Author: Legal Parivar

JTL Industries witnessed a remarkable uptrend for the second consecutive day as its shares attracted strong buying interest in the opening trade session of the new financial year 2023-24, hitting the upper circuit. The stock opened higher on Tuesday and soared to an intraday high of ₹218 per share on the NSE, marking a significant 19% increase from its previous closing price of ₹183.25. This surge came after JTL Industries declared robust business updates for the fiscal year 2023-24 in an exchange filing on Monday. In its filing, JTL Industries revealed that it achieved its highest-ever sales volume in the…

Shares of budget carrier SpiceJet surged over 2 percent following the news of its acquisition of a Q400 aircraft from Nordic Aviation Capital (NAC) as part of a settlement agreement reached last year. The agreement, which settles all past liabilities for the Q400s leased by NAC to SpiceJet, grants the airline full ownership of six Q400s. SpiceJet already possessed five Q400 aircraft previously owned by NAC, with ownership of these planes now transferred to SpiceJet. The airline announced this development in a stock exchange filing on April 2, highlighting that the agreement would lead to significant long-term savings by freeing…

Sobha Ltd, a realty firm based in Bengaluru, has been served demand notices totaling nearly Rs 46 crore by the Income Tax Department. The notices, issued by the Deputy Commissioner of Income Tax, Central Circle-1(4), Bengaluru, pertain to the Assessment Years (AY) 2016-17 and 2022-23. According to a regulatory filing made on Monday, Sobha stated that the notices under section 156 of the Income Tax Act, 1961, amount to Rs 13.12 crore and Rs 32.68 crore for AY 2016-17 and AY 2022-23 respectively. These notices stem from disallowed expenses and other additions. Sobha mentioned its intention to appeal before the…

On April 2, the Supreme Court of India declined to accept apologies from Baba Ramdev and Patanjali MD Acharya Balkrishna regarding the misleading advertisements for the company’s medicinal products. The Supreme Court is currently presiding over a contempt case against Patanjali Ayurved regarding the dissemination of advertisements making claims about medical cures. According to a report by Live Law, both Acharya Balkrishna and Baba Ramdev were instructed to personally appear before the Court today. A bench of the Supreme Court, consisting of Justices Hima Kohli and Ahsanuddin Amanullah, is overseeing the proceedings. The bench expressed dissatisfaction with the lack of…

IREDA Share Price Hits Upper Circuit: Indian Renewable Energy Development Agency Limited’s stock surged by 5%, triggering the upper circuit on Tuesday. The uptrend follows a robust business performance reported by IREDA for the quarter and fiscal year ended March 31, 2024, on a provisional basis. In FY 2023–2024, IREDA achieved its highest-ever loan sanction of Rs. 37,354 Crore and loan disbursement of Rs. 25,089 Crore. The company disclosed in a filing post market hours on Monday that its Loan Book reached Rs. 59,650 crore, marking a record increase of 26.71%. The loan sanction of ₹37,354 crore in FY24 represented…

Today, shares of Bajaj Auto, Adani Ports & Special Economic Zone, Tata Steel, and Larsen & Toubro reached their fresh 52-week highs. The Nifty 50 declined by -37.9 points (-0.17%), while the Sensex dropped by -226.64 points (-0.31%) as of April 2, 2024, at 10:59:58 IST. However, the Bank Nifty saw a slight increase of 17.9 points (0.04%) at 10:44:59 IST. Among the constituents of the BSE Sensex index, Indusind Bank, HDFC Bank, Nestle India, Tata Motors, and Titan Company emerged as the top gainers. Conversely, ICICI Bank, Kotak Mahindra Bank, Wipro, Axis Bank, and Ultratech Cement experienced losses. In…

The Reserve Bank of India’s (RBI) policy meeting is scheduled to commence tomorrow, with SBI Research indicating that rate cuts might only be considered in the third quarter of fiscal year 2025 (Q3FY25). According to a report by SBI Research, historical trends suggest that interest rates in emerging economies respond with a lag of two months to rate changes in developed economies such as the US and the UK. SBI Research predicts that the RBI will likely maintain the policy stance as ‘withdrawal of accommodation,’ with the first rate cut potentially occurring in Q3FY25. Furthermore, it anticipates that the rate-cut…

On Tuesday, April 2, amidst a generally sluggish market, Adani Power’s share price surged by 5 percent to hit its upper circuit for the second consecutive session. Opening 2.4 percent higher at ₹574.05 compared to its previous close of ₹560.35, the stock quickly rose to its upper price band of ₹588.35 on the BSE.

In the opening trade on April 2, the share price of Uflex witnessed a significant increase of 6% after the company announced the commissioning of a CPP film production line at its Russian subsidiary. At 9:48 AM, Uflex was trading at Rs 449.30 on the BSE, up Rs 26.60 or 6.29 percent. Flex Films Rus LLC, Uflex’s step-down subsidiary in Russia, successfully commissioned a CPP film production line with an installed capacity of 18,000 MT per year on April 1. On March 31, the company also achieved the commencement of commercial production at its manufacturing facility in Panipat, Haryana. This…

Early on April 2, shares of TVS Motor Company experienced a marginal decline after the company announced a robust 12% growth in its sales for March 2024, compared to the same period last year. At 9:26 AM, TVS Motor Company was trading at Rs 2,125.10 on the BSE, down Rs 15.00 or 0.70 percent. The company’s total two-wheeler sales surged by 12% to 3,44,446 units from 3,07,559 units, with domestic two-wheeler sales witnessing an 8% increase to 260,532 units in March 2024. In the motorcycle segment, sales grew by 22%, reaching 171,611 units compared to 141,250 units in March 2023,…