Author: Legal Parivar

CLSA maintains a cautious stance on the Indian steel sector despite the recent rally in metals. They point out several reasons for their concern, including a shift in profit distribution towards miners, expectations of reduced spreads compared to previous periods, and high stock valuations not aligned with anticipated spread compression, which isn’t reflected in consensus estimates. Tata Steel has been downgraded by CLSA from ‘outperform’ to ‘sell’, with the target price cut to Rs 135 from Rs 145. Similarly, JSW Steel’s rating has been lowered from ‘underperform’ to ‘sell’, with the target price revised to Rs 730 from Rs 810.…

Pakistan’s recently-elected Prime Minister, Shehbaz Sharif, vowed on Sunday to rejuvenate the nation’s debt-laden economy and eliminate terrorism. He emphasized that his administration would prevent Pakistan from being drawn into any geopolitical maneuvering and would uphold friendly relations with neighboring countries founded on principles of equality.

Arabinda Dhali, a five-time MLA, officially joined the BJP at the party’s headquarters in Bhubaneswar on Sunday, after resigning from the primary membership of the Biju Janata Dal (BJD). Dhali’s decision was made in the presence of Odisha election in-charge Vijaypal Singh Tomar and BJP state president Manmohan Samal. He cited a lack of receptiveness within the BJD, stating that nobody was willing to listen to others in the party. “I resigned from the primary membership of BJD yesterday. PM Modi is poised to become the Prime Minister for the third time with more than 400 MPs. The development that…

Nikki Haley clinched a win in the Republican primary in the District of Columbia, marking her first triumph in the 2024 campaign season. Her victory on Sunday temporarily interrupts Donald Trump’s dominance in GOP voting contests, though Trump is expected to gather several hundred more delegates in the upcoming Super Tuesday races this week. Despite facing setbacks in earlier primaries, Haley has expressed her intention to remain in the race at least through these contests, refraining from specifying any particular primary where she feels assured of victory. Following her recent defeat in her home state of South Carolina, Haley reiterated…

The Enforcement Directorate (ED) has summoned Delhi Chief Minister Arvind Kejriwal for questioning on Monday regarding a money laundering case linked to alleged irregularities in the Delhi excise policy for the 2021-22 fiscal year, which has since been revoked. Kejriwal has skipped previous summonses on seven occasions. Consequently, the ED has filed a complaint against him in a Delhi court for non-compliance with its summons. The court has granted Kejriwal an exemption from personal appearance until March 16. Kejriwal has participated in court proceedings virtually, citing his involvement in the ongoing Budget session of the Delhi assembly as the reason…

The benchmark Sensex and Nifty indices are anticipated to open flat-to-positive on March 4, with the GIFT Nifty indicating a modest gain of 6 points. On March 2, the Nifty 50 breached the 22,400-mark for the first time, closing at 22,378, while the Sensex concluded 61 points higher at 73,806. According to the pivot point calculator, immediate support for the Nifty is expected at 22,368, followed by 22,356 and 22,336 levels, while resistance levels are seen at 22,383, 22,421, and 22,441. In the US, the S&P 500 and NASDAQ Composite indices achieved record highs on March 1, spurred by strong…

SEBI, India’s market regulator has granted approval to Digit Insurance for its IPO launch, following delays due to compliance issues, as revealed in a letter obtained by Reuters. Digit, previously valued at $3.5 billion, had initially filed for an IPO in August 2022. However, the Securities and Exchange Board of India (SEBI) halted the process twice over concerns regarding the legality of certain share issuances. After addressing these concerns, Digit, a player in the general insurance sector backed by investors such as the Fairfax Group and A91 Partners, resubmitted its IPO papers to SEBI last March, which has now been…

According to Bloomberg News, Banco Santander SA of Spain has reduced its workforce in the U.S. by approximately 320 employees as part of a strategy to prioritize digital operations. This downsizing affects around 2.7% of the bank’s U.S. workforce, which totals about 11,800 employees, with a focus on retail operations. Santander has yet to respond to Reuters’ request for comment on this development. However, the bank stated to Bloomberg News that it is adapting to evolving customer needs by investing in digital capabilities and streamlining processes in its U.S. business. This action aligns with Santander’s broader shift towards digital operations…

Serum Institute of India is poised to ramp up production of its human papillomavirus (HPV) vaccine, aiming to supply it to the government at more affordable rates for a nationwide immunization campaign against the cancer-causing virus. Adar Poonawalla, CEO of the world’s largest vaccine manufacturer by volume, informed Reuters that he anticipates the vaccine’s inclusion in the government’s program by the end of this year. Currently priced at 2,000 rupees ($24.13) in the private market, this vaccine is India’s first domestically developed HPV shot, addressing a key factor in most cervical cancer cases globally. Poonawalla remarked, “Our current capacity is…

Bihar Raj Bhavan has intervened by instructing banks to overturn an education department directive that froze the accounts of state-run universities, except for one. This action follows reports of vice-chancellors from these universities failing to attend a recent review meeting convened by the education department. Tensions between the Raj Bhavan and the education department have escalated, with authorities filing a police complaint against at least one of the vice-chancellors. Robert L Chongthu, principal secretary to the governor (also the chancellor of state universities), has directed banks to unfreeze the university accounts immediately, stating that the chancellor’s orders supersede those of…