Author: Legal Parivar

The TAC Infosec IPO, which opened for subscription on Wednesday, March 27, is set to conclude on Tuesday, April 2. With a lot size of 1,200 equity shares and a price band of ₹100 to ₹106 per share, the IPO has garnered significant attention from investors. Prior to the IPO launch, on Tuesday, March 26, TAC Infosec raised ₹8.55 crore from anchor investors by selling 8.06 lakh equity shares at ₹106 each. Notable investors participating in the anchor book include Astorne Capital VCC, Zinnia Global Fund PCC – Cell Dewcap Fund, LC Radiance Fund VCC, Beacon Stone Capital VCC -…

The income tax department has uncovered a scheme involving fraudulent use of Permanent Account Numbers (PAN) by individuals to falsely claim house rent allowance (HRA), despite not being tenants, as per a report by Times of India (ToI). Initial findings suggest that approximately 8,000-10,000 significant cases have been identified, with amounts exceeding Rs 10 lakh in many instances. The investigation was initiated when authorities discovered purported rent receipts totaling around Rs 1 crore under an individual’s PAN. However, upon interrogation, the individual denied any knowledge of these transactions. Subsequent inquiry revealed that the individual had not actually received the rent…

The subscription period for the initial public offering (IPO) of Radiowalla Network Limited commenced on March 27, 2024, and is set to close on April 2, 2024. As of 2:12 PM on the third day of bidding, the IPO has garnered significant interest from primary market investors. Meanwhile, the grey market has reported a consistent premium for shares of Radiowalla Network Limited, with a current premium of ₹40. Grey Market Premium (GMP) for Radiowalla Network IPO Market observers have noted that the Grey Market Premium (GMP) for the Radiowalla Network IPO stands at ₹40, unchanged from the previous weekend. They…

Shares of PNB Housing Finance surged over 14 percent on Monday, April 1, 2024, driven by an optimistic outlook and recent rating upgrades. Morgan Stanley, a global brokerage firm, recently upgraded the stock to ‘overweight’ with a target price of ₹970, indicating a potential upside of nearly 35 percent from the day’s high and a 54 percent increase from the previous Thursday’s closing. This positive sentiment follows upgrades by rating agencies ICRA and CARE, which revised the company’s long-term rating upward, reflecting improvements in its asset quality. The stock soared as much as 14.5 percent in intra-day trading to reach…

NHAI’s ‘One Vehicle, One FASTag’ rule, aimed at discouraging the use of a single FASTag for multiple vehicles or linking multiple FASTags to one vehicle, has been implemented as of Monday, according to a senior official. The compliance deadline for NHAI’s ‘One Vehicle, One FASTag’ initiative was extended to the end of March due to issues faced by Paytm FASTag users. “From today (April 1), multiple FASTags won’t function… Individuals with multiple FASTags for a single vehicle will no longer be able to utilize all of them,” the official informed PTI. NHAI introduced the ‘One Vehicle, One FASTag’ initiative to…

Congress’ General Secretary-in-charge of Communications, Jairam Ramesh, launched a blistering attack on Prime Minister Narendra Modi on April 1 for defending the now-defunct electoral bonds scheme. PM Modi, in an interview with Tamil channel Thanthi TV on March 31, staunchly justified the scheme, claiming it aided in tracing the source of funding for political parties. “People who are protesting against the electoral bonds will soon regret it. Before 2014, there was no trail of the funds given to political parties during elections,” PM Modi asserted. “Thanks to electoral bonds, we can now trace the source of funding. Nothing is perfect;…

April 1 marks the beginning of a new financial year in India, accompanied by revisions to savings plan regulations. Starting this date, the Employees’ Provident Fund Organization (EPFO) will implement significant changes. Under the new rule, when an individual switches jobs, their old Provident Fund (PF) balance will be automatically transferred to the new employer. This eliminates the need for EPFO account holders to manually request PF transfers upon joining a new company, a process that was previously required despite having a Universal Account Number (UAN). “As many cumbersome procedures are left behind, employees will no longer endure the hassles…

On Monday, the income tax department assured the Supreme Court that it would abstain from taking any coercive actions against the Indian National Congress (INC) regarding the income tax demands amounting to approximately ₹3,500 crore until July, considering the upcoming Lok Sabha polls. Solicitor General of India Tushar Mehta, representing the Union government and the IT department, made this commitment before a bench comprising Justice B.V. Nagarathna and Justice Augustine George Masih. The Congress party, in the case, filed an interim application against the recent demand notices issued by the IT department. Mehta clarified that the current appeals do not…

India’s defence exports surged to a record high of Rs. 21,083 crore in the financial year 2023-24, marking a remarkable growth of 32.5% compared to the previous fiscal year, announced Defence Minister Rajnath Singh on Monday. Highlighting the robust expansion of both the private sector and Defence Public Sector Undertakings (DPSUs) over the years, Defense Minister Rajnath Singh stated, “The defence ministry has undertaken numerous initiatives to stimulate India’s defense manufacturing and exports.” “I am pleased to announce that Indian Defence Exports have reached unprecedented levels, surpassing the ₹21,000 crore milestone for the first time in independent India’s history,” Rajnath…

The automotive sector has exhibited impressive performance both in the current year and over the past twelve months, driven by significant volume expansion and improved operational efficiency. During Q3FY24, automotive companies witnessed favorable year-on-year volume growth across various segments. This uptick in volume was further bolstered by enhanced realizations, attributed to the implementation of premiumization strategies and improved net pricing. Additionally, favorable margin performance was achieved through a favorable product mix and benefits derived from easing commodity prices. The Nifty Auto index has surged by 75 percent in the last year and almost 16 percent in the year-to-date of 2024.…