Author: Legal Parivar

Ford Motor Co. announced on Thursday a delay in the production of at least two new electric cars, opting instead to focus more on hybrids. This decision reflects a broader trend among major automakers, including General Motors and Mercedes-Benz, who have also adjusted their electric vehicle strategies due to slowing sales. The shift away from electric cars is driven by challenges in manufacturing and selling them profitably. While sales of electric vehicles continue to grow, the pace has slowed significantly as automakers struggle to appeal to a broader market beyond early adopters willing to pay premium prices. The cost of…

The Income Tax department announced that ITRs 1, 2, 4, and 6 are now available on the e-filing portal since April 1, 2024, with around 23,000 returns already filed for the 2023-24 fiscal year. This marks the first time in recent years that taxpayers can file their I-T Returns on the first day of the new financial year, aiming to enhance compliance and taxpayer services. ITR Form 1 (Sahaj) and ITR Form 4 (Sugam) are simplified forms suitable for small and medium taxpayers. ITR-2, for those with income from residential property, is also available. The Central Board of Direct Taxes…

In the fiscal year 2024, nearly 3.7 crore demat accounts were added, the highest ever, averaging over 30 lakh accounts per month, propelled by a market surge. The number of demat accounts opened with CDSL and NSDL surged 11.9% year-on-year to 15.14 crore from 11.45 crore. Sensex and Nifty50 rose 24.85% and 28.61% in FY24, while BSE Midcap and Smallcap indices surged 63.4% and 60% respectively. New brokers and discount brokers focusing on expanding their account base also contribute to the trend. The addition of demat accounts is expected to continue unless the market faces a major downturn. Investor interest…

Oil prices continue to rise, aiming for a second consecutive weekly gain, bolstered by geopolitical tensions in Europe and the Middle East, tightening supply concerns, and optimism surrounding global fuel demand growth amid economic recovery. Brent crude edged up 49 cents to $91.14 a barrel, while U.S. West Texas Intermediate crude rose to $86.96 a barrel, both settling at their highest levels since October. Analysts anticipate further upside in oil prices in the short term due to a positive economic outlook, ongoing supply constraints, and escalating geopolitical risks. The bank raised its 3-month price target for Brent to $95 a…

Key Events of the Day:

Apple halted two major projects in February 2024, leading to layoffs in California, according to a Bloomberg report. The company abandoned its electric and autonomous car project, as well as its endeavor to develop advanced display screens for smartwatches. These cancellations were not abrupt decisions. Apple executives struggled to define a clear direction for the car project and grappled with its substantial cost. Similarly, the display screen initiative faced challenges such as engineering obstacles, difficulties in securing reliable suppliers, and managing production costs. Over 600 employees in California lost their jobs due to these project closures, with most layoffs occurring…

Zee Entertainment (96.94 percent), SAIL (96.62 percent), and Hindustan Copper (93.01 percent) have been placed under the National Stock Exchange’s futures and options ban (F&O) for trade on April 5. These stocks have exceeded 95 percent of the market-wide position limit (MWPL) and are consequently prohibited in the F&O sector. The ban remains in effect until the open interest falls below 80 percent. Potential Entrants PEL (92.68 percent), Bandhan Bank (91.31 percent), India Cements (89.19 percent), NALCO (83.01 percent), and Aditya Birla Fashion and Retail (80.11 percent) may join the ban list as they are nearing the 95 percent MWPL.…

The Enforcement Directorate (ED) has seized 8.86 acres of land in Ranchi allegedly belonging to former Jharkhand chief minister Hemant Soren as part of a money laundering investigation involving him and his associates, the federal agency announced on Thursday. On March 30, the ED filed a charge sheet against the 48-year-old JMM leader and four others—Bhanu Pratap Prasad, Raj Kumar Pahan, Hilariyas Kachhap, and Binod Singh—before a special Prevention of Money Laundering Act (PMLA) court in Ranchi. The court acknowledged the prosecution’s complaint on Thursday, as per the ED statement. The ED has sought the confiscation of the 8.86-acre plot…

The number of Americans filing new claims for unemployment benefits rose more than anticipated last week, signaling a gradual easing of labor market conditions. According to the Labor Department’s report on Thursday, initial claims for state unemployment benefits increased by 9,000 to a seasonally adjusted 221,000 for the week ending March 30. Economists surveyed by Reuters had projected 214,000 claims for the latest week. Throughout March, claims fluctuated between 212,000 and 210,000. Government data revealed that in February, there were 1.36 job openings for every unemployed person, compared to 1.43 in January. Worker shortages persist in sectors such as construction.…