Author: Legal Parivar

Bondada Engineering witnessed a nearly 3 percent intraday surge on February 29th following the announcement of securing an order valued at Rs 81 crore from NLC India Limited. The order entails Balance of System (BOS) work for a SOMW solar power project, inclusive of a three-year Operation and Maintenance (O&M) commitment, totaling Rs 81,34,02,405 (inclusive of GST). The project is slated for completion within 15 months from the issuance of the Letter of Award (LOA). Previously, in February 2024, the company had secured a work order from Sundrops Energia Private Limited for supplying equipment for a solar power plant, with…

The oil ministry has announced an increase in the price of domestic natural gas to $8.17 per million metric British thermal units (mmBtu) for March, up from $7.85 in the previous month, according to a notification. However, the domestic natural gas price will remain unchanged at $6.5 for the month, following the established formula for price calculation. Under the updated gas pricing mechanism, domestic gas prices are now subject to a floor and ceiling of $4 per mmBtu and $6.5 per mmBtu, respectively. This pricing structure has been consistent since January and February when the price stood at $6.5 per…

During the fiscal year 2022-23, an analysis by the Association for Democratic Reforms (ADR) revealed that electoral bonds accounted for nearly half of the total income of both the ruling Bharatiya Janata Party (BJP) and the Aam Aadmi Party (AAP). The BJP reported an income of Rs 2,360.84 crore, with approximately 55% (Rs 1,294 crore) of it sourced from electoral bonds. Similarly, the AAP disclosed Rs 85.17 crore in donations through electoral bonds, constituting 53.364% of its total income. Notably, the AAP’s income surged by 91.23% from Rs 44.539 crore in FY22 to Rs 85.17 crore in FY23. The analysis…

Triveni Turbine shares have emerged as one of the standout performers in the Indian stock market over the past few years, delivering impressive returns to investors. Despite the significant rally post-COVID, some brokerage firms believe there is still upside potential in this multibagger stock. Motilal Oswal has issued a ‘buy’ recommendation with a target price of ₹540 per share, while Sharekhan has also assigned a ‘buy’ rating with a target price of ₹550 per share. Motilal Oswal highlights the company’s financials, noting its current trading multiples and adjusted estimates to reflect higher costs associated with market expansion efforts. Despite potential…

The recent surge in small-cap stock prices has led to significant valuation increases, prompting mutual fund houses to take action to protect investor interests. Recognizing potential risks, certain asset management companies (AMCs) have restricted lump sum investments in small-cap funds. This move aims to mitigate volatility and safeguard investor capital amidst concerns of overvaluation. Gurmeet Singh Chawla, Director at Master Capital Services Ltd., highlighted the rationale behind limiting lump sum investments, citing heightened volatility, limited free float, and risk factors such as political events. In response to soaring small-cap valuations, Ravi Singhal, CEO of GCL Broking, emphasized the need for…

Electronic Arts announced on Wednesday that it will downsize its workforce by 5% as part of a restructuring initiative aimed at cutting costs, which also involves reducing its real estate footprint. This decision comes as the video game industry faces challenges in achieving growth amidst high interest rates. The company, known for popular gaming titles like “Star Wars Jedi: Survivor,” anticipates incurring charges ranging from $125 million to $165 million related to this restructuring. Similar moves have been made by other major players in the industry, including Sony, Microsoft, and Tencent-owned Riot Games, all of whom have laid off thousands…

Luxury hotel chain Juniper Hotels Ltd witnessed a rise in its stock price during morning trading on February 29 following news that Norges Bank, representing the Government Pension Fund Global, acquired 21.7 lakh equity shares, equivalent to a 0.98 percent stake in the company. The bulk deal was executed at an average price of Rs 398.15 per share. During the trading session, a total of 50 lakh shares of Juniper Hotels changed hands on both the BSE and NSE. By 11:55 am, Juniper Hotels shares were trading 9 percent higher at Rs 437.95 on the NSE, pushing the company’s market…

According to Reuters, Japanese investment behemoth SoftBank has reduced its stake in the troubled Indian fintech unicorn, Paytm. SoftBank has divested more than 13.7 million shares, approximately 2.17 percent of its holdings in Paytm, through open market transactions over the last month amidst a regulatory turmoil affecting the fintech giant’s stock price. Following this recent sale, the Japanese conglomerate’s ownership in Paytm’s parent company, One97 Communications, has dwindled to 2.83 percent. “SVF India Holdings (Cayman) Limited has liquidated a total of 13,784,787 shares of One97 Communication Limited in a series of transactions executed between January 23, 2024, and February 26,…

During the quarter ended December 2023, fast-moving consumer goods (FMCG) companies experienced a notable slowdown in revenue growth to just 2.1%, a sharp decline from approximately 6% in the first half of the year and around 13% in the previous fiscal year (FY23). Despite this, management commentaries from most FMCG companies expressed optimism about an anticipated improvement in revenue trajectory, primarily driven by the recovery in rural demand. Anand Rathi, a brokerage firm, projects a 13% earnings Compound Annual Growth Rate (CAGR) over FY24-26 for its FMCG coverage universe. This growth is expected to be supported by gains in gross…

NBCC witnessed an intraday surge in its stock on February 29 after successfully conducting an e-auction for approximately 61,000 sqft of commercial built-up area in Ayurvigyan Nagar, New Delhi. The basic sale price for the project stands at Rs 36,000 per sqft, with the total deal valued at Rs 272.68 crore. The Grid Controller of India Ltd, a PSU under the Ministry of Power, participated in the e-auction and secured the deal. The commercial space sold through this e-auction is part of a redevelopment project undertaken by NBCC for AIIMS Delhi. The proceeds generated from the sale will be utilized…