City Sanjiv Financial News

Palanpur town of Gujarat's Banaskantha district on Wednesday convicted jailed former IPS officer Sanjiv Bhatt in a drug seizure case dating back to 1996. The court is expected to pronounce the quantum of punishment on Thursday afternoon. This was the second conviction of Bhatt in a criminal matter — the first one was in 2019 when he was found guilty in a custodial death case by a Jamnagar court.

Shree Cements with a target price of Rs 27700. The current market price of Shree Cements is Rs 26052.8. Shree Cements, incorporated in the year 1979, is a Large Cap company (having a market cap of Rs 93600.68 crore) operating in Cement sector.

₹5,000 crore towards several CSR initiatives over five years focused on skill development, an announcement that saw the coming together of the larger Bajaj family. It unveiled ‘Bajaj Beyond’—an identity for the group’s social impact programmes.

Supreme Court on Thursday questioned the Centre over the procedure adopted for the appointment of election commissioners and asked how six names were shortlisted from 200 within a few hours. A bench of Justices Sanjiv Khanna and Dipankar Datta said the selection committee should have been given more time to apply its mind on the appointment of the election commissioners. «For one vacancy, there were five names. For two, you send six names. Why not 10? This is the language of the statute — for one vacancy, five names have to be recommended. This appears from the record,» the bench told Solicitor General Tushar Mehta, appearing for the Centre. «They (the search committee) can consider 200 names, but what is the time given, maybe two hours? Two hundred names to be considered in two hours? You could have been transparent,» it said.

Supreme Court on Wednesday expressed its deep concern on keeping an accused in custody without trial on the pretext of filing successive charge sheets by probe agencies. A division bench headed by Justice Sanjiv Khanna made these remarks, lamenting the Enforcement Directorate's practice of filing supplementary charge sheets in money laundering cases to defeat the accused's right of getting default bail. Justice Khanna verbally remarked that «this is just not done». The bench added that the probe agency ought to ensure commencement of the trial once it files a charge sheet. «How you conduct an investigation is your prerogative. But you cannot say that you will keep filing successive charge sheets and keep the accused in jail without trial,» justice Khanna verbally remarked on the plea of an accused booked by ED in a case of illicit mining. The bench noted that Prem Prakash, the accused, has been behind bars for the past 18 months.

AAP leader Sanjay Singh, who is in custody in a money laundering case related to the alleged Delhi excise policy scam, on Tuesday told the Supreme Court that no summons were issued to him prior to his arrest. Singh's counsel submitted that he was arrested after the Enforcement Directorate's (ED) witness Dinesh Arora made a statement against him in July 2023. A bench of justices Sanjiv Khanna and Dipankar Datta was hearing submissions on behalf of Singh on his plea challenging his arrest and remand in the money-laundering case. The bench said it would continue hearing the arguments in the matter on April 2.

Sanjiv Bhasin, Director, IIFL Securities, says in power, “we would place our bets on NTPC, but REC, PFC would be our two top picks. We think this quarter’s results will be the best ever in the history of the company and like I said, diversification across the board in all power verticals is seeing very good upside on revenues and net interest income and margins.” Bhasin further says is very bullish on ICICI, Axis, HDFC and Kotak and thinks Federal Bank will be a key beneficiary of expansion of gold loans. Also, RBL Bank is giving a very good opportunity. Your portfolio should do well if it contains 4-5 of these large and midcap stocks.

startupindia.gov.in, serves as a comprehensive database encompassing various categories such as investors, incubators, academia, government bodies, mentors, and industry bodies. It provides a one-stop platform for stakeholders to connect, collaborate, and catalyze growth within the ecosystem. "Through the creation of the Bharat Startup Ecosystem Registry, we aim to ensure that everyone in the ecosystem is acknowledged and supported," said Sanjiv, joint secretary (Startup India) at DPIIT which is under the commerce ministry.

