Author: Legal Parivar

Shares of Bajaj Auto Limited traded over one percent lower at Rs 9,534 in morning trade on July 8 after international brokerage UBS issued a ‘sell’ recommendation following the company’s launch of India’s first CNG bike. UBS set a target price of Rs 6,250, implying a potential downside of 35 percent from current market levels. The brokerage believes the future lies in electric vehicles (EVs) and that CNG motorcycles will not slow the market’s shift towards electrification. Bajaj Auto recently introduced a 125cc CNG motorcycle priced between Rs 95,000 and Rs 1,10,000. The introduction of CNG bikes is expected to…

Shares of Marico surged over 6% on July 8 after the company reported strong business updates for the April-June quarter, indicating continued growth. At 10:12 am, Marico shares were trading at Rs 648 on the NSE. The company’s consolidated revenue grew by high single digits in Q1 of FY25, with management expecting this upward trend to continue throughout the fiscal year. Gross margin is also likely to expand year-on-year due to a favorable portfolio mix. Marico’s domestic business saw a modest sequential increase in underlying volume growth. Parachute coconut oil experienced low single-digit volume growth, which management expects to improve…

On July 8, shares of Titan Company fell nearly 4% after JPMorgan downgraded the stock to ‘neutral’ from ‘overweight’ following the Tata group’s June quarter business update. JPMorgan also reduced its target price for Titan Shares to Rs 3,450 from Rs 3,850. Titan’s jewellery business reported a 9% revenue growth in the June quarter, which did not meet the already lowered expectations. This marks the first miss after eight consecutive quarters of meeting or exceeding expectations. High gold prices and fewer wedding days resulted in subdued consumer demand, affecting overall growth, according to Titan. JPMorgan analysts highlighted concerns about the…

Ride-hailing giant Ola Cabs has transitioned from using Google Maps to its in-house Ola Maps for operations, resulting in annual savings of nearly ₹100 crore. “Following our exit from Azure last month, we’ve now completely moved away from Google Maps. We used to spend ₹100 crore a year, but this month we’ve reduced that to zero by switching entirely to our in-house Ola Maps! Check your Ola app and update if needed,” said Bhavish Aggarwal, co-founder and Chairman of Ola Group. This announcement comes three months after the Ola group of companies completed the transition of its entire workload to…

On July 5, the Reserve Bank of India (RBI) announced that it has imposed a monetary penalty of ₹1.32 crore on Punjab National Bank for rule violations. The penalty was imposed because the bank sanctioned working capital demand loans to two State Government-owned corporations against amounts receivable from the Government in the form of subsidies, refunds, or reimbursements, according to an RBI release. Additionally, the bank failed to preserve records related to the identification of customers and their addresses, which were obtained during the course of their business relationship in certain accounts, the release stated. The RBI had conducted a…

Ganesh Green Bharat IPO: Ganesh Green Bharat Ltd’s initial public offering (IPO) commenced subscriptions on Friday, July 5, and will conclude on Tuesday, July 9. The IPO, offering shares in lots of 600 shares each, is priced between ₹181 and ₹190 per equity share with a face value of ₹10. Retail investors are allocated 35% of the net issue, while the non-institutional investor (NII) segment has 15%, and Qualified Institutional Buyers (QIBs) have the remaining 50%. With a minimum application requirement of ₹1.14 lakh for retail investors and ₹2.28 lakh for HNIs at the upper price band, the IPO is…

Railway stocks surged significantly in today’s trading session, with several setting new record highs. Leading the rally were companies like Rail Vikas Nigam (RVNL), IRCON International, RailTel Corporation, IRCTC, and IRFC, all witnessing gains of up to 18%. RVNL shares soared by 18% to reach a fresh record high of ₹498.50 per share, driven by the company’s collaboration with Delhi Metro Rail Corporation for upcoming infrastructure projects both domestically and internationally. The projects span sectors including metro, railways, high-speed rail, highways, bridges, tunnels, institutional buildings, workshops, depots, S&T works, and railway electrification. Earlier in June, RVNL secured a significant contract…

The Centre filed an affidavit with the Supreme Court on Friday, opposing the cancellation of the entire NEET UG 2024 examination held on May 5, citing lack of substantial evidence of widespread confidentiality breaches. The affidavit argues that annulling the exam would unfairly impact the efforts of lakhs of sincere candidates who participated in the test. Highlighting its commitment to conducting all competitive exams fairly and transparently, the Centre acknowledged the criticality of maintaining question paper confidentiality. It emphasized the need to prosecute individuals involved in any criminal breach of confidentiality with severe legal consequences. The affidavit also noted that…

JSW Group subsidiary JSW Energy Ltd announced a capital expenditure plan of ₹15,000 crore for the current financial year (FY25) at its annual general meeting. Chairman and managing director Sajjan Jindal emphasized the company’s intentions to pursue acquisitions in the power sector alongside its investment plans. JSW Energy aims to achieve a total investment of ₹1.15 trillion to expand its renewable energy capacity to 20 GW and establish 40 GWh of battery storage under its ‘Strategy 2.0’. Jindal highlighted the company’s progress in commissioning projects for power generation, battery storage, and green hydrogen production. He noted that the recently completed…

New demat accounts openings surged to a four-month high in June, driven by continued foreign investor activity in India’s bullish market. According to data from the Central Depository Service and National Securities Depository, over 42.4 lakh demat accounts were opened, marking a significant increase from the previous month’s 36 lakh and a substantial rise from 23.6 lakh a year ago. This surge represents the fourth instance of monthly demat additions surpassing 40 lakh, following milestones in December 2023, January 2024, and February 2024. The total number of demat accounts now exceeds 16.2 crore, reflecting a 4.24 percent month-on-month increase and…