Author: Legal Parivar

Bitcoin reached a two-year high on February 27, driven by indications of significant institutional purchases of the cryptocurrency. The rally was fueled by an announcement from crypto investor and software firm MicroStrategy, revealing its recent acquisition of approximately 3,000 bitcoins for $155 million. Over the course of two sessions, Bitcoin surged by more than 10 percent, with several factors contributing to its upward momentum. Crypto-related equities also witnessed significant gains in US trading, with MicroStrategy and San Francisco-based crypto exchange company Coinbase both surging over 16 percent. They continued to gain momentum in aftermarket trading as well.

Authorities in Maharashtra, a western state in India, are expanding their scrutiny beyond McDonald’s to inspect outlets of various global fast-food brands. This inspection aims to ensure that products advertised as containing real cheese are not misleadingly using cheese alternatives. The move comes after recent reports revealed the use of cheese analogues made from vegetable oil in some fast-food products. McDonald’s largest franchisee in India, Westlife Foodworld, has faced scrutiny over its use of “real cheese” in products, prompting the removal of the word “cheese” from the names of several items in December. Now, Maharashtra’s Food and Drug Administration plans…

In a significant setback for the Congress party ahead of the Lok Sabha elections in Gujarat, its Rajya Sabha member and former Union minister Naran Rathwa, along with his son and a considerable number of supporters, officially joined the Bharatiya Janata Party (BJP) on Tuesday. Hailing from Chhota Udepur in Gujarat, Rathwa’s term as a Rajya Sabha member is set to conclude in April this year. He has previously been elected to the Lok Sabha on five occasions, beginning in 1989 and then consecutively in 1991, 1996, 1998, and 2004. Rathwa’s son, Sangramsinh, who had previously contested the 2022 Gujarat…

The latest NSSO survey for 2022-23 provides insights into household consumption expenditure, shedding light on significant shifts over the past decade. Notably, rural spending has nearly tripled, outpacing urban spending, while the gap between urban and rural expenditure has narrowed. There’s also a marked increase in non-food spending, reflecting changes in technology, finance, and culture, as well as maturing economic growth. The rise in rural non-food consumption, despite narratives of rural distress, may be attributed to higher rural inflation and savings, influencing spending patterns. Inflation-adjusted data reveals a more modest 4 percent Compound Annual Growth Rate (CAGR) for both rural…

India, the world’s second-largest crude steel producer, experienced a surge in steel imports reaching a six-year peak in the first 10 months of the fiscal year ending in March, as indicated by provisional government data disclosed to Reuters on Tuesday. Buoyed by robust demand from the construction and automotive sectors, steel consumption in India soared by 14.5% to reach a six-year high of 112.5 million metric tons during the period, underscoring the country’s position as one of the fastest-growing economies globally. The Indian government anticipates continued strong demand for steel, projecting economic growth to outstrip the global average in the…

The Jharkhand government presented a budget of Rs 1.28 lakh crore for the fiscal year 2024-25 in the assembly on Tuesday. This marks an increase of over 10 per cent from the previous year’s budget. The JMM-led coalition government had allocated Rs 1.16 lakh crore for the financial year 2023-24. Finance Minister Rameshwar Oraon announced the budget in the assembly, stating, “I present a budget of Rs 1,28,900 crore for the financial year 2024-25.” This budget signifies the first fiscal plan under the newly formed Champai Soren government. Oraon emphasized that the budget aims to address the needs of various…

The Noida Authority has launched a scheme offering 25 commercial plots across 11 sectors in the city, with a combined reserve price of Rs 105.5 crore, according to officials familiar with the matter. Registration for the scheme is open until March 7, with the allocation of plots to be conducted through e-auction. These plots range in size from 18 square meters (sqm) to 316 sqm and are situated across various sectors in Noida, officials revealed. “Of the 25 plots, six are located in Sector 84A (Hosiery Complex), four in Sector 16, three in Sector 31, two each in sectors 70,…

Zydus Lifesciences Ltd has announced a share buyback worth Rs 600 crore at Rs 1,005 per share through the tender offer route. Despite this announcement, as of 13:41 hours on February 27, the company’s stock on the BSE was trading slightly higher at Rs 946. The buyback period is scheduled to commence on February 29 and conclude on March 6, according to the firm’s filing with the stock exchange. The company intends to repurchase up to 59,70,149 shares with a face value of Rs 1 each on a proportionate basis through the tender offer route at Rs 1,005 per share,…

The Reserve Bank of India (RBI) has granted approval for the re-appointment of Ajay Kanwal as the managing director and chief executive officer (MD and CEO) of Jana Small Finance Bank. In an exchange notification, the bank stated, “The RBI, through their letter dated February 26, 2024, has conveyed its approval for the re-appointment of Ajay Kanwal as managing director and CEO of the bank for an additional three-year term commencing from March 21, 2024.” This reappointment spans from March 21, 2024, to March 20, 2027, as confirmed by the bank. Ajay Kanwal brings over 33 years of experience in…

Zenith Drugs witnessed a robust market entry, debuting at a 39.2% premium to its IPO price on February 27. The stock opened at Rs 110 on the NSE SME platform, significantly higher than the issue price of Rs 79. Prior to listing, the stock commanded a 44% premium in the grey market, an unofficial platform where shares trade before IPO allotment and until listing day. This metric is often monitored by investors to gauge the potential listing price. The IPO received overwhelming response, being oversubscribed 179 times between February 19 and February 22. Notably, retail investors bid 139 times, non-institutional…