Mint. Increasingly, companies and brands are chasing affluent Indian consumers who are driving up sales of expensive cars, real estate and bags among others. In premium foods, too, more companies are stepping in, increasing the competitive landscape for the Biyani sisters. For instance, last year, Spencer’s Retail Ltd, an RP-Sanjiv Goenka Group subsidiary, announced its foray into upmarket grocery retail under the Nature’s Basket Artisan Pantry brand, citing demand for pricey truffle, caviar, and exotic mushrooms.

Sanjiv Bhasin, Director, IIFL Securities, says “very bullish on Hindustan Copper. We think numbers and the outlook will be very bullish and if China is back, which is evident from the type of government stimulus, then non-ferrous is going to do very well. Hindustan Copper is our top pick there. We are also bullish on HPCL. We like ONGC which is our top pick over there. To sum it up, IRCTC and Concor as well. If you have these five gems, you will create a lot of wealth. ” Bhasin further says they have trimmed exposure in PSU banks and some of the railway stocks.

Supreme Court said on Monday it would hear in May the plea filed by Trinamool Congress leader Mahua Moitra challenging her expulsion from the Lok Sabha. Her plea came up for hearing before a bench of Justices Sanjiv Khanna and Dipankar Datta. The counsel appearing for Moitra said they don't intend to file a rejoinder to the counter affidavit submitted by the secretary general of the Lok Sabha in the matter. «List on a non-miscellaneous day in the week commencing May 6. The counsel for the petitioner (Moitra) states that they do not intend to file a rejoinder,» the bench said.

Supreme Court on Monday asked Delhi Chief Minister Arvind Kejriwal, who has challenged a Delhi High Court order upholding the summons issued to him as an accused in a criminal defamation case, whether he wanted to give an apology to the complainant in the matter. On February 26, Kejriwal told the apex court that he made a mistake by retweeting an allegedly defamatory video circulated by YouTuber Dhruv Rathee related to the BJP IT Cell. During the hearing on Monday, a bench of justices Sanjiv Khanna and Dipankar Datta was told by the counsel appearing for complainant Vikas Sankrityayan that Kejriwal may issue an apology on public platforms like microblogging platform 'X' or Instagram. «You tell us what you want. We can put it to the other side. We are not going to step into your shoes or the other side's shoes,» the bench told the counsel.

HC order directing a CBI probe in the Sandeshkhali matter pertaining to the attack on ED officials. However, the Supreme Court expunged remarks made by the High Court against state police and government. In an order passed on March 5, the Calcutta High Court had ordered an independent CBI probe and directed the West Bengal Police to hand over the accused mastermind behind the attack, Sheikh Shahjahan, from the custody of the CID to the CBI on the same day.

Supreme Court Monday chided Tamil Nadu minister Udhayanidhi Stalin for his remarks against Sanatana Dharma. A division bench led by Justice Sanjiv Khanna verbally remarked that Stalin had abused his rights under Articles 19(1)(a) (freedom of speech and expression) and 25 (freedom of conscience and free profession, practice and propagation of religion) of the Constitution by passing such remarks. Stalin had sparked a furore last year by saying that Sanatana Dharma divides people in the name of caste and religion.

Sanjiv Bhasin, Director, IIFL Securities, says they remain extremely bullish on this space. There will be upgrades, downgrades at new highs. Who thought Tata Steel will go to Rs 165 from Rs 100 in the last six months and right now, SAIL is the new GAIL. So, one can imagine the left-out feeling. Bhasin says: “We continue to be very optimistic. Our dark horse play there continues to be Nalco, JSW and Vedanta.” Over the last week, the metal pack had a very solid run. But today, CLSA has downgraded JSW Steel as well as Tata Steel. Do you think they are a bit too conservative and early in downgrading or do you think the rally has played out? Sanjiv Bhasin: Since a couple of weeks ago, I have been saying that the dollar is headed lower and if China comes back, we will see metals do well. We have seen that there has been no capacity addition. And I think the way nickel, copper, all both ferrous and non-ferrous are performing, this could be a very sweet time for metals, particularly commodities, particularly metals. And we remain extremely bullish on this space.

