Author: Legal Parivar

Regulatory issues persist for Sun Pharma as its Mumbai unit receives an “official action indicated” (OAI) tag from the US Food and Drug Administration, potentially impacting new launches. HSBC analysts foresee the FDA’s action compounding regulatory concerns for Sun Pharma, while Nomura views it as an unfavorable development. Following a 4 percent decline in the previous session, Sun Pharma’s shares opened 2 percent lower on April 15. This OAI classification for Sun’s Dadra unit follows recent regulatory challenges at its Halol and Mohali facilities, which affected the company’s generic sales. Nomura suggests that this latest development could heighten investor apprehensions.…

ISMT’s stock price surged by 3% in early trading on April 15th following the company’s receipt of two contracts from Oil and Natural Gas Corporation Limited (ONGC). The contracts, awarded on April 12th, entail the supply of regular casing pipes with a combined value of approximately Rs 343.72 crore. Scheduled for execution between April 11, 2024, and February 13, 2025, these contracts boosted ISMT’s shares, which were trading at Rs 99.25 as of 9:49 am, marking a gain of Rs 2.98 or 3.10% on the BSE. ISMT’s stock recently hit a 52-week high of Rs 112.24 and a low of…

Sterlite Technologies witnessed a decline of nearly 3.4 percent on the NSE at the opening bell on April 15 following its announcement of raising Rs 1,000 crore through a Qualified Institutional Placement (QIP). As of 9:40 am, the stock was trading at Rs 132.50. According to an exchange filing dated April 13, Sterlite Technologies disclosed the completion of the fundraise through a share sale to institutional investors. The purpose behind this capital infusion has not yet been revealed. The board has approved the issuance of 8.84 crore equity shares at Rs 113.05 per share, marking a 5 percent discount to…

The Sensex and the Nifty experienced a decline of about one percent on the morning of April 15 due to escalating tensions in West Asia, dampening investor risk appetite. After a significant uptrend in recent weeks, analysts anticipate a period of consolidation in the coming days as India Inc unveils its fourth-quarter financials and the Lok Sabha voting commences later this week. The Sensex dropped by 731 points, or 0.9 percent, to 73,502, while the Nifty slid by 230 points, or 1 percent, to 22,289. Broader market indices also witnessed losses, with the Nifty midcap 100 and the Nifty smallcap…

 Tesla Settles Lawsuit Over Autopilot Crash: Tesla Inc. has reached a settlement in a lawsuit brought by the family of a Silicon Valley engineer who died in a crash while using the company’s semi-autonomous driving software. The crash, which occurred five years ago, involved a Model X operating on autopilot and resulted in the tragic death of the engineer, Walter Huang. The amount of the settlement remains undisclosed, but Tesla stated it agreed to end the litigation to put an end to years of legal proceedings. Autopilot’s Role and Legal Scrutiny: The lawsuit alleged negligence and wrongful death, blaming Tesla…

Jammu and Kashmir’s Kishtwar district experienced a 3.7 magnitude earthquake on the Richter scale on Tuesday, as reported by the National Centre for Seismology (NCS).According to the NCS, the earthquake occurred today at 4:44 pm local time, with a depth of 10 km in Jammu and Kashmir. This marks the second earthquake in the region within the last two days. On April 7, Kishtwar was also struck by an earthquake measuring 3.5 magnitude on the Richter scale. The NCS posted on X, stating, “Earthquake of Magnitude: 3.7, Occurred on 09-04-2024, 16:44:04 IST, Lat: 33.31 & Long: 76.72, Depth: 10 Km,…

HDFC Credila, a lender specializing in education loans, has successfully raised $100 million in external commercial borrowing (ECB) to enhance its funding sources and strengthen its position in the education finance sector. DBS Bank served as the sole mandated lead arranger and book-runner for this borrowing, completed through its IFSC banking unit in Gujarat International Finance Tech-City (GIFT City), as announced in a statement on April 9. Arijit Sanyal, managing director & CEO of HDFC Credila, expressed appreciation for the support of DBS Bank and highlighted the trusted relationship between the two entities. Rajat Verma, managing director and head of…

Ramdevbaba Solvent, a company specializing in manufacturing and distributing physically refined rice bran oil, has announced its IPO details. The price band for the IPO has been established at ₹80 to ₹85 per share, with a face value of ₹10 each. Subscription for the IPO will commence on April 15 and conclude on April 18. The lot size for the IPO consists of 1,600 shares. According to the company’s red herring prospectus (RHP), Ramdevbaba Solvent produces and distributes rice bran oil to various FMCG firms such as Empire Spices and Foods Ltd, Marico Limited, and Mother Dairy Fruit & Vegetable…

Paytm Payments Bank’s managing director (MD) and chief executive officer (CEO), Surinder Chawla, has submitted his resignation, as stated in a regulatory filing by One97 Communications, the owner of the Paytm brand, on Tuesday, April 9. Chawla’s departure comes amid regulatory actions by the Reserve Bank of India (RBI) against Paytm Payments Bank. According to the filing, “Surinder Chawla, Managing Director and CEO of PPBL, has tendered his resignation on April 8, 2024, citing personal reasons and a desire to explore better career opportunities. He is scheduled to be relieved from PPBL effective at the close of business hours on June…