Author: Legal Parivar

In early trading on February 27, Lemon Tree Hotels witnessed a rise in its share price following the company’s announcement of signing an agreement for two new properties in Rajasthan and Andhra Pradesh. As of 9:32 am, Lemon Tree Hotels was trading at Rs 142.95, marking an increase of Rs 1.90 or 1.35 percent on the BSE. According to an exchange filing by the company, it has entered into a license agreement for Lemon Tree Resort in Sankhwas Garh, Rajasthan, and Keys Lite by Lemon Tree Hotels in Vijayawada, Andhra Pradesh. Both properties are slated to open in the financial…

During early trade on February 17, Canara Bank witnessed a gain of nearly 1 percent in its share price. As of 9:37 am, Canara Bank’s shares were trading at Rs 577.30, up by Rs 4.50 or 0.79 percent. The decision to approve the sub-division/split of each equity share from Rs 10 face value to five equity shares of Rs 2 face value each was announced following a board of directors meeting on February 26, 2024. This move, subject to RBI approval, aims to enhance the bank’s share liquidity and accessibility for retail investors, while expanding its retail investor base. The…

Power Mech Projects saw a surge of over 3 percent in its share price during early trading on February 27, following the announcement of securing a significant order worth Rs 396.25 crore from the South East Central Railway. By 9:40 am, Power Mech Projects was trading at Rs 5,336.70, up by Rs 129.35 or 2.48 percent on the BSE. The newly acquired order pertains to the construction of an electrified 4th Railway BG line spanning between Dadhapara-Belaha-Dagori and Nipania-Bhatapara-Hathbandh stations in Chhattisgarh, under the South East Central Railway, on an Engineering, Procurement, and Construction (EPC) basis. The company disclosed this…

Kotak Mahindra Mutual Fund has joined other asset management companies (AMCs) in restricting or halting lumpsum investments into their smallcap funds, citing concerns over the continued inflow into smallcap stocks. Effective March 4, 2024, Kotak Mahindra Asset Management Company has temporarily limited subscriptions of units, including switch-ins, into its Kotak Small Cap Fund. The move aims to safeguard the interests of existing unitholders amidst a significant surge in smallcaps. Under the new restrictions, lumpsum investments, additional investments, or switch-ins in the scheme are capped at Rs 2 lakh per PAN (Permanent Account Number) per month. However, Systematic Investment Plan (SIP)…

Ahead of the Rajya Sabha elections, eight MLAs from the Samajwadi Party skipped a meeting convened by party chief Akhilesh Yadav. The meeting was intended to brief MLAs about the voting process for the upcoming elections. According to a senior SP leader, who spoke on condition of anonymity, Akhilesh Yadav called the meeting to inform MLAs about the voting procedure for the Rajya Sabha polls. However, the party’s chief whip in the Uttar Pradesh Legislative Assembly, Manoj Pandey, along with seven other MLAs—Mukesh Verma, Maharaji Prajapati, Pooja Pal, Rakesh Pandey, Vinod Chaturvedi, Rakesh Pratap Singh, and Abhay Singh—were absent. Confirming…

Shares of One 97 Communications Ltd, the parent company of Paytm, surged 5 percent and hit the upper circuit on February 26, marking the sixth time in the past seven sessions, as it continued to rebound from its all-time low of Rs 318.05 following RBI’s restrictions on its banking arm. Closing at Rs 428.10 on the National Stock Exchange, Paytm witnessed a 4.99 percent increase from the previous close, contributing to its ongoing recovery. Despite the recent uptrend, the market capitalization of the payment major remains 30 percent lower than January 31, when the central bank issued a circular regarding…

On February 26, BGR Energy Systems promoter Sasikala Ragupathy divested a 2.51 percent stake in the company. The sale involved 18,11,464 shares, sold at an average price of Rs 79.73 through open market transactions, totaling Rs 14.44 crore. As of December 2023, Sasikala held a 23.99 percent stake in the company. Consequently, BGR Energy Systems stock experienced an 11.18 percent decline, closing at Rs 75.85 in the trading session. In another development, Minerva Ventures fund acquired a 0.5 percent stake in Easy Trip Planners, purchasing 90,00,000 shares at Rs 48.75 per share, totaling Rs 43.87 crore. Despite this, shares of…

TVS Motor Company announced on Monday that its Singapore-based subsidiary has raised its stake in the German electric mobility startup Killwatt GmbH to 49 percent. This was achieved through the acquisition of an additional 8,000 equity shares for 4 million euros (over Rs 35 crore). According to a regulatory filing by TVS Motor Co, TVS Motor (Singapore) Pte Ltd has agreed to purchase an additional 8,000 equity shares in Killwatt GmbH. This move will increase its shareholding from 39.28 percent to 49 percent through the issuance of newly issued shares by Killwatt GmbH. The total consideration for the acquisition of…

Indian Oil Corporation (IOCL) has scrapped its tender for establishing the first green hydrogen plant at the Panipat Refinery and Petrochemical Complex in Haryana due to a lack of interest and allegations of biased tender norms favoring a joint venture involving the state-run oil marketing company. The Independent Green Hydrogen Producers Association, representing private sector players, took legal action against the tender process. In response, IOCL issued a corrigendum last week, officially canceling the tender for the 10-kilo tonne per annum green hydrogen project. IOCL’s tender received only one bid in December from GH4India Pvt Ltd, a joint venture involving…

Bandhan Financial Holdings (BFHL) has completed the acquisition of Aegon Life Insurance on February 26, marking a strategic entry into the insurance market. The purchase from Aegon India Holding B.V. and Bennett, Coleman & Company Limited signifies a pivotal move for BFHL into the life insurance sector in India, complementing their existing presence in banking and mutual funds. According to Aegon Life Insurance, the transition to BFHL ensures the continuation of its legacy of innovation and customer-centric approaches. BFHL, as the promoter and associate company of Bandhan Bank Limited, will now become the key promoter of Aegon Life Insurance, emphasizing…