Author: Legal Parivar

Bharat Highways Infrastructure Investment Trust’s (InvIT) IPO has garnered Rs 825.97 crore from various anchor investors on February 27. On the second day of bidding, February 29, the IPO has been subscribed 37%. With a size of Rs 2,500 crore, it stands as the largest IPO in 2024 so far, receiving a ‘Subscribe’ rating from several brokerages due to its reasonable valuation. Offer Details The IPO, which commenced on February 28 and is set to close on March 1, 2024, has a price band of Rs 98-100 per share. It comprises a fresh issue of 25 crore shares. The net…

Foreign direct investment (FDI) inflows into India witnessed a 13 percent decline to USD 32.03 billion in the April-December 2023 period, primarily due to reduced investments in sectors such as computer hardware and software, telecom, auto, and pharma, according to the latest government data. Comparatively, FDI inflows stood at USD 36.74 billion during the corresponding nine months of the previous fiscal year. However, inflows during the October-December quarter of the current fiscal year saw an 18 percent increase to USD 11.6 billion, compared to USD 9.83 billion in the same quarter of 2022-23. The total FDI, encompassing equity inflows, reinvested…

On the opening day of bidding, February 29, Mukka Proteins’ public issue witnessed a subscription of 39%. Retail investors took the lead, subscribing 67%, while high net-worth individuals subscribed to 26% of the allocated quota. The company aims to raise Rs 224 crore through the fresh issue of 8 crore shares. Of this, Rs 120 crore will be allocated to meet working capital requirements, with an additional Rs 10 crore earmarked for the working capital needs of its associate, Ento Proteins. The remaining proceeds will be utilized for general corporate purposes. Ahead of the IPO, the Karnataka-based fish protein products…

Shapoorji Pallonji Real Estate unveiled over 180 luxury residences in Bengaluru on Thursday, presenting a revenue opportunity of approximately Rs 500 crore. In a press release, the company announced the launch of ‘Sequoia’, the final tower within its Parkwest 2.0 project situated in Binnypet, Bengaluru. Parkwest 2.0 boasts a total saleable area exceeding 18.4 lakh square feet. The latest tower will feature more than 180 luxury apartments, covering a saleable area of 4.3 lakh square feet. Venkatesh Gopalakrishna, MD & CEO of Shapoorji Pallonji Real Estate, expressed pride in the meticulous planning and craftsmanship evident in Sequoia, the concluding phase…

In a significant decision, the Supreme Court of India has overturned the 2018 judgment regarding the automatic vacation of stay orders granted by lower courts or high courts after six months in civil and criminal cases. The ruling, delivered by a five-judge Constitution Bench led by Chief Justice D Y Chandrachud on Thursday, emphasizes that timelines for case disposal can only be established in exceptional circumstances. Two separate but concurring judgments were pronounced by the bench. Justice A S Oka, in his judgment, emphasized that constitutional courts should refrain from setting timelines for case disposal, as grassroots issues are best…

Zee Entertainment shares witnessed a more than 3% decline on Thursday, extending the losses from the previous session. The stock dropped by as much as 3.58% to ₹156.20 per share on the BSE. In the prior session, Zee Entertainment Enterprises had experienced a significant decline of 6.36%. Over the past three months, the stock has plummeted by over 37%, and year-to-date, it has fallen by 43%. The downward pressure on Zee shares intensified following the collapse of its proposed merger with Sony Group’s India unit. Adding to Zee’s challenges is the recent announcement by Reliance Industries Ltd (RIL), led by…

Today, Bajaj Auto shares are trading ex-buyback, with the company setting the record date for its buyback program on February 29, 2024. Shareholders holding Bajaj Auto shares after the close of Thursday’s session will be eligible to participate in the buyback, which the company has announced through the tender route. Bajaj Auto has revealed the buyback price at ₹10,000 per share, representing a 25 percent increase over today’s share price, which is approximately ₹8,000 per share. Providing details to the Indian stock market exchanges, Bajaj Auto Ltd stated, “This is in continuation of our previous disclosures dated January 8, 2024,…

Tata Sons Chairman, N Chandrasekaran, hinted at an imminent announcement regarding a semiconductor chip fab with a substantial investment during his speech at the 20th Anantharamakrishnan Memorial lecture on ‘India’s Leadership in a Pivotal Decade’. The conglomerate’s forward-looking strategy includes investments in Air India and the electronics and semiconductor sector, although specific details about the semiconductor manufacturing facility were not disclosed. Reports suggest that the Tata Group is exploring potential partnerships with major Taiwanese chipmakers like Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group for the proposed chip fabrication plant in Dholera, Gujarat. Chandrasekaran highlighted the intention to produce multiple…

In the Karnataka Assembly, chaos erupted as Bharatiya Janata Party (BJP) lawmakers protested against the ruling Siddaramaiah government, citing an alleged video showing supporters of Congress MP Syed Naseer Hussain chanting pro-Pakistan slogans. R Ashoka, the Leader of Opposition in the Karnataka Assembly, demanded the immediate arrest of the individual responsible for the pro-Pakistan slogans. Meanwhile, Byadagi Police announced on Thursday that they had detained Mohmad Shafi Nashipudi, a trader and supporter of Syed Naseer Hussain, for questioning. They stated, “We have obtained his voice sample and brought him in for analysis regarding the alleged pro-Pakistan slogan video. He was…

The government has set a conservative target for wheat procurement, ranging from 30 to 32 million tonnes for the 2024-25 rabi marketing season, as per the food ministry’s announcement. This target is notably lower than the Ministry of Agriculture’s optimistic projection of a record wheat production between 114 to 115 million tonnes for the 2023-24 crop year (July-June). Following discussions with state food secretaries in a meeting chaired by Union Food Secretary Sanjeev Chopra in the national capital, the procurement target was finalized. The ministry stated, “After deliberations, the estimates for wheat procurement during the ensuing rabi marketing season of…