Author: Legal Parivar

On Monday, Maharashtra Chief Minister Eknath Shinde unveiled the first phase of the coastal road connecting Worli and Marine Drive in south Mumbai. The initial phase covers a 10.5-kilometer-long stretch, allowing traffic movement between Worli Seaface, Haji Ali interchange, and Amarson’s interchange points, with exit options at Marine Lines. Deputy Chief Ministers Devendra Fadnavis and Ajit Pawar, along with other dignitaries, attended the inauguration ceremony for the south-bound corridor of the coastal road. Commenced on October 13, 2018, the ambitious project has an estimated cost of Rs 12,721 crore. As part of the project, a world-class Central Park sprawling over…

Krystal Integrated Services is gearing up to launch its initial public offering (IPO), with a price band set between ₹680 to ₹715 per equity share having a face value of ₹10. The subscription for the Krystal Integrated Services IPO is scheduled to begin on Thursday, March 14, and conclude on Monday, March 18. Allocation to anchor investors is slated for Wednesday, March 13. The floor price stands at 68 times the face value of equity shares, while the cap price is set at 71.50 times the face value. At the upper end of the price band, the price to earnings…

Domestic brokerage firm Motilal Oswal has reiterated its “buy” recommendation for JK Lakshmi Cement as the company continues to expand its grinding capacity and aims to widen its market presence. With a target price of Rs 1,030 per share, representing a potential upside of 15% from the current market price, the brokerage remains optimistic about the company’s prospects. In the opening hour of trading, the share price rose by 2%, but later moderated its gains to trade at Rs 896.55 at 10:15 am, up 0.5% from the previous session. JK Lakshmi Cement is strategically planning to increase its grinding capacity…

Shares of KPI Green Energy Limited saw a 5% increase to Rs 1,812 in early trading on March 11 following the company’s announcement of receiving an order for 305MWac from two subsidiaries of the Aditya Birla Group. This order is part of a wind-solar hybrid power project in Gujarat. The company will undertake engineering, procurement, construction, and commissioning (EPCC) services for the solar project, including supply, loading, unloading, transportation, and construction. According to the exchange filing, the project is scheduled for completion in the financial year 2025-26. By 10:58 am, the stock was trading at Rs 1,732, marking a 0.36%…

Shares of Macrotech Developers saw a significant surge of around 4% in early trading on March 11, reaching a fresh record high of Rs 1,277.90. This surge came after the company successfully raised Rs 3,300 crore through a qualified institutional placement (QIP). Despite hitting a record high, the stock saw some profit booking, causing it to retreat from the day’s peak. By 10:52 am, shares were trading slightly lower at Rs 1,191.85 on the NSE. The positive sentiment surrounding the fund raise remained strong as several prominent names, including Rajiv Jain’s GQG Partners, Invesco Developing Markets Fund, and Stitching Depositary…

Indian Oil Corporation (IOC) is making waves in the fuel industry once again, this time setting its sights on the adrenaline-pumping world of Formula One (F1) motor racing. Within the next three months, IOC’s Paradip refinery in Odisha will commence production of the high-octane petrol used in F1 racing cars, marking a significant milestone for the company. As the country’s largest oil firm with approximately 40% of the fuel market share, IOC will become the first Indian company and one of the few globally to manufacture fuel for F1 racing. IOC’s chairman, Shrikant Madhav Vaidya, announced that the company aims…

Shares of several Tata group firms experienced declines of up to 10% on March 11 following reports suggesting that Tata Sons may not pursue an initial public offering (IPO) in the near future. The surge in IPO anticipation had led to significant gains of up to 36% for several group stocks in the previous week. Although Tata Sons is registered as a Core Investment Company (CIC) with the Reserve Bank of India and has been categorized as an “upper layer” NBFC, mandating listing within three years of notification, reports indicate uncertainty regarding its IPO plans. The RBI’s September 2023 notification…

A petition has been filed in the Supreme Court seeking to prevent the government from appointing the Chief Election Commissioner and other Election Commissioners in accordance with Section 7 and 8 of the Chief Election Commissioner and other Election Commissioners (Appointment Conditions of Service and terms of office) Act 2023, as reported by Bar and Bench.

In early trade on March 11, the stock price of Rail Vikas Nigam (RVNL) saw a 5 percent increase after the company secured work orders worth Rs 1,826.14 crore. As of 9:25 am, RVNL was trading at Rs 250.90 on the BSE, up Rs 12.90 or 5.42 percent. The company received a Letter of Award (LoA) from the Himachal Pradesh State Electricity Board for infrastructure development in the North Zone of the state under the revamped distribution sector scheme. The project, aimed at reducing losses, is valued at Rs 409.65 crore and is slated for completion in 24 months. Additionally,…

JM Financial shares experienced an 8 percent decline in early trading on March 11 following the Securities and Exchange Board (SEBI)’s decision to prohibit the company from taking on any new mandate as a lead manager for public issues of debt securities. As of 9:20 am, the stock was trading at Rs 81.35 on the NSE, marking a 7.5 percent decrease from the previous day’s close. In an interim order issued on March 7, SEBI stipulated that JM Financial could continue to serve as a lead manager for public issues of debt securities for a period of 60 days from…