Author: Legal Parivar

On March 6, the Reserve Bank of India (RBI) announced that card issuers must refrain from entering into agreements with card networks that restrict them from utilizing the services of other card networks. According to the RBI, card issuers are required to offer eligible customers the option to select from multiple card networks at the time of issuance. Existing cardholders should also be provided with this option during the next renewal cycle. This directive follows the RBI’s observation of certain arrangements between card networks and issuers that limit customer choice. The RBI has listed authorized card networks, including American Express…

Despite signing a deal with Swiggy to offer preordered meals to Indian Railways passengers, the share price of Indian Railway Catering & Tourism Corporation ( IRCTC ) experienced a slight decline in early trading on March 6. At 9:41 am, IRCTC’s shares were trading at Rs 921.90 on the BSE, down Rs 13.90 or 1.49 percent. The company announced the signing of a Memorandum of Understanding (MoU) with Swiggy (Bundl Technologies Pvt Ltd) to provide preordered meals through IRCTC e-Catering Services. Initially, this service will be available at Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations, with the potential for expansion to…

Torrent Pharma’s stock surged to a 52-week high of Rs 2,745.55 in early trading on March 6 following a favorable inspection by the US FDA. By 09:38 am, the company’s shares were trading at Rs 2,700.00 on the BSE, marking an increase of Rs 37.80 or 1.42 percent. The USFDA has issued an establishment inspection report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Gujarat, indicating the successful conclusion of the inspection by the regulator. During the period from December 5 to December 11, 2023, the USFDA conducted a pre-approval inspection (PAI) at the company’s oral-oncology manufacturing facility in Bileshwarpura, Gujarat.…

Shares of Mahanagar Gas Ltd experienced a significant decline of approximately 10 percent on March 6, following a downgrade by brokerage firm Citi from ‘Buy’ to ‘Sell’, coupled with a reduction in its target price. As of 10 am, the stock was trading at Rs 1,363 on the BSE, marking a 13 percent decrease from its previous closing price. Meanwhile, India’s benchmark Sensex registered a 0.25 percent decline, reaching 73,491 points on Wednesday. Citi’s downgrade came in light of Oil Minister Hardeep Puri’s remarks underscoring the incomplete transmission of natural gas sector reforms’ benefits to end customers. Puri reiterated the…

Vodafone Idea has reportedly met its 5G minimum roll-out obligations in four key circles, including Delhi, Chennai, Pune, and Punjab, according to sources familiar with the matter as reported by Moneycontrol. During a recent meeting held by the telecom department to discuss these obligations, Vodafone Idea (Vi) reiterated its commitment to fulfilling requirements in four to six additional circles in the upcoming months, sources revealed. For Vi, fulfilling these 5G roll-out obligations is a significant achievement, especially considering the financial challenges it has been facing. The company is currently in discussions with investors to raise up to Rs 45,000 crore…

IIFL Finance saw its shares plummet by 20 percent for the second consecutive session following the RBI’s decision to prohibit the company from issuing gold loans. As of 9:41 am, shares of IIFL Finance were locked in the lower circuit at Rs 382.20 on the NSE, marking its lowest level in 52 weeks. In response to the ban, global brokerage firm Jefferies downgraded IIFL Finance from ‘buy’ to ‘hold’ and reduced the target price to Rs 435 per share from Rs 765. This suggests an anticipated further decline of 9 percent after the stock hit a 20 percent lower circuit…

Mahanagar Gas (MGL), a state-run entity, announced a reduction in the prices of compressed natural gas (CNG) by Rs 2.5 per kg, bringing it down to Rs 73.50 per kg. The company released a statement late in the evening, indicating that the price cut would come into effect from midnight on March 5. This adjustment is attributed to a decrease in the input costs of gas. According to the statement, the revised CNG price now presents a 53% saving compared to petrol and a 22% saving compared to diesel at current price levels in the financial capital. The reduction in…

IIFL Finance Ltd sought to reassure investors on Tuesday, stating that there were no governance issues after the Reserve Bank of India (RBI) prohibited the non-banking financial company (NBFC) from offering loans against gold. Shares of IIFL Finance opened 20% lower on Tuesday morning as investors reacted to the RBI’s statement on Monday evening detailing some lapses. Nirmal Jain, managing director, emphasized during a call with analysts on Tuesday that there were no governance or ethical concerns. He clarified that the issues raised were operational in nature and pledged to address them promptly and comprehensively. One of the issues highlighted…

Instagram and Facebook services have resumed after outage. Previously, users experienced difficulties loading the apps, sending messages, and refreshing their search feeds on Facebook and Instagram. Users found themselves logged out of their profiles for unknown reasons. YouTube, a widely-used video streaming platform, has resumed its services following a brief outage on Tuesday, March 5th. Initially, many users reported encountering errors while trying to access the YouTube homepage. In addition to YouTube, users of Gmail, as well as the social media platforms Facebook and Instagram, experienced difficulties logging into their accounts across various regions, including India. Facing issues with accessing Google…

Ethnic and western snacks manufacturer Gopal Snacks successfully secured Rs 193.95 crore through the anchor book on March 5, a day before the commencement of its public issue. The IPO, which solely consists of an offer-for-sale (OFS) worth Rs 650 crore, is set to open for subscription on March 6, with the final bidding date scheduled for March 11. Gopal Snacks disclosed to the exchanges that it allocated 48,36,657 equity shares to anchor investors at a price of Rs 401 per equity share. Notable investors participating in the anchor book include Ashoka Whiteoak ICAV, Whiteoak Capital Mutual Fund, DSP Mutual…