Author: Legal Parivar

IRDAI has levied a penalty of Rs 1 crore on Go Digit General Insurance, slated for an IPO, for failing to disclose a change in the conversion ratio of compulsorily convertible preference shares (CCPS) issued to Fairfax-owned FAL Corporation by its parent company. The regulator’s order, dated May 2, 2024, highlighted that the company issued 78,00,000 CCPS instead of the agreed upon 63,00,000, altering the conversion ratio from “1 CCPS for 2.324 equity shares” to “2.324 CCPS for 1 equity share”. Although Go Digit amended the JV agreement and disclosed the change in its Draft Red Herring Prospectus (DRHP), it…

Amkay Products made a remarkable debut on the BSE on Wednesday, May 8, with its shares opening at a premium of 90 per cent at ₹104.50 compared to the issue price of ₹55 per share. Shortly after, the stock surged to a high of ₹109.72. By around 10:45 am, Amkay Products shares were trading at ₹109.72 each, marking a nearly 100 per cent increase from its issue price. Meanwhile, the Sensex was down 0.53 per cent at 73,126 during the same period. The Amkay Products IPO witnessed robust demand across categories, resulting in an overwhelming response. Overall, the IPO was…

On Tuesday, a Reddit user alleged that they were suspended from Tata Consultancy Services (TCS), India’s largest IT services company, after reporting a security incident. Despite the company’s policy stating that “no action can be taken against whistleblowers,” the user claimed to have received a suspension notice. According to the post on a social media platform, the user reported a security incident at TCS where their manager allegedly mandated employees to use personal laptops and share login credentials. Expressing frustration, the user sought advice on how to proceed, noting the unhelpful response from HR and managers due to strained relations.…

Today, May 8, marks the announcement of fourth-quarter financial Q4 results for at least 30 companies, including Larsen & Toubro, Tata Power Company, Canara Bank, TVS Motor Company, and Hero Motocorp, among others. This release is part of the ongoing Q4 earnings season for the fiscal year 2024, with over 260 companies slated to declare their results this week. These earnings reports will provide insights into various industries, offering valuable information on recent trends, revenue growth, and future outlooks. From prominent tech firms to well-established consumer brands, these announcements will paint a picture of the broader economic landscape. One of…

In April, Paytm, a mobile payments firm, saw its market share in the Unified Payments Interface (UPI) ecosystem plummet to a new low of 8.4 percent. Over the past year, Paytm, based in Noida, has witnessed a decline of five percentage points in its market share. As a result, only two players now hold double-digit market share in UPI—PhonePe and Google Pay. PhonePe has experienced an increase in its market share, rising from around 46 percent for most of last year to approximately 48-49 percent amid the Paytm crisis that began in late January this year. In April, PhonePe commanded…

Tata Group-owned Air India Express will provide passengers with the option of a full refund or complimentary rescheduling after the airline was forced to cancel numerous flights due to a reported ‘crew shortage.’ On Wednesday, the airline had to cancel multiple flights as a portion of the crew called in sick in protest against alleged mismanagement following the merger with AIX Connect, formerly AirAsia India. An Air India spokesperson confirmed the situation, stating that a segment of the cabin crew reported sick at short notice from the night of May 7, resulting in delays or cancellations of flight operations. The…

TBO Tek’s IPO subscription will commence on May 8, attracting a subscribe rating from several brokerages due to its capital-efficient business model and sustainable growth prospects. Here are the offer details: The IPO, valued at Rs 1,550.81 crore, consists of a fresh issue of shares worth Rs 400 crore and an offer-for-sale of shares worth Rs 1,150.81 crore. Promoters Gaurav Bhatnagar, Manish Dhingra, and LAP Travel will sell 52.12 lakh equity shares via OFS, while investors TBO Korea and Augusta TBO will offload 72.96 lakh shares. The price band for the issue, open until May 10, is set at Rs…

REC and PFC stocks bounced back during mid-day trading on May 6, following reassurances from brokerage firm CLSA that the proposed RBI regulations would have minimal impact on the companies’ financial performance. REC stock initially opened at Rs 530 on the NSE but experienced a downturn, dropping by approximately 10 percent to Rs 502 in early trade. However, it has since recovered and is currently trading at Rs 517.70, around 7 percent lower. Similarly, PFC shares started at Rs 454.85 per share before declining by about 12 percent to Rs 422.55 during early trading hours. The stock has now rebounded…

Birla Corporation witnessed a nearly eight percent surge in its shares on May 6, propelled by a remarkable 128 percent increase in net profit for the quarter ending March 31, 2024. The company reported a consolidated net profit of Rs 193.34 crore in Q4FY24, marking a substantial growth from Rs 84.95 crore recorded in the corresponding quarter of the previous year. Furthermore, the total revenue rose by eight percent to Rs 2,463 crore during the quarter, compared to Rs 2,656 crore in the March quarter of FY23. By 12:55 pm, Birla Corporation shares were trading at Rs 1,594 on the…

Adani Group, led by billionaire Gautam Adani, is reportedly seeking a $600 million offshore loan to refinance existing debt, as per sources familiar with the matter. The loan is anticipated to be raised by Dhamra LNG Terminal Pvt., a subsidiary of Adani Total Pvt., with the debt’s duration potentially ranging from three to five years. Pricing is expected to be tied to the Secured Overnight Financing Rate. Discussions regarding the proposed transaction involve lenders such as Credit Agricole, DBS Bank Ltd., BNP Paribas, Mitsubishi UFJ Financial Group Inc., and Mizuho Bank Ltd. Adani aims to finalize the borrowing within the…