Author: Legal Parivar

Cipla stock edged up by 1.43 percent on March 2, nearing the 52-week high it reached in the previous session by just Rs 2. The United States Food and Drug Administration (USFDA) conducted an inspection of Cipla (Jiangsu) Pharmaceutical’s manufacturing facility in Qidong, Jiangsu Province, China, from February 26 to March 1. Cipla announced that the inspection concluded with no Form 483 observations. In a separate disclosure, the company informed the stock exchanges about the completion of the transfer of its generics business. “The company has finalized the transfer of Generics Business Undertaking as a going concern on a slump…

On March 2, the NSE Nifty 50 index reached a new all-time peak of 22,420, while the BSE Sensex surged to 73,982 during a special trading session. Both indices closed the first session with marginal gains of around 0.2 percent compared to the previous day’s close, with the Nifty at 22,395 and the Sensex at 77,860 by 10 am. The Nifty Midcap 150 and Nifty Smallcap 100 indices also saw an uptrend, rising over 0.6 percent to conclude the first session at 18,083 and 15,159 points, respectively. Despite expectations of low trading volumes during the special session, called to test…

Info Edge (India) witnessed a nearly 3% decline in its share price during Saturday’s trading session following the company’s disclosure to the stock exchanges regarding the removal/delisting of several mobile applications from the Google Play Store by Google, including those belonging to various other companies/entities. The delisted mobile applications from Info Edge included the Naukri.com Job Search App, Naukri Recruiter, Naukrigulf Job Search App, 99acres Buy/Sell/Rent Property, and Shiksha. At the opening of the trading day, Info Edge’s share price stood at ₹5,200 per share on the BSE. Throughout the session, the stock witnessed an intraday low of ₹5,130 and…

The National Stock Exchange (NSE) announced on Friday that its unique registered investors have exceeded 9 crore, with the latest addition of 1 crore occurring in just five months. Over the past five years, the investor base has witnessed a more than three-fold increase, driven by rapid digitization, heightened investor awareness, financial inclusion, and robust market performance. “The unique registered investors on the National Stock Exchange of India crossed 9 crore on February 29, 2024,” stated the bourse. Additionally, the total number of client codes registered with the exchange has reached 16.9 crore, encompassing all client registrations to date. It’s…

The Reserve Bank of India (RBI) reported that the National Electronic Funds Transfer (NEFT) system achieved its highest single-day transaction volume on February 29, processing 4.10 crore transactions. Over the past decade (2014-2023), both the NEFT and RTGS (Real Time Gross Settlement) systems have witnessed remarkable growth, with NEFT experiencing a 700% increase in volume and a 670% increase in value, while RTGS saw a 200% increase in volume and a 104% increase in value. NEFT has been operational 24/7, 365 days a year since December 16, 2019, while RTGS achieved the same status from December 14, 2020. Managed by…

India’s market regulator, the Securities and Exchange Board of India (SEBI), has imposed a one-year ban on fund manager Brick Eagle LLP after uncovering compliance breaches, as stated in an order published on the regulator’s website. Additionally, SEBI has taken action against Catalyst Trustee, imposing a similar one-year ban for overlooking compliance violations by Brick Eagle LLP. However, the ban applies solely to trustee services offered by Catalyst and not its primary business as a debenture trustee. Brick Eagle LLP, led by former Standard Chartered executive Rajesh Krishnan, introduced a ₹500 crore affordable housing fund in 2017, aimed at financing…

Reddit is aiming for an IPO valuation of up to $6.5 billion, according to sources familiar with the matter, a significant decrease from its previous valuation. The company is considering setting a price range of $31-$34 per share. When approached by Reuters, Reddit declined to comment. In the IPO, both new shares issued by Reddit and existing shares held by investors and employees will be offered, one source revealed. Previously valued at $10 billion in a 2021 funding round, Reddit had planned to sell around 10% of its shares in the IPO, as reported by Reuters in January. Renowned for…

IAMAI, representing more than 580 Indian companies, including startups and multinational corporations, has urged Google to refrain from removing apps from its Google Play Store amid an ongoing dispute over billing policies. This plea comes after reports surfaced that Google issued warnings about delisting apps that fail to comply with its Play Store billing regulations. According to IAMAI, at least four of its members have received delisting notices from Google. The association contends that these developers have cases pending before the Supreme Court of India, and therefore, Google should avoid taking “coercive action” during the legal proceedings. Google mandates developers…

Marketing services provider RK Swamy raised Rs 187.22 crore through its anchor book, which opened for a day on March 1, a day before the company’s IPO launch. The Rs 424-crore initial public offering will open for subscription next week on March 4, with bidding closing on March 6. The IPO committee allocated 65,00,937 equity shares to anchor investors at a price of Rs 288 per share. Nippon Life India emerged as the largest institutional investor, investing Rs 50.03 crore, followed by Aditya Birla Sun Life Insurance Company with Rs 20 crore. Other notable investors in the anchor book include…

Bank holidays in March 2024: Today, March 2, being the first Saturday of the month, banks will remain open as usual. Saturdays are typically regular banking days, except for the second and fourth Saturdays, which are designated as bank holidays. Similarly, if a month has a fifth Saturday, banking activities are conducted as usual on that day. State Bank of India (SBI) will operate today like other national banks. Even on days with limited branch hours or closures, online banking services remain accessible 24/7, allowing customers to manage their finances conveniently at any time. It’s important to stay informed about…