Author: Legal Parivar

Pharmaceutical giant Wockhardt Ltd has announced that its Capital Raising Committee has approved its Qualified Institutional Placement (QIP). The floor price for the QIP has been set at Rs 544.02 per share. Sources familiar with the matter informed CNBC-TV18 that the total issue size is expected to be Rs 570 crore, comprising fresh shares of Rs 350 crore and a greenshoe option of Rs 220 crore. The Capital Raising Committee is scheduled to reconvene on March 26 to finalize the issue price for the QIP and other relevant details. As per the terms, Wockhardt may offer a discount not exceeding…

The Enforcement Directorate conducted raids on Thursday targeting AIADMK leader and former Tamil Nadu minister C Vijayabaskar, as well as a Chennai-based real estate group, as part of separate money laundering investigations, according to official sources. Around 25 locations are being covered by the central agency in connection with these two cases. Vijayabaskar, a former health minister and influential AIADMK figure from Pudukottai in Tamil Nadu, is the subject of the raids stemming from a 2022 state vigilance (DVAC) probe related to allegations of possessing disproportionate assets. He has previously faced allegations in the “gutkha scam” investigated by the CBI.…

Krystal Integrated Services made a robust debut on the exchanges, starting at Rs 795, marking an 11 percent premium over the issue price of Rs 715. This listing exceeded analysts’ predictions of a premium of around 4 percent. The company’s Rs 300-crore public issue garnered strong investor interest, with an oversubscription of 13.21 times. Non-institutional investors led the subscription, buying 43.91 times their allotted shares. Qualified institutional buyers subscribed 7.33 times, while retail investors subscribed 3.32 times their quota. Krystal Integrated Services offers comprehensive management solutions, including housekeeping, sanitation, catering, private security, manned guarding, payroll processing, staffing, electrical, and plumbing…

Following the Congress’ Central Election Committee meeting on March 20 to finalize candidates for the Lok Sabha elections, Maharashtra unit party president Nana Patole announced the selection of candidates for 12 seats. He further disclosed plans for a meeting on March 21 with Uddhav Thackeray and Sharad Pawar to finalize the remaining seats. It is reported that Praniti Shinde is likely to contest from Solapur, previously represented by her father and veteran party leader Sushil Kumar Shinde. Additionally, Sahu Maharaj is expected to be the candidate from Kolhapur. However, the formal seat-sharing formula between the Congress party and its Maha…

Maruti Suzuki’s shares saw slight gains early on March 21 after Morgan Stanley assigned an ‘overweight’ rating, citing the potential impact of a proposed hybrid duty cut on the automaker. During the Rising Bharat Summit in New Delhi on March 19, Nitin Gadkari proposed slashing the GST on hybrid cars to 12 percent from 48 percent, potentially benefiting Maruti Suzuki. Morgan Stanley set a price target of Rs 11,228 for the company, which Maruti has already exceeded. On March 20, the stock crossed the Rs 12,000 mark for the first time. There’s a noticeable discrepancy in vehicle taxation, with electric…

Himadri Specialty Chemical witnessed a 2.5% increase in its shares during morning trading on March 21 following its announcement of acquiring a 40% stake in Invati Creations, a company specializing in engineering lithium-ion electrode materials, for Rs 45.16 crore. According to a regulatory filing on March 20, Himadri will provide Rs 19.99 crore in cash, with the remaining consideration settled through a share swap involving 7,96,446 equity shares of face value Rs 1 each. Trading at Rs 323 on the National Stock Exchange at 9:20 am, the share marked an increase of over 1% from the previous close and has…

Tremors were detected in parts of Maharashtra’s Nanded and Parbhani districts on Thursday morning, according to officials. There have been no reports of casualties or damage to property thus far. The tremors, measuring 4.5 and 3.6 on the Richter scale, occurred at 6:09 am and 6:19 am respectively, with the epicenter located at Jamb village in Kalamnuri taluka of Hingoli district, as stated by Nanded’s disaster management authority in a release. In Nanded, the tremors were felt in certain areas of the city, as well as in Ardhapur, Mudkhed, Naigaon, Deglur, and Biloli talukas of the district. Collector Abhijeet Raut…

Rail Vikas Nigam Limited (RVNL) witnessed a 2.5 percent surge in its share price during early trading on March 21, following the announcement of bagging a significant contract worth Rs 339 crore from Maharashtra Metro Rail Corporation Limited. As of 9:20 am, RVNL was trading at Rs 245.15 on the BSE, marking an increase of Rs 5.95 or 2.49 percent. In an exchange filing, RVNL disclosed that it had received the Letter of Acceptance (LOA) from Maharashtra Metro Rail Corporation Limited for the design and construction of an elevated viaduct between PCMC and NIGDI (Bhakti Shakti) on the North-South Corridor…

US Federal Reserve Chairman Jerome Powell announced on March 20 that the central bank would maintain unchanged monetary policy rates, opting to wait for clearer signs of inflation easing before considering any rate cuts. Key Takeaways from the Fed Meeting: Overall, the Fed’s decision reflects a cautious approach, prioritizing stability and gradual adjustments in response to evolving economic conditions.

Reserve Bank of India (RBI) has issued a press release announcing that all agency banks will remain open to the public on Sunday, March 31, 2024, in order to manage the substantial volume of transactions. The decision comes in response to a request from the Government of India to ensure that all branches dealing with government receipts and payments are operational on that day to account for transactions in the fiscal year 2023-24. Accordingly, agency banks are instructed to keep all branches handling government business open on March 31, 2024, Sunday. The RBI also emphasized that banks should promote awareness…