Author: Legal Parivar

Hindalco Industries, led by Indian billionaire Kumar Mangalam Birla, is reportedly contemplating a $1.2 billion initial public offering (IPO) for its US-based division, Novelis, as per Bloomberg news. Novelis stands as the world’s largest producer of flat-rolled aluminum products, utilized in various goods like automobiles and beverage cans. Bloomberg suggests that Hindalco aims for an $18 billion valuation for Novelis, headquartered in Atlanta, with plans to list it on the New York Stock Exchange by September, subject to approval from the US Securities and Exchange Commission. Novelis disclosed in February that it had submitted a confidential application to the SEC…

Vijaya Diagnostic reported a 22 percent year-on-year increase in its consolidated net profit, reaching Rs 33 crore for the March quarter of the financial year 2023-24. In comparison, the company had recorded a net profit of Rs 27.7 crore in the corresponding period of the previous year. The company, which offers diagnostic services, disclosed that its revenue surged by 29 percent to Rs 155 crore from Rs 120 crore last year, as per an exchange filing on May 8. Established by Dr. S. Surendranath Reddy in 1981 as a proprietorship concern, Vijaya Diagnostic Centre Limited later became a private limited…

The Sensex closed 45.46 points lower at 73511.85, while the Nifty remained unchanged at 22302.5. The Nifty ended the day at 22,302.5, showing no change. It fluctuated between 22,368.65 and 22,185.2 during the session. The Sensex traded between 73,684.93 and 73,073.92, closing 0.06% lower at 73,511.85, down by 45.46 points from the opening. Compared to the Nifty 50, the Nifty Midcap 50 performed better, closing 0.98% higher. Similarly, small-cap stocks outperformed the Nifty 50, with the Nifty Small Cap 100 ending at 16,367.05, up by 94.0 points or 0.57%. Here’s a look at the returns of the Nifty 50 over…

Today at 3:18 PM, the Gujarat State Disaster Management Authority reported that an earthquake measuring 3.4 on the Richter scale hit a location 12 km north-northeast of Talala in Saurashtra.

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.…