Author: Legal Parivar

Heatwave Alert in India: IMD’s Weather Forecast The India Meteorological Department (IMD) has issued a heatwave alert for southern parts of India today. Additionally, light to moderate rains and hailstorms are predicted in East, Central, and Peninsular India until April 9. Heatwave Conditions Predictions by IMD: IMD forecasts heatwave conditions in isolated pockets of Rayalaseema, North Interior Karnataka, and Telangana on April 8. In Karnataka, heatwave conditions are expected over several districts. The maximum temperature is likely to rise gradually in various districts of North Interior Karnataka and South Interior Karnataka over the next two days. Yesterday, Rayalaseema recorded a…

Dividend stocks: Today, April 8, attention is on shares of Sun TV Network Ltd, Prima Plastics Ltd, Indian Metals & Ferro Alloys Ltd, and Promax Power Ltd as these companies’ Board of Directors have announced interim dividends, special dividends, and bonus issues for eligible shareholders. The record date for determining shareholders’ eligibility for these issues has been set for April 8. Regarding dividends: Shares of Sun TV Network, Prima Plastics, and Indian Metals & Ferro Alloys will trade ex-dividend on Monday. Concerning bonus issue: Shares of Promax Power will trade ex-bonus on Monday.

Top Events of the Day

Enthusiasts await the rare total solar eclipse, where the moon will entirely cover the sun, creating a captivating “ring of fire” spectacle. While not visible in India, the event will be watched across the United States, Canada, Mexico, and other parts of North America. Starting at 9:12 pm (IST) on April 8, it will conclude by 2:22 am on April 9. NASA will livestream the event on NASA+, NASA TV, and its official website. The telescope-only feed, without commentary, will be available on YouTube and NASA Television’s media channel, showcasing views from multiple locations. For those outside the path of…

Stocks in Focus:

Voltas, the leading residential air conditioner manufacturer, reported a remarkable 35% increase in sales to over two million units in FY24, marking the first time any company in the domestic market has surpassed this milestone. This achievement was credited to sustained demand for cooling products throughout the year, supported by a robust offline and online distribution network and the introduction of new innovative products, as stated by the Tata Group firm. In FY23-24, Voltas achieved the highest-ever sales of AC units by any brand in India, with a volume growth of 35%, making it the first brand to attain such…

Vishal Mega Mart Pvt., an Indian supermarket chain, is pushing forward with its plans for an initial public offering (IPO) this year, according to sources familiar with the matter. The company has selected Kotak Mahindra Bank Ltd. and ICICI Bank Ltd. to assist with arranging the share sale, which could occur as early as the fourth quarter of this year, the sources, who requested anonymity, revealed. Vishal Mega Mart is currently owned by private equity firms Partners Group Holding AG and Kedaara Capital, and the IPO would provide them with an opportunity to reduce their stakes, the sources added. Additional…

India is setting its sights on attracting $100 billion annually in foreign direct investment (FDI), aiming to diversify away from China. Rajesh Kumar Singh, secretary in the Department for Promotion of Industry and Internal Trade, revealed this target in an interview. Despite a decline last year, Singh anticipates the current fiscal year’s FDI to approach the $100 billion mark. India’s appeal lies in its potential as a manufacturing hub, offering businesses a hedge against geopolitical tensions with a “China plus one” strategy. However, FDI hasn’t matched local manufacturing growth, attributed to factors like global inflation, interest rates, and geopolitical conflicts.…

Bandhan Bank, with a market position of 98.66 percent, Zee Entertainment at 96.29 percent, SAIL at 94.51 percent, and Hindustan Copper at 80.69 percent, have been restricted from futures & options (F&O) trading on the National Stock Exchange on April 8 due to exceeding the 95 percent market-wide position limit (MWPL). These restrictions are lifted only when open interest falls below 80 percent. Potential candidates for entry into the ban list include India Cements at 91.16 percent, PEL at 89.13 percent, NALCO at 86.42 percent, GNFC at 83.95 percent, Vodafone Idea at 82.10 percent, and Indus Towers at 80.97 percent,…

United Nations General Assembly President Dennis Francis has praised India’s effective utilization of digitalization to achieve financial inclusion and reduce poverty, emphasizing that this provides the country with a “comparative advantage” and its experiences can be shared globally. During an exclusive interview with PTI, Francis, who presides over the 78th session of the UN General Assembly, commended India’s use of digitalization, referencing the country’s tourism tagline, ‘Incredible India.’ He highlighted India’s successful implementation of digitalization to alleviate poverty and integrate millions of individuals into the formal economic system, simply through the use of digital technology. Francis applauded the role of…