Author: Legal Parivar

Motilal Oswal’s research report on ICICI Lombard: Read Report ICICI Lombard’s fourth-quarter performance for FY24 was in line with expectations, with its net earned premium (NEP) reaching INR 44 billion, marking a 17% year-on-year increase. Investment income closely matched projections, albeit with a 3% surplus in the policyholders account and a 5% deficit in the shareholders account. The claims ratio for the quarter stood at 68.6%, down from 70.0% in the previous quarter, while the combined ratio improved to 102.2% from 103.6% in the same period, both aligning closely with estimates. Profits After Tax (PAT) for the quarter experienced a notable…

A lawyer, Anand S. Jondhale, has lodged a plea against Prime Minister Narendra Modi in the Delhi High Court, accusing him of violating the Model Code of Conduct (MCC) during his campaign speech in Pilibhit, Uttar Pradesh on April 9. Jondhale’s plea claims that Modi sought votes in the name of various deities and places of worship, including those of Hindu and Sikh faiths, potentially exacerbating religious tensions and violating MCC regulations. The plea specifically cites provisions from the Compendium of Instructions Volume-III under Rules General Conduct-I(1) and (3), which prohibit any activity that may exacerbate differences or create animosity…

The Sensex today witnessed a sharp decline of 550 points, with the Nifty slipping below the 22,150 mark in the midst of ongoing concerns about heightened tensions in the Middle East and uncertainty surrounding the US Federal Reserve’s rate cut outlook. This marks the third consecutive session of weakness in domestic benchmark indices. Asian markets also experienced significant declines, while US indices closed notably lower on Monday, further dampening sentiment on Dalal Street today. Across major sectors on the NSE, all indices were in negative territory, with the IT sector being the worst performer, witnessing a decline of over 1%.…

Despite disappointing US retail sales data and the US dollar climbing to a 5-month high, the gold price rally on Tuesday received continued support from the Iran-Israel conflict. Gold prices today on the Multi Commodity Exchange (MCX) opened higher and reached an intraday high of ₹73,169 per 10 gm shortly after the commodity market’s opening bell. In the international market, gold prices are hovering around the $2,380 per troy ounce level. Anuj Gupta, Head of Commodity & Currency at HDFC Securities, commented on the outlook for gold prices today, stating that the overall outlook remains positive. He highlighted the rise…

Delhi Chief Minister Arvind Kejriwal, currently incarcerated in Tihar jail, will conduct regular meetings with two ministers each week to oversee the progress of work in their respective departments, as per an announcement by the Aam Aadmi Party (AAP). Arrested by the Enforcement Directorate on March 21, Kejriwal remains in judicial custody. AAP’s Rajya Sabha member Sandeep Pathak and Punjab Chief Minister Bhagwant Mann visited Kejriwal in Tihar jail on April 15. Pathak, also the party’s National General Secretary (Organization), shared Kejriwal’s plan to review departmental functioning. “Starting next week, the chief minister will summon two ministers to jail every…

Manappuram Finance has announced plans to discuss a proposal to raise $500 million in one or more tranches during its board meeting on April 19. The gold loan finance company intends to raise these funds through external commercial borrowings, including issuing US dollar bonds, in compliance with RBI guidelines. On April 15, Manappuram Finance’s shares closed nearly 3 percent lower at Rs 190.10 on the BSE. Just a month ago, the board had approved the issuance of redeemable non-convertible debentures (NCDs) worth up to Rs 6,000 crore through private placement or public issue in one or more tranches. These funds…

Nomura has maintained a ‘buy’ rating on Dalmia Bharat Ltd and has increased its target price to Rs 2,900 per share, indicating a 48 percent increase. The National Asset Reconstruction Company Ltd (NARCL) recently submitted a binding bid to acquire Jaiprakash Associates, a move seen favorably by the brokerage. Nomura anticipates the deal to be finalized in the second half of FY25. Dalmia Bharat’s acquisition of Jaiprakash Associates Limited’s assets has faced delays, primarily due to a lack of approval from lenders, involving more than 30 banks. However, Nomura views the NARCL bid positively and expects the deal to proceed…

Prime Minister Narendra Modi is set to deliver speeches at four election rallies across two states on April 16 as part of the Bharatiya Janata Party’s (BJP) campaign for the Lok Sabha Elections 2024. PM Modi is slated to address public gatherings in Gaya and Purnea of Bihar. This marks his third visit to Bihar in approximately two weeks. Gaya will vote in the first phase on April 19, while Purnea is scheduled for the second phase on April 26. Additionally, the Prime Minister will speak at a rally in Balurghat and Raiganj of West Bengal today. Both constituencies are…

Elon Musk is considering implementing a nominal fee for new X users to enable posting on the microblogging site, with the aim of addressing the issue of bot proliferation. Musk emphasized that charging a small fee to new accounts may be the “only way” to combat the “onslaught of bots” that often plague social media platforms. Responding to a recent post about the website’s changes, Musk highlighted the necessity of implementing a fee for new accounts to deter bots. He mentioned that the current AI, including troll farms, can easily bypass traditional bot detection measures like CAPTCHA. However, Musk clarified…

The Indian rupee is anticipated to dip below the 83.50 mark against the U.S. dollar on Tuesday, facing pressure from the dollar’s widespread surge due to risk aversion sentiments. Non-deliverable forwards suggest that the rupee may open at 83.52-83.54 compared to the previous session’s 83.45. Despite nearing the record low of 83.4550 on Monday, the rupee managed to evade it, possibly due to intervention by the Reserve Bank of India (RBI). Market analysts note that the psychological significance of the 83.50 level may prompt RBI intervention to stabilize the market. In Asian markets, currencies and equities faced losses, while the…