Author: Legal Parivar

US Federal Reserve Chairman Jerome Powell announced on March 20 that the central bank would maintain unchanged monetary policy rates, opting to wait for clearer signs of inflation easing before considering any rate cuts. Key Takeaways from the Fed Meeting: Overall, the Fed’s decision reflects a cautious approach, prioritizing stability and gradual adjustments in response to evolving economic conditions.

Reserve Bank of India (RBI) has issued a press release announcing that all agency banks will remain open to the public on Sunday, March 31, 2024, in order to manage the substantial volume of transactions. The decision comes in response to a request from the Government of India to ensure that all branches dealing with government receipts and payments are operational on that day to account for transactions in the fiscal year 2023-24. Accordingly, agency banks are instructed to keep all branches handling government business open on March 31, 2024, Sunday. The RBI also emphasized that banks should promote awareness…

Indian stock markets are scheduled to be closed for multiple days towards the end of March due to festivals and holidays, in addition to the regular weekend breaks. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will not conduct trading activities on March 25 in observance of Holi, and on March 29 for Good Friday. Segments Affected by Closure Trading will be suspended in the equity, equity derivatives, and securities lending & borrowing (SLB) segments on these two dates across both the BSE and NSE. Additionally, the currency derivatives segment will remain closed on March 25 and 29,…

PB Fintech, the operator of insurance and loan product aggregator Policybazaar, has received board approval to establish a wholly owned subsidiary for the purpose of conducting payment aggregator business. The newly proposed subsidiary, PB Pay Private Limited, will operate as a payment aggregator in both domestic and cross-border markets, facilitating merchants with offline and/or digital payment acceptance infrastructure. The company disclosed this information in a regulatory filing, stating that PB Pay Private Limited would operate under the approval of the Reserve Bank of India. The proposed subsidiary will have a paid-up share capital of Rs 27 crore, subject to regulatory…

HDFC Bank announced on Wednesday the successful sale of its stake in education finance arm HDFC Credila for 95.53 billion rupees ($1.15 billion) to private equity firms BPEA EQT and ChrysCapital. The transaction, which was disclosed in June last year, was a regulatory requirement to be fulfilled before the merger of mortgage lender Housing Development Finance Corp with HDFC Bank. The completion of this deal precedes HDFC Bank’s upcoming fourth-quarter results, expected next month. Despite HDFC Bank’s third-quarter profit surpassing expectations, analysts noted concerns about its margins and liquidity pressures, leading to a significant decline in its share price.

Hindustan Unilever (HUL) announced on March 19th that it is exploring various options for its ice cream business’s future, following its parent company Unilever’s global decision to separate the vertical. Unilever, headquartered in London, aims to streamline, concentrate, and improve its performance by dividing the ice cream business, a move that may lead to the loss of 7,500 jobs. When questioned about the potential ramifications for the Indian operations, the Indian subsidiary of Unilever (HUL) stated that it is assessing different courses of action. “We are evaluating various options concerning the Indian ice cream business in light of this announcement.…

Eicher Motors shares experienced a 6% surge in today’s early trading, reaching ₹3,940 apiece, driven by a rating upgrade from global brokerage firm UBS. According to CNBC-TV18, UBS raised its rating on the stock from ‘Neutral’ to ‘Buy’ and revised its target price to ₹5,000 apiece, up from the previous target of ₹4,300. This adjusted target price suggests a potential upside of 34.5% from Tuesday’s closing price of ₹3,716 per share. UBS highlighted that Royal Enfield’s forthcoming launch of the 450 cc platform aims to address competitive pressures and growth concerns in the market. The brokerage firm forecasts that Eicher…

JP Morgan, a prominent brokerage firm, expresses bullish sentiment towards engineering, research, and development (ER&D) companies due to their relatively resilient growth trajectory. Amidst strong growth compared to IT firms, JP Morgan considers CY24 a year of recovery for ER&D companies, with a substantial total addressable market that continues to remain attractive and supportive of momentum. Initiating coverage on Cyient, the firm assigns an “overweight” rating with a target price of Rs 2,600, indicating a potential upside of approximately 31% from the closing price on March 19. JP Morgan highlights Cyient’s robust demand across the majority of its portfolio. Conversely,…

Gujarat State Petroleum Corp. has issued a tender to procure a commissioning cargo for the upcoming Chhara terminal, slated for delivery in April. The terminal, located in Gujarat state and developed by Hindustan Petroleum Corp., will have a capacity to import 5 million tons of LNG annually. The move comes as New Delhi aims to significantly increase LNG import capacity to raise the share of natural gas in its energy mix to 15% by 2030, up from the current 7%. This strategic shift is intended to reduce reliance on more polluting fossil fuels like coal and oil. Currently, India imports…

Indian state-owned oil refiner Bharat Petroleum Corp (BPCL) has reportedly entered into an agreement with BP to purchase 1 million barrels per month of U.S. West Texas Intermediate (WTI) crude for a duration of four months, according to trade sources. Delivery of the oil is expected to commence from June, as stated by the sources. Additionally, BPCL has procured 2 million barrels of WTI crude through a separate spot tender for loading in April. BPCL frequently procures U.S. oil for its three refineries, which collectively have a refining capacity of 706,000 barrels per day (bpd). The WTI crude will fulfill…