Author: Legal Parivar

According to a government source speaking to Reuters, the Indian government is considering a minority stake sale in the General Insurance Corporation of India ( GIC ) and the Life Insurance Corporation of India ( LIC ) during the financial year 2024/25. This decision will be made after evaluating investor interest.

The rupee initially faced losses but ended 4 paise higher at 83.48 against the US dollar on Friday, following a robust rebound in domestic equities. Forex traders noted that early trade saw the rupee decline due to risk aversion in global markets amid tensions in the Middle East. However, reports of RBI intervention to support the rupee led to its recovery. Beginning at 83.58 against the greenback, it reached an intra-day high of 83.46. Closing at 83.48 against the dollar, it marked a 4 paise increase from the previous close. The rebound in the rupee was partly attributed to reports…

Vodafone Idea’s follow-on public offer (FPO) saw a 43% subscription rate on Day 2, with investors acquiring 535.88 crore equity shares, according to exchange data. As part of a larger plan to raise Rs 45,000 crore through debt and equity, the country’s third-largest telecom operator is offering 1,260 crore shares in the Rs 18,000-crore FPO, the largest of its kind in the country. Qualified institutional investors led the subscriptions, acquiring 0.88 times their allotted share quota, while non-institutional investors secured 0.56 times their reserved portion. Retail investors subscribed to only 0.11 times their share allocation, purchasing 70.9 crore shares out…

HDFC AMC Q4 results show a rise in net profit to ₹541 crore, with the company’s revenue climbing to ₹695.4 crore. HDFC Asset Management Company (AMC) released its Q4 results, revealing a 43.8% increase in standalone net profit to ₹541 crore and a 28.5% year-on-year rise in revenue to ₹695.43 crore, compared to ₹540.95 crore in the previous period. Additionally, the AMC announced a final dividend of ₹70 per share of Rs. 5/- each, subject to shareholder approval at the Annual General Meeting. In its filing with the BSE on Friday, April 19, HDFC AMC stated, “Further, the Board of…

Wipro concluded the final quarter of FY24 with a net profit of ₹2835 crore. Recent data reveals that voluntary attrition stood at 14.2% over the past year. In Q4FY24, the company experienced a reduction in its workforce by 6,180 employees, with a total yearly decrease of 24,516. The company, headquartered in Bengaluru, witnessed a 4.2% decline in consolidated revenue, amounting to ₹222.08 billion for the January-March quarter. Notably, Wipro has seen significant departures among its key executives in recent months. This includes the departure of CEO Thierry Delaporte earlier this month and Stephanie Trautman, who was responsible for securing major…

Russia has maintained its position as the leading oil supplier to India during the fiscal year 2023/24, marking the second consecutive year, as per ship tracking data from industry sources. This trend has significantly reduced the market share of Middle Eastern and OPEC producers to historic lows. Despite Western nations imposing sanctions on Moscow due to its invasion of Ukraine, India has increased its intake of Russian oil, which is offered at a discounted price. Consequently, Russia has become the primary supplier to India, the world’s third-largest oil importer. Despite facing challenges posed by sanctions aimed at curbing Moscow’s oil…

The Central Consumer Protection Authority (CCPA) has instructed the Food Safety And Standards Authority Of India (FSSAI) to launch an investigation into recent allegations against Nestle regarding the addition of sugar to baby products sold in India. Following a report exposing Nestle’s purported inclusion of sugar in infant milk products across India, Asia, and Africa, CCPA’s chief Nidhi Khare confirmed the directive to PTI. The National Commission for Protection of Child Rights (NCPCR) has also taken notice of the issue and issued a notice to FSSAI in this regard. As per the report by Public Eye, Nestle allegedly incorporated sugar,…

In a remarkable debut, Flipkart’s unified payments interface (UPI) handle, launched in March, has already facilitated over five million transactions amounting to Rs. 200 crore within the month. Before the official launch, the @fkaxis handle underwent testing among a limited user base to ensure stability, in adherence to National Payments Corporation of India (NPCI) regulations. While Flipkart did not disclose the exact number of users adopting its UPI handles, it initiated minor rewards to incentivize usage. However, it remains unclear if these incentives drove the platform’s initial success. Once users register for the Flipkart handle, it’s prominently displayed on the…

Grill Splendour Services Limited’s IPO allotment date is set for today, Friday, April 19. Investors who applied for the IPO can check their allotment status on the registrar’s portal, Bigshare Services Pvt Ltd. To ascertain whether and how many shares they have been allocated, investors can refer to the basis of allotment. The number of shares allotted will also be displayed in the IPO allocation status. For those who applied but did not receive shares, the refund process will commence, and the allotted shares will be credited to their demat accounts. On Monday, April 22, the shares allotted will be…

Man Industries (India) witnesses a 3% surge in early trading on April 19 following approval from Shell Global for external, internal, and concrete coating of steel pipelines at Anjar, Gujarat. According to a filing with the exchanges, Man Industries (India) stated, “We are pleased to announce that the company’s coating mill at Anjar, Gujarat, has undergone rigorous technical assessment.” The assessment evaluated the performance of external, internal, and concrete coating for steel pipelines, testing three different types of coating. The results received the green light from Shell Global Solutions International BV. As of 10:30 am, Man Industries shares were trading…