witnessed a surge of over 4% in its share price. On Tuesday, April 16, the company successfully raised approximately ₹5,400 crore through its FPO, with support from anchor investors like GQG Partners, UBS Fund Management, Jupiter Fund Management, Fidelity Investments, and Australian Super. Today, Vodafone Idea’s share price opened at an intraday low of ₹13.08 on BSE, reaching a high of ₹13.48. Technical analysts suggest that Vodafone Idea’s stock is undergoing a short-term consolidation phase, with strong support levels observed in the range of ₹12–11.50, indicating limited…

Greenhitech Ventures IPO allotment is set to be finalized today, April 18. Investors who applied for the IPO can check their allotment status on the registrar’s website, Skyline Financial Services Private Ltd. By accessing the basis of allocation, investors can determine if and how many shares they’ve been allotted. Refunds for applicants not receiving shares will commence on April 19, while allotted individuals will see their shares credited to their demat accounts on the same day. The IPO listing date for Greenhitech Ventures is scheduled for April 22. To check the IPO allotment status: Step 1: Visit the IPO registrar’s…

Tata Communications witnessed a rise in its shares on April 18, a day after reporting a consolidated net profit of Rs 321.20 crore for the quarter ended March 31, 2024. This figure marked a significant increase of 7.2 times sequentially and was nearly in line with Street estimates. The company’s total income also grew by 1.8 percent quarter-on-quarter (QoQ) to Rs 5,748.7 crore. With an EBITDA margin of 18.6 percent for the March quarter, Tata Communications demonstrated strong profitability. The revenue from its core business segment of data services increased by 0.9 percent sequentially to Rs 4,670.9 crore. The telecom…

Nestlé drew attention this week for the sugar content found in its baby food sold in developing nations, particularly in India. According to a report by The Guardian, Nestlé India included sugar and honey in infant milk and cereal products like Cerelac. In response to concerns raised, Nestlé India informed that it has reduced up to 30% of added sugars across its infant cereal range over the past five years. This controversy adds to the list of challenges Nestlé has faced in India and globally: These controversies highlight the ongoing challenges faced by Nestlé in various aspects of its business…

Authorities in Bengaluru have announced strict measures to maintain law and order during phase 2 polling for the Lok Sabha elections on April 26. Prohibitory orders under Section 144 of the Criminal Procedure Code (CrPC) will be in effect from 6 pm on April 24 until midnight on April 26. During this period, public meetings, rallies, gatherings of more than five people, burning of effigies, possession of lethal weapons, provocative speeches, and publicly raising political slogans will be strictly prohibited in Bengaluru. Campaigning or the use of banners or placards within a 100-meter radius of polling booths is also prohibited.…