Author: Legal Parivar

State-run oil marketing companies (OMCs) have raised the prices of 19 kg commercial LPG gas cylinders by ₹25 effective from today, March 1st. Following the latest hike, the retail price of a 19 kg commercial gas cylinder now stands at ₹1,795 in Delhi. In Mumbai, the same cylinder will be priced at ₹1,749, while in Chennai and Kolkata, the cost of commercial LPG gas cylinders has increased to ₹1,960 and ₹1,911, respectively. This marks the second consecutive increase in prices by state-run firms for commercial gas cylinders. On February 1st, rates for a 19-kg gas cylinder had risen by ₹14.…

Global brokerage firm HSBC has issued ‘buy’ recommendations for oil-marketing companies HPCL, BPCL, and IOC, revising their target prices significantly upwards. The new target prices stand at Rs 630 per share (from Rs 375) for HPCL, Rs 860 per share (from Rs 555) for BPCL, and Rs 185 per share (from Rs 130) for IOC. This revision comes as HSBC sees further potential for re-rating of these stocks in the future. Since the beginning of 2024, HPCL, BPCL, and IOC have witnessed impressive surges in their stock prices, ranging from 27 percent to 34 percent, compared to the modest 0.3…

Gopal Snacks Ltd, a savory snacks manufacturer, has revealed the price band of Rs 381-401 per share for its upcoming Rs 650-crore initial public offering (IPO), scheduled to commence on March 6. The anchor book will open on March 5, with the IPO closing on March 11. Allotment of shares is slated for March 12, with shares credited to demat accounts on the same day. The company’s stocks are expected to list on exchanges on March 14, with a post-IPO market capitalization estimated at Rs 5,000 crore at the upper price band. The IPO will comprise a pure offer-for-sale (OFS).…

On March 1, One 97 Communications (OCL), the parent company of Paytm, disclosed to the stock exchanges that the Paytm board has greenlit the termination of various inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL). Additionally, OCL revealed that PPBL’s shareholders have consented to streamline the Shareholders Agreement (SHA) to enhance PPBL’s governance, independent of its shareholders. These decisions come amidst ongoing regulatory actions by the Reserve Bank of India (RBI) against PPBL, citing significant supervisory concerns. On January 31, the RBI imposed significant business restrictions on PPBL due to a prolonged history of non-compliance by Paytm…

Chalet Hotels could see an uptick in its shares on March 1, following its announcement of acquiring its partners’ stake in Ayushi and Poonam Estates LLP, the owner of Courtyard by Marriott, Aravalli Resort, in the National Capital Region (NCR) for Rs 315 crore. According to a regulatory filing, the company’s board of directors approved the acquisition during a meeting held on February 29. The transaction, to be executed for cash consideration, is valued at an enterprise value of Rs 315 crore, subject to adjustments for net current assets including cash. Completion of the deal is expected by March 10,…

India advocates for a reassessment of the impacts of the customs duties moratorium on e-commerce for developing and least developed nations within the World Trade Organization (WTO). This stance arises amidst efforts by developed countries to prolong the moratorium beyond March 31. The matter was deliberated upon during a session of the e-commerce work program at the WTO’s 13th Ministerial Conference, which concluded on Thursday. India opposes extending the moratorium due to its detrimental effect, estimating tariff revenue losses of approximately $10 billion annually for developing nations, with India’s losses estimated at about $500 million each year. Extension of the…

The Central Election Committee (CEC) of the Bharatiya Janata Party (BJP), headed by Prime Minister Narendra Modi, convened on Thursday night at the party headquarters in the national capital to finalize the first list of candidates for the upcoming Lok Sabha elections. Among those present at the meeting were BJP president JP Nadda, Union Home Minister Amit Shah, and Defence Minister Rajnath Singh. Additionally, prominent leaders such as Uttar Pradesh Chief Minister Yogi Adityanath, Gujarat’s Bhupendra Patel, Madhya Pradesh’s Mohan Yadav, Chhattisgarh’s Vishnu Deo Sai, Uttarakhand’s Pushkar Singh Dhami, and Goa’s Pramod Sawant, Devendra Fadnavis, Jyotiraditya Scindia, and Keshav Maurya…

The Union Cabinet, on February 29, sanctioned the proposal to set the Nutrient-Based Subsidy (NBS) rates for the Kharif season of 2024, effective from April 1 to September 30, for Phosphatic and Potassic (P&K) fertilisers. Additionally, the Cabinet approved the inclusion of three new fertiliser grades under the NBS scheme. During a press briefing in New Delhi, Union Minister Anurag Thakur announced that the tentative budgetary requirement for the Kharif season 2024 would be approximately Rs 24,420 crore. Under the NBS Scheme, the Centre is ensuring the availability of 25 grades of P&K fertilisers to farmers at subsidized prices through…

The Telecom Department is poised to introduce the initial set of regulations for the newly enacted telecom law within the coming months, according to Neeraj Mittal, Telecom Secretary. Mittal also indicated that the Government of India will explore the appropriate timing to reduce its stake in financially strained Vodafone Idea. However, he refrained from providing a specific timeline. Enacted in December last year, the new telecom law replaced three outdated legislations. Speaking on the sidelines of the Mobile World Congress 2024, Mittal mentioned that the department aims to conduct the next round of spectrum auctions in the early June quarter.…