Author: Legal Parivar

The Indian rupee surged to a six-month peak on Thursday, buoyed by persistent buying of local bonds by foreign investors in anticipation of the nation’s upcoming inclusion in global debt indexes. The rupee strengthened by 0.1% to reach 82.7250 per dollar, marking its highest level since September 4. A combination of factors contributed to the rupee’s ascent, including a weakened US dollar, a rally in domestic equities, and continued inflows of foreign funds. With these supportive elements in play, the local currency has appreciated by 0.5% since the beginning of the year, positioning it as the top-performing currency in Asia.…

The Supreme Court scheduled the hearing of ADR’s contempt plea against the State Bank of India (SBI) for March 11, 2024, in the electoral bonds case. On Monday, the SBI had approached the apex court, seeking an extension to the deadline for disclosing details of electoral bonds cashed by political parties, as it had surpassed the earlier March 6 deadline set by the Supreme Court. In response, the Association for Democratic Reforms (ADR) filed a contempt plea against SBI, accusing it of deliberate disobedience of the Supreme Court’s judgment. ADR labeled the SBI application as “mala fide” and a “wilful…

The Pune E-Stock Broking IPO opened for subscription on Thursday, March 7, and will close on Tuesday, March 12. The price band for the IPO has been fixed in the range of ₹78 to ₹83 per share, with a face value of ₹10 each. The lot size comprises 1,600 shares, and investors can bid for a minimum of 1,600 shares and in multiples thereof. The IPO has reserved not more than 50% of the shares for qualified institutional buyers (QIBs), at least 15% for non-institutional investors (NIIs), and a minimum of 35% for retail investors. Additionally, the market maker category…

The Supreme Court on March 7th rejected a petition filed by travel services platform MakeMyTrip (MMT) against tech giant Google concerning the alleged misuse of trademarks as “keywords” within Google’s Ads Program. MMT had alleged that its trademarks “MakeMyTrip” and ‘MMT’ were being utilized as keywords in Google’s Ads Program to display links/ads of its competitor ‘Booking.com,’ which it argued constituted a violation of its registered trademark. A bench headed by Chief Justice of India DY Chandrachud dismissed the petition, stating that individuals seeking to book through MakeMyTrip would not likely confuse it with ‘booking.com’. However, the court clarified that…

Suzlon’s stocks surged by 5 percent on March 7 after securing an order for a wind power project from Juniper Green Energy, a renewable energy solutions provider. Under the agreement, Suzlon will develop a 72.45 MW wind power project in Dwarka district, Gujarat, installing 23 wind turbine generators with a rated capacity of 3.15 MW each. The company will supply the turbines and manage the project’s execution, including erection and commissioning, along with post-commissioning operations and maintenance services. JP Chalasani, CEO of Suzlon Group, expressed satisfaction with the company’s third order from Juniper Green Energy, emphasizing the latter’s commitment to…

The Supreme Court, on March 7, rejected a petition from the Jalan Kalrock Consortium (JKC), the successful bidder tasked with revitalizing Jet Airways, challenging the National Company Law Appellate Tribunal (NCLAT) ruling allowing the sale of aircraft belonging to the defunct airline. A bench led by Justice Abhay Sriniwas Oka observed no fault in the NCLAT’s decision, noting it would ultimately benefit JKC by injecting more funds into the revival process. During the proceedings, JKC requested the court to defer the case until the NCLAT delivers a verdict on Jet Airways’ ownership issue, as the NCLAT has reserved judgment on…

Prime Minister Narendra Modi arrives in Srinagar for his inaugural visit to Kashmir since the abrogation of Article 370. During this trip, he will unveil development projects exceeding ₹6,400 crore and deliver a speech at a public gathering. The Prime Minister will also take part in the ‘Viksit Bharat Viksit Jammu Kashmir’ initiative and inaugurate a programme valued at ₹5,000 crore aimed at enhancing the agricultural economy in the region. Stringent security measures have been implemented in preparation for the event at Bakshi Stadium, where the rally will take place.

Mahanagar Gas (MGL) shares witnessed a significant decline of 15% in the previous trading session, dropping to ₹1,329 apiece, and marking a 16% decrease from their record high of ₹1,580 apiece. This sudden downturn came after the company lowered CNG prices to pass on benefits to consumers, leading investors to anticipate potential future impacts on the company’s margins. Additionally, global brokerage firm Citi downgraded its rating on the stock from ‘Buy’ to ‘Sell’ and adjusted its target price to ₹1,405 from ₹1,480 apiece, further affecting investor sentiment towards the stock. However, domestic brokerage firm Nuvama Institutional Equities sees the recent…

On March 7, approximately 2.97 crore shares of SBFC Finance, representing 2.79 percent equity in the company, were traded at Rs 87.25 each. It couldn’t be independently verified who the buyers and sellers were. As of 10:40 am, the stock was trading at Rs 85.20. SBFC Finance, which was listed in August 2023, specializes in offering secured MSME loans and loans against gold, primarily catering to entrepreneurs and small business owners. Since its listing, the stock has experienced a nearly 5 percent decline. As of December 31, 2023, the company’s Assets Under Management (AUM) stood at Rs 6,266 crore, marking…

SpiceJet, the beleaguered airline operator, witnessed a 4 percent surge in its shares following the announcement of the resolution of a Rs 413-crore dispute. The airline successfully resolved a dispute with Echelon Ireland Madison One, resulting in significant savings of $48 million or Rs 398 crore for SpiceJet. As part of the settlement, SpiceJet will acquire two airframes, thereby enhancing its fleet and operational capabilities. This settlement marks the third major resolution for the carrier, following recent fundraising efforts. These successful settlements have collectively resulted in total savings of Rs 685 crore for the airline. At 11:10 am, SpiceJet shares…