Author: Legal Parivar

Here are the companies grabbing attention ahead of the opening bell today, March 02, 2024:

The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) ended without a resolution on the dispute resolution mechanism and extended the current practice of not imposing customs duties on electronic transmissions for an additional two years, a decision that didn’t align with India’s preferences. India had advocated for a resolution on the WTO’s dispute resolution mechanism at MC13 and sought an end to the moratorium on levying customs duties on digital goods. The decision to maintain the moratorium on customs duties on electronic transmissions until the 14th Ministerial Conference was outlined in a statement on the Draft Ministerial…

India finalized five significant defence acquisition contracts worth Rs 39,125 crore, including the procurement of BrahMos supersonic cruise missiles, radars, weapon systems, and aero-engines for MiG-29 jets. These procurements aim to enhance the armed forces’ combat capabilities amid the ongoing border tensions with China in eastern Ladakh. The contracts were signed under the government’s policy to bolster domestic defence manufacturing. Defence Minister Rajnath Singh and Defence Secretary Giridhar Aramane oversaw the signing of these contracts, which are expected to strengthen indigenous capabilities, reduce dependency on foreign equipment, and save foreign exchange. Two separate deals were sealed for the procurement of…

The Financial Intelligence Unit-India has fined Paytm Payments Bank Rs 5.49 crore for violating anti-money laundering regulations. According to a statement from the finance ministry on March 1, the investigation by the Financial Intelligence Unit began after law enforcement agencies flagged several entities engaged in illegal activities, including online gambling, and found that proceeds of crime were being channeled through bank accounts held by these entities with Paytm Payments Bank Ltd. After reviewing evidence and submissions from Paytm Payments Bank Ltd, the Director of FIU-IND concluded that the charges against Paytm were valid. A spokesperson for Paytm Payments Bank stated…

Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced a special live trading session in the equity and futures & options segments on March 2, 2024. This unusual move, as markets typically close on Saturdays, aims to test the market’s disaster recovery system preparedness for emergencies. The special session will span a few hours with a 75-minute break in between and will be split into two phases for transitioning between the primary site and the disaster recovery site. The first session will commence at the usual time with an eight-minute pre-open session from 9:00 to…

On Friday, Nvidia’s market value surpassed $2 trillion for the first time, driven by positive news from Dell Technologies which bolstered Wall Street’s AI-focused momentum. Following Dell’s optimistic forecast late on Thursday, citing a surge in orders for its AI-optimized servers using Nvidia’s processors, Nvidia’s stock surged by 4%. Dell’s shares experienced a remarkable increase, peaking at 38% before settling with a 32% gain. This rally propelled Nvidia to a market capitalization of $2.06 trillion, securing its position as the third most valuable company on Wall Street, trailing Microsoft at $3.09 trillion and Apple at $2.77 trillion. Other companies in…

On March 1st, Sadhav Shipping witnessed a robust debut on the NSE SME platform, with its stock opening at Rs 135, marking a substantial 42.1% premium over its IPO price of Rs 95. Before its listing, the stock was trading at a notable 30% premium in the grey market, an unofficial platform where shares are traded prior to IPO allotment and until listing day. The grey market premium (GMP) is closely monitored by investors to gauge the potential listing price. The impressive debut was fueled by strong subscription figures during the IPO period, with the offer being oversubscribed 135 times,…

CMS Info Systems saw a significant uptick in its shares, surging by almost 7% at the opening of trading on March 1st, following the announcement that CEO Rajiv Kaul had increased his ownership in the company. As of 9:40 am, the stock was trading at Rs 409.55. In a post-market hours disclosure, CMS Info Systems revealed that Kaul had elevated his stake in the company from 2.6% to 6.2% by exercising his employee stock options (ESOPs). In a statement, Kaul emphasized that the decision to increase his stake reflects both his personal commitment and the company’s dedication to expanding their…

Shares of Paytm saw a rise of over 4 percent on March 1st following the approval from the fintech’s board to discontinue several inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL). As of 9:25 am, Paytm shares were trading nearly 4 percent higher at Rs 418.50 on the National Stock Exchange (NSE). Despite this increase, the stock has experienced a decline of approximately 35 percent since the beginning of the year, whereas the Nifty has recorded a growth of nearly 2 percent during the same period. In a regulatory filing, Paytm stated that the company and its…

Today, on Friday, March 1st, the allotment for the Exicom Tele-Systems IPO will be concluded. Investors who applied for the issue can verify their Exicom Tele-Systems IPO allotment status via the registrar portal, Link Intime India Private Ltd. The IPO subscription, which opened on February 27 and closed on February 29, garnered tremendous interest, reaching 129.54 times subscription by day 3, with the retail portion being oversubscribed by 119.59 times. Investors can check the status of their application and the number of shares allotted through the basis of allotment. Refunds will be initiated for applicants not allotted shares, starting on…