Author: Legal Parivar

Gold prices surged significantly on Tuesday, climbing by ₹800 to hit a new all-time high of ₹65,000 per 10 grams in the national capital, driven by strong global trends. In the previous session, gold concluded at ₹64,200 per 10 grams. Spot gold prices (24 carats) in Delhi markets are now trading at ₹65,000 per 10 grams, up by ₹800, influenced by bullish cues from overseas markets. According to analysts, spot gold reached a new all-time high of ₹65,000 on Tuesday. Similarly, silver saw a robust rally, rising by ₹900 to ₹74,900 per kilogram. In the preceding trading session, it settled…

Krystal Integrated Services, a facilities management services company, is set to launch its inaugural public issue on March 14, with the price range anticipated to be disclosed in the next couple of days. This marks the second public offering to hit Dalal Street next week, following Popular Vehicles & Services. The IPO consists of a fresh issuance of equity shares valued at Rs 175 crore, along with an offer-for-sale (OFS) of 17.5 lakh equity shares by promoter Krystal Family Holdings. The subscription window will close on March 14. The anchor book, designated for up to 60 percent of qualified institutional…

In Aavas Financiers, foreign promoters Lake District Holdings, Partners Group ESCL, and Partners Group Private Equity collectively divested shares worth Rs 1,369.61 crore in the company. Lake District Holdings sold 58,39,578 shares or a 7.37 percent stake at Rs 1,370.01 per share. Partners Group ESCL sold 28,89,373 shares or a 3.65 percent stake at Rs 1,370 per share, while Partners Group Private Equity offloaded 12,67,999 shares or a 1.60 percent stake at an average price of Rs 1,370.2. As of December 2023, Lake District held a 22.98 percent stake in the company, while Partners Group ESCL held 11.21 percent and…

RBI’s recent decision to prohibit JM Financial Products Ltd (JMFPL) from extending loans against shares and debentures, including those related to Initial Public Offerings (IPOs), comes amidst serious deficiencies and governance concerns in the financial services firm’s loan processes. This action, effective immediately, follows a limited review by RBI, prompted by information shared by the Securities and Exchange Board of India (SEBI). During the review, it was discovered that JMFPL facilitated a group of customers to bid for various IPOs and Non-Convertible Debenture (NCD) offerings using loaned funds, with credit underwriting procedures found to be inadequate. Additionally, the company operated…

Kerala-based automotive dealer Popular Vehicles and Services has announced plans to launch its inaugural public issue for subscription on March 12. The price range will be disclosed on March 6. The public issue will remain open for subscription until March 14, while the anchor book will be available for one day on March 11. The IPO consists of a fresh issuance of shares worth Rs 250 crore by the company, along with an offer-for-sale (OFS) of 1,19,17,075 equity shares by private equity fund BanyanTree Growth Capital II LLC. Currently, promoters hold a 69.45 percent stake in the company, with the…

The Indian government has decided to extend the requirement for the nation’s power producers to import 6% of their coal needs until June, despite sufficient availability of domestic coal. This decision comes amidst transportation challenges and increased electricity demand, as mentioned in a note from the power ministry on Tuesday. Last year, India had mandated utilities to import 6% of their coal requirements until March due to a significant surge in power and coal demand. Despite Coal India, a state-run company, achieving record coal production (which contributes to about 80% of India’s domestic coal production), logistical constraints within the country’s…

Today, SpiceJet witnessed a surge in buying interest as the aviation company announced the settlement of a ₹93 crore dispute with aircraft leasing firm Cross Ocean Partners. The joint declaration was made before the Delhi High Court by both companies as part of an ongoing execution petition pursued by Cross Ocean Partners. SpiceJet’s share price opened higher at ₹62.90 apiece on the NSE and quickly reached an intraday high of ₹65 per share following the news of the dispute settlement. This surge represented a 4 percent increase from its previous close of ₹62.58 apiece on the NSE. According to SpiceJet’s…

Westlife Foodworld, the operator of McDonald’s restaurants in west and south India, announced on Tuesday that the Food Safety and Standards Authority of India (FSSAI) has verified McDonald’s India’s cheese as ‘100% Real Cheese’. This confirmation from FSSAI sparked a rally in Westlife Foodworld shares, which surged over 6%. In a regulatory filing, Westlife Foodworld stated that the confirmation from FSSAI explicitly declares that the products containing cheese do not contain any analogues in the dairy context. Additionally, McDonald’s India (West & South) received test results from a NABL-accredited lab confirming the use of 100% Real Cheese across its products.…

The Mumbai Biocluster, comprising prestigious institutions like ICT Mumbai, IIT Bombay, TIFR, ACTREC, and Khalsa College, has been awarded Rs 60 crore by the Department of Science and Technology’s (DST) SATHI initiative to expedite the development of medicines. The primary objective of the biocluster is to transform drug development processes within the country. It will act as an accelerator for startups, academia, MSMEs, and industries, offering cutting-edge infrastructure and expertise to facilitate the rapid development of biopharmaceutical products. Focusing on monoclonal antibodies, vaccines, mRNA technology, and cell & gene therapy, the facility will tackle critical challenges encountered during technology scale-up…

Tata Sons Ltd. is expected to achieve a valuation of up to 8 trillion rupees ($96 billion) in its upcoming initial public offering, likely to occur within the next 18 months, as per Mumbai-based investment banking firm Spark PWM Pvt. The Indian conglomerate, known for its stakes in major companies like Tata Consultancy Services Ltd. and Tata Motors Ltd., was categorized as an “upper-layer” non-banking financial company by the central bank in September 2022. This classification entails that such entities must seek a public listing within three years. Analyst Vidit Shah noted in a March 4 report that Tata Sons…