Author: Legal Parivar

Mukka Proteins Limited’s initial public offering (IPO) opened for subscription on February 29, 2024, and will close on March 4, 2024, giving primary market investors just one day to apply. The company has already secured ₹67.20 crore from anchor investors, with the aim of raising a total of ₹224 crore through the issuance of fresh shares. The IPO price band has been set at ₹26 to ₹28 per equity share. In the first two days of bidding, the IPO was oversubscribed 6.97 times, reflecting strong interest from investors. The grey market premium for Mukka Proteins IPO currently stands at ₹30,…

Adani Ports achieved a record high share price on Monday following the announcement of a 33% year-on-year increase in cargo volumes for February. The shares of Adani Ports and Special Economic Zone climbed by 1.32% to reach ₹1,356.50 on the BSE. In February, Adani Ports handled a total cargo volume of 35.4 MMT, marking a significant 33% growth compared to the previous year. Notably, Dhamra Port recorded its highest-ever monthly cargo of 4.22 MMT, according to a regulatory filing by Adani Ports. For the fiscal year 2023-24 up to February 2024, Adani Ports has already managed to handle 382 MMT…

The allotment process for the Bharat Highways InvIT IPO has commenced today, Monday, March 4, and is underway. Investors who participated in the IPO can verify their allotment status through the registrar’s portal, Kfin Technologies Ltd. The IPO subscription window was open from Wednesday, February 28, to Friday, March 1, and witnessed a subscription status of 8.01 times on the final bidding day. Investors can ascertain the number of shares allocated to them through the basis of allotment, which will also reflect in the IPO allotment status. Refunds will be initiated for applicants who were not allotted shares, while those…

The Hindu Business Line reports that with less than two weeks remaining before Paytm Payments Bank Limited (PPBL) ceases operations, the Reserve Bank of India (RBI) may take the unprecedented step of revoking the banking license. If this action is indeed taken, it would mark the first instance in over two decades where the banking regulator has resorted to such measures. The report suggests that an administrator could be appointed to oversee critical aspects of the bank’s operations. Citing sources, the report indicates that the RBI’s decision may be driven by repeated instances of failed due diligence by the banking…

Global brokerage firm HSBC has issued a ‘buy’ rating on HDFC Bank, setting a target price of Rs 1,750 per share, indicating a potential upside of 22 percent from current levels. Analysts at HSBC are optimistic about the stock’s prospects, forecasting returns of 15-29 percent compounded annually over FY24-27. Despite a challenging year with HDFC Bank’s stock declining by over 16 percent while the benchmark Sensex dropped by only 2 percent, HSBC remains bullish. The private sector lender’s shares hit a 52-week low of Rs 1,363 on February 14, 2024. According to HSBC analysts, the primary factor behind the stock’s…

CLSA maintains a cautious stance on the Indian steel sector despite the recent rally in metals. They point out several reasons for their concern, including a shift in profit distribution towards miners, expectations of reduced spreads compared to previous periods, and high stock valuations not aligned with anticipated spread compression, which isn’t reflected in consensus estimates. Tata Steel has been downgraded by CLSA from ‘outperform’ to ‘sell’, with the target price cut to Rs 135 from Rs 145. Similarly, JSW Steel’s rating has been lowered from ‘underperform’ to ‘sell’, with the target price revised to Rs 730 from Rs 810.…

Pakistan’s recently-elected Prime Minister, Shehbaz Sharif, vowed on Sunday to rejuvenate the nation’s debt-laden economy and eliminate terrorism. He emphasized that his administration would prevent Pakistan from being drawn into any geopolitical maneuvering and would uphold friendly relations with neighboring countries founded on principles of equality.

Arabinda Dhali, a five-time MLA, officially joined the BJP at the party’s headquarters in Bhubaneswar on Sunday, after resigning from the primary membership of the Biju Janata Dal (BJD). Dhali’s decision was made in the presence of Odisha election in-charge Vijaypal Singh Tomar and BJP state president Manmohan Samal. He cited a lack of receptiveness within the BJD, stating that nobody was willing to listen to others in the party. “I resigned from the primary membership of BJD yesterday. PM Modi is poised to become the Prime Minister for the third time with more than 400 MPs. The development that…

Nikki Haley clinched a win in the Republican primary in the District of Columbia, marking her first triumph in the 2024 campaign season. Her victory on Sunday temporarily interrupts Donald Trump’s dominance in GOP voting contests, though Trump is expected to gather several hundred more delegates in the upcoming Super Tuesday races this week. Despite facing setbacks in earlier primaries, Haley has expressed her intention to remain in the race at least through these contests, refraining from specifying any particular primary where she feels assured of victory. Following her recent defeat in her home state of South Carolina, Haley reiterated…

The Enforcement Directorate (ED) has summoned Delhi Chief Minister Arvind Kejriwal for questioning on Monday regarding a money laundering case linked to alleged irregularities in the Delhi excise policy for the 2021-22 fiscal year, which has since been revoked. Kejriwal has skipped previous summonses on seven occasions. Consequently, the ED has filed a complaint against him in a Delhi court for non-compliance with its summons. The court has granted Kejriwal an exemption from personal appearance until March 16. Kejriwal has participated in court proceedings virtually, citing his involvement in the ongoing Budget session of the Delhi assembly as the reason…