Arvind Kejriwal on Monday told the Supreme Court that he made a mistake by retweeting an allegedly defamatory video circulated by YouTuber Dhruv Rathee related to the BJP IT Cell. A bench of justices Sanjiv Khanna and Dipankar Datta, without issuing notice on a plea of Kejriwal challenging a Delhi High Court order which upheld summons issued to him as an accused in the criminal defamation case, asked the complainant whether he wanted to close the matter in view of the chief minister's apology. The bench also asked the trial court not to take up the defamation case involving Kejriwal till March 11. Senior advocate Abhishek Singhvi, appearing for Kejriwal, said, «I can say this much that I made a mistake by retweeting.»

Allahabad bench of the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) quashed the service tax demand of ₹20.36 crore from Jaypee Sports International Limited (JSIL) in connection with the Formula One race. It said the race promotion contract between Formula One World Championship (FOWC) and JSIL was not a franchise agreement and that no service tax was leviable. «It is not possible to hold that the race promotion contract is a franchise agreement, under which FOWC provided franchise service to JSIL and consequently the demand of service tax of₹20.36 crore is clearly not sustainable,» the bench of PK Choudhary, member (judicial), and Sanjiv Srivastava (technical member) said on Monday. The court said 'franchise' means an agreement by which the franchisee is granted representational right to sell or manufacture goods or to provide service or undertake any process identified with franchisor, whether or not a trade mark, service mark, trade name or logo or any such symbol, as the case may be, is involved.

RP Sanjiv Goenka Group, with revenue exceeding USD 4 billion, has expressed interest in exploring investment opportunities in the Northeast, including renewable energy. The group officials had a preliminary one-on-one meeting with the Minister of State for Development of North Eastern Region (DoNER), B L Verma. He was in Kolkata for an investment roadshow for the northeast and met a few business houses from the region to understand the sectors and how the government can assist in taking forward the projects. According to sources, the RP Sanjiv Goenka Group has expressed willingness to explore hydropower opportunities besides evaluating other sectors.

Sanjiv Puri, CMD, ITC, says the Indian economy and even rural India has been very resilient. The infrastructure that has been created, the connectivity, focus on housing and digitisation, the direct benefit transfer and stuff like free food grain distribution are some of the very important steps taken in terms of the investment in the rural economy and that is why it is quite resilient. Puri further says: “We have a core portfolio which, given the growing consumption in India and the opportunity for penetration, the opportunity for per capita consumption is huge, we are saying that we need to scale that up, use that to address adjacencies and also build categories of the future. Some of them start scaling them, some of them incubate them.” Do you think India can sustain 7% growth? Sanjiv Puri: Yes, this is eminently possible. That is the kind of number we should be aiming for at the minimum. You see, growing at 7% which is what is the estimate for the year and beyond this year, at a time when the whole world is struggling, when the global growth is the least in a long period, global trade is significantly lower than what it used to be at that time itself, we are growing at 7%.

PCBL Ltd, formerly known as Philips Carbon Black Ltd, is raising funds from DBS Bank to part-finance its proposed acquisition of Aquapharm Chemicals, said people with knowledge of the matter. The Singapore-based bank has committed Rs 210 crore and will be the anchor investor in PCBL's Rs 700 crore proposed bond issue, the people cited above said. Stock exchange-listed PCBL Ltd announced the acquisition of Aquapharm Chemicals Pvt Ltd last November for Rs 3,800 crore.

The Supreme Court on Monday questioned the Tamil Nadu government’s alleged oral directive to prohibit live telecasts of the ‘Pran Prathishta’ of Ram Lalla in Ayodhya in temples across the state.