Author: Legal Parivar

Exicom Tele-Systems IPO: Subscription for Exicom Tele-Systems Limited’s initial public offering (IPO) concluded on February 29, 2024, Thursday. Now, investors await the announcement of share allocation, expected imminently. Following the T+3 listing rule, the Exicom IPO allotment date is likely to be today or March 4, 2024, Monday. Investors who participated in the public issue are advised to check the Exicom IPO allotment status online through the BSE website or the official registrar’s website, Link Intime Private Limited. The grey market has shown strong bullish sentiment towards the Exicom IPO, with the grey market premium (GMP) today standing at ₹157,…

Commerce and Industry Minister Piyush Goyal expressed satisfaction with the outcome of the 13th Ministerial Conference of the World Trade Organization (WTO), stating that India retains its full policy space to safeguard the interests of farmers and fishermen. Goyal highlighted that India’s procurement of food grains for distribution to the needy remains unaffected. Despite the inability of members to reach a consensus on crucial issues like agriculture and fisheries subsidies, the conference was extended by a day. While no decision was made on permanent solutions for public food stockpiling or fisheries subsidies, the moratorium on e-commerce trade import duties was…

Sanjeev Bikchandani, co-founder of Info Edge, has urged the Competition Commission of India (CCI) to intervene against what he calls Google’s anti-competitive actions. On March 1, Google delisted several apps from the Play Store, including Info Edge’s flagship Naukri app, citing non-compliance with its app billing policy. Info Edge, a prominent internet company in India, expressed surprise at the delisting, stating that Google provided inadequate notice. The company is currently working with Google to reinstate its apps promptly. According to sources, Info Edge received notice of non-compliance for Naukri and 99acres only hours before the delisting. This move is part…

Hero MotoCorp’s stock saw a 1.56 percent increase to Rs 4,577.45 on March 2 following the company’s report of a 19 percent surge in February sales compared to the same period last year. The leading manufacturer of motorcycles and scooters in the country sold 468,410 units in February, marking a significant growth from the 394,460 units sold in February 2023. Hero MotoCorp is focusing on ramping up the volumes of its Harley-Davidson X440 and Mavrick 440 models, with the first phase expected to be completed by the middle of this year. January 2024 saw the company selling 433,598 units. Additionally,…

Cipla stock edged up by 1.43 percent on March 2, nearing the 52-week high it reached in the previous session by just Rs 2. The United States Food and Drug Administration (USFDA) conducted an inspection of Cipla (Jiangsu) Pharmaceutical’s manufacturing facility in Qidong, Jiangsu Province, China, from February 26 to March 1. Cipla announced that the inspection concluded with no Form 483 observations. In a separate disclosure, the company informed the stock exchanges about the completion of the transfer of its generics business. “The company has finalized the transfer of Generics Business Undertaking as a going concern on a slump…

On March 2, the NSE Nifty 50 index reached a new all-time peak of 22,420, while the BSE Sensex surged to 73,982 during a special trading session. Both indices closed the first session with marginal gains of around 0.2 percent compared to the previous day’s close, with the Nifty at 22,395 and the Sensex at 77,860 by 10 am. The Nifty Midcap 150 and Nifty Smallcap 100 indices also saw an uptrend, rising over 0.6 percent to conclude the first session at 18,083 and 15,159 points, respectively. Despite expectations of low trading volumes during the special session, called to test…

Info Edge (India) witnessed a nearly 3% decline in its share price during Saturday’s trading session following the company’s disclosure to the stock exchanges regarding the removal/delisting of several mobile applications from the Google Play Store by Google, including those belonging to various other companies/entities. The delisted mobile applications from Info Edge included the Naukri.com Job Search App, Naukri Recruiter, Naukrigulf Job Search App, 99acres Buy/Sell/Rent Property, and Shiksha. At the opening of the trading day, Info Edge’s share price stood at ₹5,200 per share on the BSE. Throughout the session, the stock witnessed an intraday low of ₹5,130 and…

The National Stock Exchange (NSE) announced on Friday that its unique registered investors have exceeded 9 crore, with the latest addition of 1 crore occurring in just five months. Over the past five years, the investor base has witnessed a more than three-fold increase, driven by rapid digitization, heightened investor awareness, financial inclusion, and robust market performance. “The unique registered investors on the National Stock Exchange of India crossed 9 crore on February 29, 2024,” stated the bourse. Additionally, the total number of client codes registered with the exchange has reached 16.9 crore, encompassing all client registrations to date. It’s…

The Reserve Bank of India (RBI) reported that the National Electronic Funds Transfer (NEFT) system achieved its highest single-day transaction volume on February 29, processing 4.10 crore transactions. Over the past decade (2014-2023), both the NEFT and RTGS (Real Time Gross Settlement) systems have witnessed remarkable growth, with NEFT experiencing a 700% increase in volume and a 670% increase in value, while RTGS saw a 200% increase in volume and a 104% increase in value. NEFT has been operational 24/7, 365 days a year since December 16, 2019, while RTGS achieved the same status from December 14, 2020. Managed by…

India’s market regulator, the Securities and Exchange Board of India (SEBI), has imposed a one-year ban on fund manager Brick Eagle LLP after uncovering compliance breaches, as stated in an order published on the regulator’s website. Additionally, SEBI has taken action against Catalyst Trustee, imposing a similar one-year ban for overlooking compliance violations by Brick Eagle LLP. However, the ban applies solely to trustee services offered by Catalyst and not its primary business as a debenture trustee. Brick Eagle LLP, led by former Standard Chartered executive Rajesh Krishnan, introduced a ₹500 crore affordable housing fund in 2017, aimed at financing…