Author: Legal Parivar

The Jharkhand government presented a budget of Rs 1.28 lakh crore for the fiscal year 2024-25 in the assembly on Tuesday. This marks an increase of over 10 per cent from the previous year’s budget. The JMM-led coalition government had allocated Rs 1.16 lakh crore for the financial year 2023-24. Finance Minister Rameshwar Oraon announced the budget in the assembly, stating, “I present a budget of Rs 1,28,900 crore for the financial year 2024-25.” This budget signifies the first fiscal plan under the newly formed Champai Soren government. Oraon emphasized that the budget aims to address the needs of various…

The Noida Authority has launched a scheme offering 25 commercial plots across 11 sectors in the city, with a combined reserve price of Rs 105.5 crore, according to officials familiar with the matter. Registration for the scheme is open until March 7, with the allocation of plots to be conducted through e-auction. These plots range in size from 18 square meters (sqm) to 316 sqm and are situated across various sectors in Noida, officials revealed. “Of the 25 plots, six are located in Sector 84A (Hosiery Complex), four in Sector 16, three in Sector 31, two each in sectors 70,…

Zydus Lifesciences Ltd has announced a share buyback worth Rs 600 crore at Rs 1,005 per share through the tender offer route. Despite this announcement, as of 13:41 hours on February 27, the company’s stock on the BSE was trading slightly higher at Rs 946. The buyback period is scheduled to commence on February 29 and conclude on March 6, according to the firm’s filing with the stock exchange. The company intends to repurchase up to 59,70,149 shares with a face value of Rs 1 each on a proportionate basis through the tender offer route at Rs 1,005 per share,…

The Reserve Bank of India (RBI) has granted approval for the re-appointment of Ajay Kanwal as the managing director and chief executive officer (MD and CEO) of Jana Small Finance Bank. In an exchange notification, the bank stated, “The RBI, through their letter dated February 26, 2024, has conveyed its approval for the re-appointment of Ajay Kanwal as managing director and CEO of the bank for an additional three-year term commencing from March 21, 2024.” This reappointment spans from March 21, 2024, to March 20, 2027, as confirmed by the bank. Ajay Kanwal brings over 33 years of experience in…

Zenith Drugs witnessed a robust market entry, debuting at a 39.2% premium to its IPO price on February 27. The stock opened at Rs 110 on the NSE SME platform, significantly higher than the issue price of Rs 79. Prior to listing, the stock commanded a 44% premium in the grey market, an unofficial platform where shares trade before IPO allotment and until listing day. This metric is often monitored by investors to gauge the potential listing price. The IPO received overwhelming response, being oversubscribed 179 times between February 19 and February 22. Notably, retail investors bid 139 times, non-institutional…

On February 27, a block deal involving 4.2 crore shares of CMS Info Systems, representing a 27.1 percent stake, transacted, valued at Rs 1,594 crore. The buyer and seller identities remain undisclosed, as the deal occurred at a floor price of Rs 375.30 per share, slightly lower than the previous session’s closing price of Rs 397.35. While the parties involved couldn’t be confirmed, CNBC Awaaz hinted on February 26 that promoter Sion Investment might divest its entire 26.7 percent stake in block deals. Reportedly, the shares were expected to be sold at Rs 360 each, indicating a 9 percent discount…

JSW Energy Limited shares saw a 2 percent uptick in morning trading on February 27 following the announcement that its wholly owned subsidiary, JSW Neo Energy Limited, secured an order for 700 MW of ISTS-connected solar capacity from SJVN. According to a regulatory filing, the project is mandated to deliver power at full contracted capacity within 24 months. With the addition of this 700 MW capacity from SJVN Ltd, JSW Energy’s total locked-in capacity rises to 11 GW, including 1.4 GW of solar capacity. JSW Energy currently holds a total locked-in generation capacity of 11.0 GW, comprising 7.2 GW operational…

Deem Roll Tech celebrated a remarkable market entry, debuting at a 55 percent premium to its IPO price on February 27. The stock commenced trading at Rs 200 on the NSE SME platform, surpassing the issue price of Rs 129 per share. Anticipating the listing, the stock commanded a 63 percent premium in the grey market, an unofficial platform where shares trade before IPO allotment and until the listing day. Investors often monitor the grey market premium for insights into the listing price. The strong market debut was fueled by robust subscription rates. The IPO, open for subscription from February…

Bengaluru is poised for a significant surge in property taxes following the proposal by the local municipal corporation Bruhat Bengaluru Mahanagara Palike (BBMP) to adopt guidance value-based tax collection. This move is anticipated to further drive up already soaring apartment rentals, as noted by experts. Guidance value, set by the government, represents the minimum price of a property. Under the new draft notification, property tax collection will transition to being based on the guidance value or circle rates in respective areas, replacing the previous zonal classification (A-E) for tax assessment. Key changes proposed in the draft include doubling the tax…

In early trading on February 27, HFCL witnessed a gain of over one percent, reaching a 52-week high, subsequent to the company securing purchase orders totaling Rs 40.36 crore for the supply of optical fibre cables to a prominent private telecom operator in the country. At 9:36 am, the share price soared to a 52-week high of Rs 117.70 before settling at Rs 116.30, up by Rs 1.50 or 1.31 percent on the BSE. The company is set to fulfill the order by supplying various types of optical fibre cables tailored to customer specifications, with the deadline for execution scheduled…