Author: Legal Parivar

Reddit is aiming for an IPO valuation of up to $6.5 billion, according to sources familiar with the matter, a significant decrease from its previous valuation. The company is considering setting a price range of $31-$34 per share. When approached by Reuters, Reddit declined to comment. In the IPO, both new shares issued by Reddit and existing shares held by investors and employees will be offered, one source revealed. Previously valued at $10 billion in a 2021 funding round, Reddit had planned to sell around 10% of its shares in the IPO, as reported by Reuters in January. Renowned for…

IAMAI, representing more than 580 Indian companies, including startups and multinational corporations, has urged Google to refrain from removing apps from its Google Play Store amid an ongoing dispute over billing policies. This plea comes after reports surfaced that Google issued warnings about delisting apps that fail to comply with its Play Store billing regulations. According to IAMAI, at least four of its members have received delisting notices from Google. The association contends that these developers have cases pending before the Supreme Court of India, and therefore, Google should avoid taking “coercive action” during the legal proceedings. Google mandates developers…

Marketing services provider RK Swamy raised Rs 187.22 crore through its anchor book, which opened for a day on March 1, a day before the company’s IPO launch. The Rs 424-crore initial public offering will open for subscription next week on March 4, with bidding closing on March 6. The IPO committee allocated 65,00,937 equity shares to anchor investors at a price of Rs 288 per share. Nippon Life India emerged as the largest institutional investor, investing Rs 50.03 crore, followed by Aditya Birla Sun Life Insurance Company with Rs 20 crore. Other notable investors in the anchor book include…

Bank holidays in March 2024: Today, March 2, being the first Saturday of the month, banks will remain open as usual. Saturdays are typically regular banking days, except for the second and fourth Saturdays, which are designated as bank holidays. Similarly, if a month has a fifth Saturday, banking activities are conducted as usual on that day. State Bank of India (SBI) will operate today like other national banks. Even on days with limited branch hours or closures, online banking services remain accessible 24/7, allowing customers to manage their finances conveniently at any time. It’s important to stay informed about…

Here are the companies grabbing attention ahead of the opening bell today, March 02, 2024:

The 13th Ministerial Conference (MC13) of the World Trade Organisation (WTO) ended without a resolution on the dispute resolution mechanism and extended the current practice of not imposing customs duties on electronic transmissions for an additional two years, a decision that didn’t align with India’s preferences. India had advocated for a resolution on the WTO’s dispute resolution mechanism at MC13 and sought an end to the moratorium on levying customs duties on digital goods. The decision to maintain the moratorium on customs duties on electronic transmissions until the 14th Ministerial Conference was outlined in a statement on the Draft Ministerial…

India finalized five significant defence acquisition contracts worth Rs 39,125 crore, including the procurement of BrahMos supersonic cruise missiles, radars, weapon systems, and aero-engines for MiG-29 jets. These procurements aim to enhance the armed forces’ combat capabilities amid the ongoing border tensions with China in eastern Ladakh. The contracts were signed under the government’s policy to bolster domestic defence manufacturing. Defence Minister Rajnath Singh and Defence Secretary Giridhar Aramane oversaw the signing of these contracts, which are expected to strengthen indigenous capabilities, reduce dependency on foreign equipment, and save foreign exchange. Two separate deals were sealed for the procurement of…

The Financial Intelligence Unit-India has fined Paytm Payments Bank Rs 5.49 crore for violating anti-money laundering regulations. According to a statement from the finance ministry on March 1, the investigation by the Financial Intelligence Unit began after law enforcement agencies flagged several entities engaged in illegal activities, including online gambling, and found that proceeds of crime were being channeled through bank accounts held by these entities with Paytm Payments Bank Ltd. After reviewing evidence and submissions from Paytm Payments Bank Ltd, the Director of FIU-IND concluded that the charges against Paytm were valid. A spokesperson for Paytm Payments Bank stated…

Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced a special live trading session in the equity and futures & options segments on March 2, 2024. This unusual move, as markets typically close on Saturdays, aims to test the market’s disaster recovery system preparedness for emergencies. The special session will span a few hours with a 75-minute break in between and will be split into two phases for transitioning between the primary site and the disaster recovery site. The first session will commence at the usual time with an eight-minute pre-open session from 9:00 to…

On Friday, Nvidia’s market value surpassed $2 trillion for the first time, driven by positive news from Dell Technologies which bolstered Wall Street’s AI-focused momentum. Following Dell’s optimistic forecast late on Thursday, citing a surge in orders for its AI-optimized servers using Nvidia’s processors, Nvidia’s stock surged by 4%. Dell’s shares experienced a remarkable increase, peaking at 38% before settling with a 32% gain. This rally propelled Nvidia to a market capitalization of $2.06 trillion, securing its position as the third most valuable company on Wall Street, trailing Microsoft at $3.09 trillion and Apple at $2.77 trillion. Other companies in…