Author: Legal Parivar

Stock Markets Today: Larsen & Toubro, ABB, Siemens, and other stocks have shown significant gains ranging from 50% to 103% over the past year. Siemens’ share price has more than doubled, while GE T&D India Ltd and Hitachi Energy have seen remarkable increases of 111% to 631%. Foreign Portfolio Investors (FPIs) have played a crucial role in bolstering these gains, showing strong confidence in Capital Goods stocks amidst a positive outlook. Despite being net sellers of equities worth over $3 billion in May, FPIs have made net equity investments totaling $723 million in the sector this year, as per NSDL…

Four members of the Hinduja family, namely Kamal Hinduja, Prakash Hinduja, Ajay Hinduja, and his wife Namrata Hinduja, all Swiss nationals, have denied facing any imprisonment, conviction, sentence, or detention for alleged exploitation of their Indian employees, as claimed by a spokesperson for the group. “The case no longer has any complainants, who themselves admitted in court that they were coerced into signing statements they did not comprehend. They neither intended nor initiated these proceedings. Additionally, all four Hinduja family members testified that they treated their employees with respect, dignity, and as part of their family,” the spokesperson stated. The…

The Indian government has taken decisive steps to stabilize wheat prices and curb potential hoarding by implementing a stockholding limit effective from Monday. This measure applies to retailers, wholesalers, processors, and large-chain retailers across the country. The primary objective is to prevent artificial scarcity of wheat and maintain price stability in the market. According to Sanjeev Chopra, Union Food Secretary, who addressed the media during a press briefing, the new regulations mandate that single retailers, big-chain retailers, processors, and wholesalers must disclose their wheat stocks every Friday. This transparency is aimed at ensuring accountability and preventing any undue accumulation of…

Krisumi Corporation, a joint venture between Krishna Group and Japan’s Sumitomo Corporation, is set to invest Rs 2,000 crore in Gurugram to develop 1,051 luxury apartments as part of its expansion strategy amid robust demand for residential properties. The company is currently executing ‘Krisumi City’, a large luxury township in Sector 36A, Gurugram. The first phase, known as ‘Waterfall Residences’ comprising 433 units, is nearing completion, while the second phase, ‘Waterfall Suites’ with 320 units, is slated for delivery by 2028. Announcing its plans on Monday, Krisumi revealed that the investment will primarily fund Phase 3 and Phase 4 of…

Waaree Energies announced on Monday that it has secured a contract to supply solar modules for a 412 MWp project in Rajasthan. The project, anticipated to be operational by March 2025, will utilize bi-facial solar modules with capacities ranging from 540-545 Wp (watt peak) each. Bi-facial modules can absorb sunlight from both sides, enhancing their efficiency. “Waaree Energies has secured a significant module supply contract for Acciona Energy’s subsidiary Juna Renewable’s 412.5 MWp Project in Rajasthan,” the company stated, without disclosing further specifics about the order. Waaree Energies is renowned as one of India’s leading manufacturers of solar photovoltaic (PV)…

Larsen & Toubro Power Transmission & Distribution division has secured a contract to construct a 185MW Solar PV Plant along with a battery energy storage system (BESS) in Kajra, Bihar. This project aligns with the state’s renewable energy objectives, addressing climate change concerns while meeting its escalating energy needs. The BESS, totaling 254MWh, will store solar energy during periods of low demand and release it during peak demand, contributing to the stabilization of power generation fluctuations, frequency regulation, and support for voltage levels. Additionally, it includes a black start capability for rapid grid re-energization following outages. L&T has classified the…

Stanley Lifestyle IPO witnesses strong demand from retail and non-institutional investors on its second day of bidding, achieving a subscription rate of 3.17 times. Investors bid for 3.25 crore equity shares against a total offer size of 1.02 crore equity shares. Non-institutional investors showed robust interest, subscribing nearly 5 times their allocated quota, while retail investors demonstrated strong enthusiasm, subscribing over 4.1 times the reserved portion. In contrast, the portion reserved for qualified institutional buyers (QIBs) saw a subscription of 0.3 times. Stanley Lifestyle IPO, comprising a mix of a fresh issue and an offer for sale, will remain open…

Bharti Airtel is reportedly in discussions with Vodafone Plc to acquire an additional 3 percent stake in Indus Towers, a telecom infrastructure company, according to CNBC TV18 sources. Bharti Airtel’s stock remained relatively unchanged on June 24, trading at Rs 1,414.3 in the afternoon, slightly down from its previous close. Last week, Vodafone Group had sold an 18 percent equity stake in Indus Towers through block deals, generating approximately Rs 15,300 crore. Following this sale, Vodafone Group now holds a 3.1 percent share in Indus Towers. In the same transaction, Bharti Airtel had purchased an additional 1 percent stake in…

Shares of Welspun Specialty Solutions Ltd (WSSL) jumped over 17% on the BSE after the company secured the position of the lowest bidder for an order worth Rs 117 crore from Bharat Heavy Electricals Ltd (BHEL). As of 11:41 AM, Welspun Specialty shares were trading 12% higher at Rs 42.5 apiece. Over the past six months, the stock has gained 5%, which is below the Nifty 50 index’s nearly 10% rise during the same period. On June 23, Welspun Specialty informed the BSE that it had been selected as the L1 bidder by BHEL for supplying seamless stainless steel boiler…

Gautam Adani dismissed the allegations from the Hindenburg report as unfounded during Adani Enterprises’ Annual General Meeting on Monday. “We faced baseless accusations from a foreign short seller that challenge our decades of hard work,” Adani stated. However, Adani did not mention the name of the short seller. “Typical short sellers aim to profit from the financial markets. This case was different,” he continued. “It was a dual-sided attack with vague criticisms of our financial standing.” Adani attributed the controversy to misinformation that turned the situation into a political battleground. “The attack was strategically timed just two days before the…