Author: Legal Parivar

On April 2, the World Bank increased its GDP growth forecast for India by 20 basis points to 6.6 percent for the fiscal year 2024-25. While this projection for FY25 is notably more conservative compared to the estimate of a real GDP growth of 7.5 percent for the current financial year, the World Bank anticipates growth to accelerate in subsequent years as a decade of robust public investment starts to yield results. India’s statistics ministry, in its second advance estimate of GDP for 2023-24, pegged the growth rate for the current year at 7.6 percent, reflecting an increase of 30…

Goldman Sachs (Singapore) PTE ODI acquired 72.66 lakh shares in Samhi Hotels, representing a 3.33 percent stake, at a price of Rs 200.18 per share. This transaction was classified as ODI, indicating that Goldman Sachs made the purchase on behalf of entities lacking an FPI license in India. Conversely, Goldman Sachs Investments Holdings Asia sold its entire 1.70 crore shares in the company, amounting to a 7.84 percent stake, at an average price of Rs 200.55 per share. Aditya Birla Sun Life Mutual Fund (Equity Advantage Fund) purchased 15 lakh shares, equivalent to a 0.68 percent stake, at Rs 202.54…

HCL Technologies’ subsidiary, HCL Investments UK, has finalized an agreement with its joint venture partner, State Street International Holdings, to sell its entire 49% stake in their joint venture. The transaction, completed on April 1, 2024, includes the divestment of the stake, termination of related service agreements, and settlement of contractual commitments. The deal, valued at USD 172.5 million plus the net book value (adjusted for applicable withholding tax) at the completion date, was disclosed in a filing to the Bombay Stock Exchange (BSE). According to the filing, HCL Investments UK, a wholly-owned subsidiary of HCL Technologies based in the…

There isn’t a set minimum credit score requirement for securing a personal loan, but lenders typically favor scores between 720 and 750, indicating responsible credit management and higher chances of timely repayment. However, even with a lower score, you may still qualify for a loan, albeit at a higher interest rate, resulting in increased overall payments. It’s essential to grasp the concept of a credit score before delving into loan prerequisites. A credit score, a three-digit number, reflects your creditworthiness or the likelihood of repaying borrowed funds promptly. Consider it as a report card for your borrowing behavior. A higher…

Zomato, India’s leading online food delivery platform, disclosed that it has received a service tax demand and penalty order amounting to over ₹184 crore for the period from October 2014 to June 2017. In response, the company stated its intention to file an appeal against the order before the appropriate authority. The demand pertains to the non-payment of service tax on certain sales conducted by Zomato’s foreign subsidiaries and branches to customers located outside India. The regulatory filing by Zomato revealed that the order was issued by the Commissioner, Adjudication, Central Tax, Delhi, demanding service tax of ₹92,09,90,306, along with…

UltraTech Cement, a subsidiary of the Aditya Birla Group, has disclosed plans to invest ₹32,400 crore in capital expenditure (capex) over the next three years to facilitate its expansion endeavors. The company aims to elevate its capacity to approximately 200 million tonnes per annum (MTPA) in the near future. Furthermore, it has announced the commencement of two new greenfield projects, located in Chhattisgarh and Tamil Nadu, with a combined capacity of 5.4 MTPA. These projects will augment its total capacity to 151.6 MTPA. Over the last year, UltraTech Cement has expanded its capacity by 18.7 MTPA, with ongoing expansions underway…

In response to the escalating demand for electricity, power plants reliant on imported coal have been instructed to operate at full capacity until September, per a government directive. The Ministry of Power announced the extension of Section 11 of the Electricity Act until the end of September, initially set to expire in June. Additionally, the ministry will assess the necessity of a similar mandate for gas-based power plants. This decision comes amidst a surge in power demand, expected to peak at 260 GW during the summer season, surpassing last year’s record of 243 GW. Under the Act, the government has…

JSW Energy, led by billionaire Sajjan Jindal, announced its intention to raise ₹5,000 crore through a qualified institutional placement (QIP) program, where shares will be offered to qualified institutional buyers. The company plans to accomplish this by selling shares to high net worth investors in one or more tranches. A Qualified Institutional Placement (QIP) is a method of fundraising wherein a company raises capital by offering shares to qualified institutional buyers. The share placement is scheduled to take place on April 5, with a floor price of ₹510.09 per share, representing a 6% discount to the company’s last closing price…

Music entertainment giant Warner Music India has acquired a minority stake in Global Music Junction (GMJ), a subsidiary of digital entertainment and technology firm JetSynthesys. Warner Music India has purchased a 26 percent stake in GMJ and has secured a seat on the board of Global Music Junction, according to sources familiar with the matter. Although the exact details of the minority stake acquisition were not disclosed in the official statement. The collaboration between the two companies began with a distribution deal in 2021. With this latest development, Warner Music India aims to solidify its position as the dominant player…

Bharti Hexacom, a subsidiary of Bharti Airtel, is set to launch its initial public offering (IPO) in the primary market starting tomorrow, April 3. The subscription period for the IPO will last until April 5. The broadband services provider has announced a price range of ₹542 to ₹570 per equity share, with a face value of ₹5. Allocation for the IPO is set at 75% for qualified institutional buyers (QIBs), 15% for non-institutional investors (NIIs), and a maximum of 10% for retail investors. The IPO consists solely of an offer-for-sale (OFS) without a fresh issue component. Telecommunications Consultants India, the…