Author: Legal Parivar

The Reserve Bank of India (RBI) has instructed all non-bank Payment System Operators (PSOs) to remain vigilant and report any high-value or suspicious transactions occurring during the ongoing Lok Sabha elections, which commenced on April 19. In an April 15 letter addressed to non-bank PSOs, the RBI highlighted the potential misuse of various electronic payment modes for influencing voters or funding election candidates. The Election Commission of India (ECI) has expressed concerns regarding this matter and suggested appropriate action be taken. PSOs, which include entities like payment gateways, aggregators, payment apps, and card networks, are urged to promptly report any…

Shares of troubled telecom service provider Vodafone Idea will be closely watched on April 22 as its follow-on offer (FPO) approaches its closing. With two days of bidding for the Rs 18,000-crore issue, the FPO has received a respectable response from investors, being subscribed 49 times. The retail segment of the FPO witnessed 13 percent participation, the NII segment saw a subscription of 75 percent, while the QIB portion was subscribed 0.93 times. The price band for the Vodafone Idea FPO was set at Rs 10-11 per equity share. In the grey market, the issue is trading at a premium…

Here’s a closer look at today’s top events: These events highlight the diverse range of activities and developments unfolding across India today.

Persistent Systems’ share price will draw attention on Monday following the release of its fourth-quarter FY24 earnings. The company reported a net profit of ₹315.3 crore for the quarter ended March 2024, marking a 25.36% YoY growth. In Q4FY24, Persistent Systems recorded consolidated revenue of ₹2,590 crore, up 14.9% YoY, while revenue in USD terms grew 13.2% YoY to $310.89 million. Order bookings for the quarter stood at $447.7 million in Total Contract Value (TCV) and $316.8 million in Annual Contract Value (ACV) terms. The Board of Directors proposed a final dividend of ₹10 per share for FY23-24, pending approval…

Re-polling is currently ongoing at 11 booths within the Inner Manipur Parliamentary Constituency following reports of violence during the initial polling on April 19. Security measures have been heightened to prevent further disturbances in conflict-stricken Manipur. The Chief Electoral Officer (CEO) of Manipur announced the re-polling after the Election Commission declared the initial polls void. As of April 19, Manipur recorded a voter turnout of 69.18 percent. The Election Commission directed the fresh poll to be held on April 22 from 7:00 AM to 5:00 PM at the specified polling stations. These include polling stations in various assembly constituencies such…

Before the opening bell today, on April 22, 2024, keep an eye on these companies stocks:

HDFC Bank is anticipated to announce its fourth-quarter results for the fiscal year 2024 on April 20. Analysts foresee the banking sector reporting relatively subdued earnings for the January-March 2024 period, characterized by pressure on net interest margins (NIM), stable loan growth but weaker deposit growth, and cost pressures due to forthcoming wage hikes and pension provisions. In the previous quarter, HDFC Bank recorded a 33% increase in net profit to ₹16,372 crore in Q3 of FY24, compared to ₹12,259 crore in the previous year. For Q4FY24, analysts expect HDFC Bank to report a net profit of ₹15,663 crore, reflecting…

Elon Musk’s much-awaited visit to India, as the CEO of electric vehicle titan Tesla, has been temporarily delayed. Although the exact reasons for the postponement have not been disclosed, a report by CNBC-TV18 indicated that Musk’s schedule might have clashed with an upcoming commitment.

The United States has taken action against three companies based in China and one in Belarus for their involvement in providing missile-related components to Pakistan’s ballistic missile programme. Among the sanctioned entities are Xi’an Longde Technology Development and Tianjin Creative Source International Trade from China, along with Granpect Co. Ltd from Belarus. These companies’ activities have raised concerns about the proliferation of missile technology and its impact on regional stability. According to State Department spokesperson Matthew Miller, these entities have engaged in transactions that materially contribute to the proliferation of weapons of mass destruction or their means of delivery by…

A blast rocked an Iraqi military base in Babylon province early Saturday, resulting in the death of one person and injuring several others. According to reports from the AFP news agency, the explosion, described as an “aerial bombing,” occurred overnight at a military base in Iraq, which houses a coalition of pro-Iranian armed groups. (Story in Development)