Author: Legal Parivar

Here are the companies grabbing attention ahead of the opening bell today, March 04, 2024:

India is poised to enter the high-stakes global semiconductor manufacturing arena within the next five years, leveraging its unparalleled design capabilities and offering incentives totaling USD 10 billion to attract manufacturers to establish new fabs and units. According to IT and Telecom Minister Ashwini Vaishnaw, India’s well-crafted policies are enticing manufacturers to set up new fabs and invest in related sectors. Semiconductors are vital components of electronic devices, utilized in a wide array of products from automobiles to computers, mobile phones, and household appliances. India already hosts factories of renowned automobile companies such as Renault-Nissan and Hyundai, computer manufacturers like…

UGC Chairman Jagadesh Kumar indicated that the schedule for the Common University Entrance Test (CUET)-UG might undergo alterations depending on the timetable of the Lok Sabha elections. The National Testing Agency (NTA) recently announced that the exam would take place from May 15 to 31, with the results slated for release on June 30. As India prepares for the general elections to select its 18th Lok Sabha, the specific dates for the polls are anticipated to be disclosed this month. Kumar informed PTI on Sunday, “The dates provided by the NTA are tentative. Once the election dates are confirmed, the…

Finance Minister Nirmala Sitharaman is set to inaugurate a conference on Monday, bringing together enforcement chiefs from all state and central GST officers to address tax evasion challenges. The conference will focus on strategies to combat GST evasion, including analyzing current obstacles and learning from successful enforcement methods employed by central and state tax officers. Discussions will also revolve around tackling fake invoicing, exchanging best practices, promoting collaboration, and harnessing technology and data. Furthermore, the conference aims to strike a balance between facilitating a conducive business environment and implementing effective enforcement measures. Sitharaman will deliver the keynote address at the…

The Indian Navy is gearing up to commission a new naval base, INS Jatayu, on Minicoy Island on March 6, a move that underscores efforts to bolster security infrastructure in the strategically vital Lakshadweep Islands. This initiative forms part of the government’s strategy to gradually strengthen military presence and security infrastructure in the region. Situated in the Arabian Sea, Minicoy holds significant strategic importance as it lies along crucial sea lines of communication (SLOCs). Enhancing Operational Capability and Reach INS Jatayu will serve as the second naval base in Lakshadweep after INS Dweeprakshak in Kavaratti. Its establishment will amplify the…

Senior BJP leader Dr. Harsh Vardhan announced his retirement from politics ahead of the 2024 Lok Sabha elections on Sunday. This decision came after the BJP announced its candidates for the upcoming elections, with Pawan Khandewal being fielded from Delhi’s Chandni Chowk Lok Sabha constituency, currently held by Harsh Vardhan. Additionally, Gautam Gambhir, the BJP MP from East Delhi, also announced his retirement from politics. Taking to X (formerly Twitter), Harsh Vardhan expressed, “After over thirty years of a remarkable electoral career, during which I won all the five assemblies and two parliamentary elections that I fought with exemplary margins,…

The Central Bureau of Investigation (CBI) has apprehended a General Manager of the National Highways Authority of India (NHAI) in Nagpur, Maharashtra, in connection with an alleged bribery case amounting to Rs 20 lakh, as per officials on Sunday. Arvind Kale, serving as both General Manager and Project Director, purportedly accepted the bribe from a private company. Following Kale’s arrest, the CBI conducted a search operation and recovered Rs 45 lakh in cash, including the alleged bribe amount of Rs 20 lakh. According to officials, a case has been filed against Kale and 11 others, including the private company involved.

Highlighting significant improvements in the country’s external sector, Sri Lanka’s Minister of State for Finance, Ranjith Siyambalapitiya, announced impressive statistics from the Central Bank of Sri Lanka’s mid-week report. Speaking in his home constituency of Ruwanwella, the minister revealed that tourism revenue in January 2024 soared to USD 342 million, marking a remarkable 122% increase compared to the previous year. Additionally, inward remittances from Sri Lankan expatriates witnessed a 5% growth, reaching USD 488 million in January 2024, up from USD 467 million in January 2023. Notably, the Sri Lankan rupee experienced a notable appreciation of 14.6% in January 2024,…

Vedanta Resources, the parent company of Mumbai-based mining conglomerate Vedanta Ltd, has outlined its strategy to reduce debt by up to USD 3 billion over the next three years, according to a senior official speaking at an analyst meeting. Navin Agarwal, Vice Chairman of Vedanta Ltd and a member of the Promoter Group, stated during the meeting that deleveraging is a top priority for the company. He mentioned that Vedanta Ltd’s projected cash flow, excluding growth capital expenditure, is anticipated to be between USD 3.5 to 4 billion for the financial year 2025, which would cover secured debt maturities of…

LIC Housing Finance, the mortgage arm of insurance giant LIC, intends to raise funds through green bonds in the upcoming financial year to support environmentally sustainable housing projects. “Green financing is a priority for us in the next fiscal year, and we aim to allocate these funds towards financing green housing initiatives,” stated Tribhuwan Adhikari, MD and CEO of LIC Housing Finance, in an interview with PTI. The company’s board meeting is scheduled for March 7 to deliberate and approve the borrowing plan for 2024-2025, which may involve obtaining loans, issuing redeemable non-convertible debentures, zero-coupon bonds, subordinate debt, Tier II…