Author: Legal Parivar

On February 29, farm equipment manufacturer Sona Machinery announced its submission of draft papers to NSE’s small and medium enterprise platform, NSE Emerge, for an initial public offering (IPO) to raise funds. The IPO will consist entirely of a fresh issue of 36.24 lakh equity shares, as stated by the company. The funds raised from the IPO will be allocated towards establishing a new manufacturing unit to enhance operational capabilities and increase manufacturing output to meet the growing demand for its products. Sona Machinery aims to address the rising demand for grain-processing equipment both domestically in India and across the…

On a significant day marked by the Union Cabinet’s approval of three major semiconductor proposals, Minister of State for Electronics and Information Technology, Rajeev Chandrasekhar, disclosed that the government is currently evaluating an $11 billion fab proposal from Israel’s Tower Semiconductor. The Union Cabinet, on February 29, greenlit three projects under the government’s $10 billion capex-linked incentive scheme, collectively amounting to investments worth Rs 1.26 lakh crore. Speaking at a press briefing, Chandrasekhar highlighted Tower Semiconductor’s proposal as one of considerable importance due to its distinct characteristics. He explained that Tower Semiconductor’s plan entails a more extended build-out period and…

Tata Memorial Centre asserts that its Rs 100 per tablet medication has the potential to prevent cancer recurrence. The tablet, developed by the institute, aims to not only prevent cancer from returning but also reduce treatment side effects by half. Currently awaiting approval from FSSAI, once sanctioned, the tablet is anticipated to be available in the market by June.

Swan Energy announced on Thursday that it successfully raised Rs 3,000 crore through a qualified institutional placement of shares, priced at Rs 670 each. The offering garnered significant interest from qualified institutional investors, including Quant Mutual Fund, SBI Life, LIC, LIC Mutual Fund, Tata Mutual Fund, Infini Mutual Funds, SBI General Insurance, BNP Paribas Mutual Fund, Nomura, Goldman Sachs, Future Generali, Anand Rathi, and various domestic and foreign institutions and family offices. The proceeds from the placement will primarily be utilized to modernize the recently acquired Reliance Naval and Engineering’s shipyard at Pipavav. Additionally, a portion of the funds will…

On February 29, the central government announced that it had disbursed two instalments totaling Rs 1.42 lakh crore as tax devolution to states, in addition to the Rs 72,961 crore released on February 12, 2024. The cumulative amount of tax devolution, including the early-February release, now stands at Rs 2.15 lakh crore, aimed at bolstering states’ capacity to finance various social welfare programs and infrastructure initiatives, according to a statement by the Union government. Uttar Pradesh received the largest share, amounting to Rs 25,495 crore, followed by Bihar with Rs 14,295 crore. The distribution of funds among states is determined…

Paisalo Digital shares experienced robust buying interest on Thursday amidst the volatile Indian stock market. The non-banking financial company (NBFC) saw its stock open on a positive note and reach an intraday high of ₹183 per share on the NSE, marking a significant intraday rise of approximately 15 percent. Notably, this intraday high also marked a lifetime peak for Paisalo Digital shares, marking the second instance of hitting a new high this week. Earlier on Tuesday, the stock had reached a new peak of ₹175 per share on the BSE. In a recent exchange filing, Paisalo Digital Ltd disclosed receiving…

On February 29, Kuldeep Singh Pathania, the Speaker of the Himachal Pradesh Assembly, disqualified six rebel Congress MLAs who had cross-voted during the Rajya Sabha elections, resulting in their expulsion from the assembly. Following this decision, the Congress government in Himachal Pradesh managed to avert a potential crisis after the defection of six of its MLAs to the Bharatiya Janata Party (BJP) during the Rajya Sabha polls on February 27. With the disqualification, the assembly’s strength reduced to 62 members, leaving the Congress with 34 MLAs, just two above the majority mark of 32. Additionally, three independent MLAs who had…

Haryana Shahari Vikas Pradhikaran (HSVP), the state’s urban planning agency, is set to auction off 18 group housing plots valued at approximately Rs 1,700 crore in Gurugram and nearby cities, according to officials familiar with the matter. These plots, located in Gurugram, Hisar, Rohtak, Panchkula, and Pinjor, will be allocated through an e-auction scheduled for March 4th. An HSVP official stated that the collective reserve prices for these plots amount to around Rs 1,700 crore, with Gurugram alone accounting for plots valued at over Rs 1,100 crore. The group housing plots vary in size, with the smallest measuring 1,938.64 square…

Shares of BEML rebounded from the day’s low of Rs 3,172 on the National Stock Exchange (NSE) following the company’s acquisition of an order valued at Rs 72.71 crore from Eastern Coalfields Limited for BH100 Rear dumper. At 2:11 pm, the stock was trading at Rs 3,215.55 on the NSE, marking a 0.6 percent decline from the previous close. Throughout the day, a total of three lakh BEML shares were traded on both the Bombay Stock Exchange (BSE) and NSE combined, a lower figure compared to the 1-week and 1-month average trading volume of eight lakh equity shares. Earlier in…

Sources familiar with the matter revealed that India’s Securities and Exchange Board (SEBI) has advised money managers to consider restricting one-off investments from clients in small and mid-cap stock mutual funds, as well as reduce commissions offered for their sale. The directive was communicated to money managers during a meeting earlier this month, with SEBI expressing concerns about the escalating inflows into Indian small and mid-cap mutual funds and potential ripple effects on the financial system if investors were to withdraw their funds suddenly. Small-cap stocks in India are categorized as those with market capitalization below 50 billion rupees ($603.05…