Author: Legal Parivar

Silverstorm Parks and Resorts, an integrated amusement and entertainment destination operator, has filed its draft red herring prospectus (DRHP) with the BSE SME platform ahead of its proposed initial public offering (IPO). According to the company’s press release, the IPO will comprise up to 62 lakh equity shares with a face value of ₹10 each. The company submitted the draft documents to the capital markets regulator, the Securities and Exchange Board of India (SEBI), on December 26, 2025. Details related to the issue size, price band, lot size, and IPO timeline will be announced in due course. Use of IPO…

Adani Total Gas, the joint venture between the Adani Group and France’s TotalEnergies, on Friday, January 2, 2026, announced a reduction in compressed natural gas (CNG) and domestic piped natural gas (PNG) prices across several markets in India, following a major overhaul of pipeline tariffs by the Petroleum and Natural Gas Regulatory Board (PNGRB). According to a company statement cited by news agency PTI, Adani Total Gas has reduced CNG and PNG prices by up to ₹4, a move aimed at passing on the benefits of lower gas transportation costs directly to consumers. The price cut comes after PNGRB revised…

Indian equity markets began 2026 on a strong footing, with benchmark indices extending gains on the second trading day of the year, supported by optimism around December-quarter corporate earnings and expectations of a growth-oriented Union Budget.On Friday, the Nifty 50 settled at a record closing high of 26,328.55, rising 0.7 percent, while the Sensex ended 0.7 percent higher at 85,762.01, marginally below its all-time closing high recorded in September last year. Gains were led by heavyweight stocks such as HDFC Bank, ICICI Bank and Reliance Industries, which pushed the benchmarks higher. Sectorally, financial services, oil and gas, and information technology…

Shares of ITC Ltd have witnessed a sharp selloff over the past two trading sessions following the government’s decision to raise excise duty on cigarettes, triggering heavy notional losses for large institutional investors, including state-owned insurers such as Life Insurance Corporation of India (LIC). ITC stock fell as much as 5 percent on January 2, touching a fresh 52-week low of ₹345.25 on the NSE, before trimming some losses later in the session. The stock has declined over 14 percent in just two trading days of 2026, reflecting investor concerns over the potential impact of higher taxes on cigarette volumes…

Shares of Modern Diagnostic are commanding a strong premium in the grey market, with the company’s initial public offering (IPO) attracting robust investor interest on the final day of bidding on Friday, January 2. According to platforms tracking unofficial market activity, the grey market premium (GMP) for the issue stood in the range of 15–18 percent. Investorgain quoted a GMP of ₹16 per share, implying a potential listing gain of 17.78 percent, while IPO Watch pegged the premium at around 15.56 percent. The ₹37-crore IPO, which had a price band of ₹85–90 per share, was subscribed more than 350 times…

The Bombay High Court has recently allowed a futures and options (F&O) trader to retain a ₹1.75 crore profit that he earned due to an accidental margin credit of ₹40 crore from his broker Kotak Securities, holding that the gains did not amount to unjust enrichment. The ruling relates to an incident from 2022, when trader Gajanan Rajguru received an erroneous margin of ₹40 crore in his trading account due to a technical glitch at Kotak Securities. According to news reports, Rajguru utilised the margin to execute trades and earned a profit of ₹1.75 crore within a span of about…

Uttar Pradesh-based surgical products manufacturer G Surgiwear has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise up to ₹740 crore through an initial public offering (IPO), according to regulatory filings made this week. The proposed IPO will comprise a fresh issue of equity shares worth up to ₹370 crore and an offer for sale (OFS) of shares worth ₹370 crore by promoter Ghanshyam Das Agarwal. In addition, the company may undertake a pre-IPO placement of up to ₹74 crore, which will be part of the fresh issue component. If completed,…

India on Thursday formally assumed the rotating presidency of the BRICS grouping for 2026, setting the stage to push inclusive development and strengthen the Global South’s role in global economic governance at a time of rising protectionism and trade disruptions triggered by US President Donald Trump’s tariff actions. New Delhi’s presidency begins against two key backdrops — a significantly expanded BRICS bloc and an increasingly fragmented global trading system marked by higher tariffs and geopolitical friction. An Expanded BRICS, But With Membership Questions Originally comprising Brazil, Russia, India, China and South Africa, BRICS has widened rapidly over the past two…

The government-backed Bharat Taxi app is set for its official launch by the end of January 2026 in Delhi and several other Indian cities, following a strong response during its pilot phase, a senior official from the Ministry of Cooperation told PTI. Pankaj Kumar Bansal, Additional Secretary at the Ministry of Cooperation, said the app witnessed encouraging traction during its soft launch. “We have received a very good response for the Bharat Taxi service during the soft launch. The official launch will be done by month-end,” he said. Strong Response During Pilot Phase The Bharat Taxi app was introduced on…

Sterlite Technologies Limited (STL) on January 1, 2026, informed stock exchanges that it has received an income tax demand order of ₹36.83 crore from the Assessment Unit of the Income Tax Department. In a regulatory filing under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company said the order was issued on December 31, 2025, under Section 143(3) read with Sections 144C(13) and 144B of the Income-tax Act, 1961. Details of the Income Tax Order According to STL, the demand relates primarily to transfer pricing and other tax adjustments. These include adjustments linked to intragroup…