Author: Legal Parivar

Shares of Gokaldas Exports rose nearly 5 percent on June 20 following the company’s announcement of an investment in fabric manufacturer BRFL Textiles Pvt Ltd through optionally convertible debentures (OCDs). According to an exchange filing on June 19, Gokaldas Exports will also consider a possible merger or acquisition by June 30, 2025, contingent on certain conditions. At 9:22 am, Gokaldas Exports shares were up 2 percent at Rs 848. Despite this rise, the stock has declined 3 percent over the past six months, underperforming the Nifty 50 index, which gained 10 percent during the same period. In the initial tranche,…

Sapphire Foods India Limited’s share price is gaining attention following news of a stock split. The company, which operates KFC and Pizza Hut outlets across India, Sri Lanka, and Maldives, saw its share price rise nearly 10% in the last month. On Wednesday, the share price of Sapphire Foods India closed at ₹1557.50, marking a gain of ₹43.50 or 2.57% per share. In a recent exchange filing, Sapphire Foods India announced that its board, in a meeting held on June 19, 2024, discussed and approved a stock split proposal. The current face value of each equity share of ₹10 will…

India’s markets regulator, the Securities and Exchange Board of India (SEBI), has reprimanded Religare Enterprises Ltd’s chairperson Rashmi Saluja and its board of directors for their failure to comply with securities laws. This action comes after the Burman family initiated an open offer to acquire additional shares in the financial services conglomerate. SEBI has directed the REL board to promptly apply to the Reserve Bank of India (RBI) for necessary approvals within a week. The regulator expressed dissatisfaction with the board’s efforts to delay and obstruct the open offer process, highlighting concerns over governance and shareholder rights. The Burmans, prominent…

North Korea and Russia have agreed to provide mutual military assistance in the event of armed aggression against either party, according to a report by North Korea’s KCNA news agency on Thursday. The agreement, signed by their leaders following talks in Pyongyang, states that both countries will refrain from signing treaties with third parties that undermine each other’s interests. They also pledged not to allow their territories to be used by any nation to threaten the other’s security and sovereignty. North Korean leader Kim Jong Un and Russian President Vladimir Putin finalized a comprehensive strategic partnership agreement during their meeting…

Sun Pharma Industries Ltd received a warning letter from the United States Food and Drug Administration (USFDA) concerning its Dadra facility, the company disclosed in a stock exchange filing. The warning letter outlines violations related to Current Good Manufacturing Practice (cGMP) regulations, according to the pharmaceutical major. Following this announcement, Sun Pharma’s stock declined more than 1 percent on June 19, closing at Rs 1,505, which underperformed the benchmark Nifty 50 index that ended down 0.15 percent. The market reaction to the warning letter could potentially impact the stock further when trading resumes on June 20. Earlier in April, Sun…

Vraj Iron and Steel, based in Chhattisgarh, has set a price band of Rs 195-207 per share for its upcoming initial public offering (IPO). The IPO, valued at Rs 171 crore, will open for subscription on June 26, with the anchor book opening on June 25 and closing on June 28. The company, known for manufacturing sponge iron, MS billets, and TMT bars, plans to utilize Rs 129.5 crore from the net proceeds of the IPO for expanding its Bilaspur plant. The remaining funds will be allocated for general corporate purposes. Currently operating from Raipur and Bilaspur in Chhattisgarh, Vraj…

A labor strike has disrupted operations at KEI Industries, halting production at two of its units and causing the share price to plummet on June 19. The strike has partially affected the Rakholi and Chinchpada units, leading to an estimated daily production loss of approximately Rs 8 crore, as reported in a stock exchange filing by the cables and wires manufacturer. KEI Industries’ stock dropped by 5.55 percent on June 19, closing at Rs 4,429.9. Meanwhile, the Nifty 50 index experienced a slight decline of 0.15 percent. Despite this setback, KEI Industries’ stock has doubled over the past year. The…

The National Testing Agency (NTA) has cancelled the UGC-National Eligibility Test (UGC-NET) following concerns about the exam’s integrity. The NTA conducted the UGC-NET in 83 subjects in OMR (pen and paper) mode on June 18, with two shifts across various cities in India. In a statement released late Wednesday night, the Ministry of Education announced that a new examination would be scheduled, with details to be provided later. Additionally, the matter is being handed over to the Central Bureau of Investigation (CBI) for a thorough investigation. Ensuring Transparency On June 19, the University Grants Commission (UGC) received inputs from the…

On June 19, Tata Motors Limited disclosed its decision to raise prices for its lineup of commercial vehicles, slated to take effect from July 1, 2024. This adjustment, ranging up to 2%, is a response to the rising costs of commodities and will be applied uniformly across all models and variants. As a constituent of the USD 150 billion Tata Group, Tata Motors Limited holds a prominent position in the global automotive industry, boasting a turnover of USD 44 billion. The company is a frontrunner in India’s commercial vehicle segment and stands among the top three in the passenger vehicle…

Shares of Sona BLW Precision Auto Ltd. saw a notable increase of over three percent during the morning session on June 19. This surge followed an announcement from the company that it had received certification from the Ministry of Heavy Industries under the Production-Linked Incentive (PLI) scheme. In a filing to the stock exchanges, Sona BLW Precision stated that it had obtained certification for its traction motor designed for electric three-wheelers, as part of the PLI scheme dedicated to the Automobile and Auto Component industry (“PLI-Auto”) by the Ministry of Heavy Industries. As of 11:15 am on the NSE, Sona…