Author: Legal Parivar

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…

Sona Machinery IPO Allotment Date: Today, on Monday, March 11, the final allotment for the Sona Machinery IPO will be determined. Investors who have applied for the IPO can check their allotment status on the registrar’s portal, Maashitla Securities Private Ltd. Investors will be able to ascertain the number of shares allotted to them and whether their applications have been successful. Refunds will be initiated for applicants who were not allotted shares, while those who were successful will see their shares credited to their demat accounts on Tuesday, March 12. The Sona Machinery IPO is scheduled to be listed on…

Gopal Snacks IPO: Bidding for the initial public offering (IPO) of Gopal Namkeen Limited commenced on March 6, 2024, and will conclude on March 11, 2024. This indicates that investors have until today to apply for the public issue. The FMCG company has set the price band for the Gopal Snacks IPO at ₹381 to ₹401 per equity share. The anticipated listing date for Gopal Snacks IPO is March 14, 2024. According to the Gopal Snacks IPO subscription status, the book build issue was oversubscribed 1.40 times within the first two days of bidding. As for the grey market sentiment,…

Today, Prime Minister Narendra Modi is set to participate in the ‘Sashakt Nari-Viksit Bharat’ programme at the Indian Agricultural Research Institute, witnessing agricultural drone demonstrations by ‘Namo Drone Didis’. Additionally, the Supreme Court will hear SBI’s plea for an extension to disclose electoral bond details. Here’s a roundup of today’s significant events: In addition to these events, PM Modi will attend a DRDO programme in Delhi, inaugurate a section of Dwarka Expressway in Haryana, and hold a roadshow. The SC will hear a plea filed by AAP’s Sanjay Singh, and ED summons Mahua Moitra for questioning in a FEMA case.…

Last week, the Indian stock market showed stability amid positive global indicators hinting at a possible US Fed rate cut. While the Nifty 50 index gained 19 points to close at 22,493, the Sensex rose 33 points, ending at 74,119. However, the Bank Nifty index closed 129 points lower at 47,865. Small-cap and mid-cap indices witnessed buying interest, climbing 0.70 percent and 0.39 percent, respectively. According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal, Nifty’s consolidation above 22,500 levels and broader market buying were notable. The majority of sectors, including Metals, FMCG, Financials, and Consumer Durables, ended in…

Today, Monday, March 11, marks the finalization of JG Chemicals IPO share allotment. Investors who applied for JG Chemicals IPO can check their allotment status on the registrar’s portal, Kfin Technologies Ltd. The IPO subscription, which opened on Tuesday, March 5, and closed on Thursday, March 7, witnessed a strong response with a subscription status of 27.78 times on the final bidding day, according to BSE data. Investors can determine the number of shares allotted to them through the basis of allotment and IPO allotment status. Refunds will be initiated for applicants who were not allotted shares, while those allotted…

The spotlight is set on GAIL stock on March 11 following a “sell” recommendation from CLSA, marking the second downgrade by the brokerage firm in three months. Jefferies also maintains an underperform rating for the stock, which closed at Rs 189.30 on the National Stock Exchange on March 7, a slight decline of around 0.6 percent from the previous close. CLSA, which initially downgraded the stock to underperform in January due to slow EPS growth, foresees limited potential for revaluation and predicts subdued earnings per share growth, signaling a cautious outlook for GAIL in the short term. CLSA sets a…

Global brokerage firm CLSA has revised its rating on HDFC Bank stock from ‘buy’ to ‘outperform’, with a reduced target price of Rs 1,650 per share down from Rs 2,050. The downgrade follows analysts’ concerns regarding sluggish deposit growth and margin recovery. Year-to-date, India’s largest private sector lender has seen its stock decline by over 15 percent, in contrast to a marginal 0.9 percent decrease in the Bank Nifty index. Earlier this year, HDFC Bank shares hit a 52-week low of Rs 1,363 per share on February 14, 2024. Analysts at CLSA caution that the bank may face challenges in…

Recent regulatory actions taken by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (Sebi) concerning Paytm Payments Bank, IIFL Finance, and JM Financial Ltd have stirred the markets. However, Anish Shah, the Group CEO and Managing Director of Mahindra & Mahindra Ltd, views these actions as ultimately beneficial for the financial services industry. In an interview, Shah expressed the group’s perspective that the recent interventions by the RBI will have a positive impact on the financial services sector. He emphasized the importance of running financial services businesses with robust controls and risk frameworks. Last…