Author: Legal Parivar

JSW Energy’s stock saw a slight rise in early trading on March 6 following the announcement of a battery energy storage purchase agreement (BESPA) between its step-down subsidiary and Solar Energy Corporation of India Limited (SECI). As of 9:26 am, JSW Energy was trading at Rs 511.75, marking an increase of Rs 2.40 or 0.47 percent on the BSE. According to a press release by the company, JSW Renew Energy Five Limited, a wholly-owned subsidiary of JSW Neo Energy Limited and a step-down subsidiary of JSW Energy, inked a BESPA for a 250 MW/500 MWh standalone battery energy storage system,…

India’s state-run oil refiners are showing reluctance towards contracted Russian crude supply due to increased difficulties arising from tighter enforcement of US sanctions. Indian Oil Corp, the largest state-owned refiner, is likely to decrease the volume of crude received under term supply agreements. Meanwhile, Bharat Petroleum Corp and Hindustan Petroleum Corp have opted not to commit to firm purchases of contracted oil for the next financial year, according to six sources familiar with the matter who requested anonymity due to the sensitivity of the information. These refiners had been in discussions with Russia’s Rosneft PJSC to secure approximately 500,000 barrels…

Infrastructure construction firm AVP Infracon is set to debut its initial public offering (IPO) on March 13, marking its foray into the market. The IPO, categorized as an SME IPO, will see the company offer shares at a price band of ₹71 to ₹75 per share. AVP Infracon intends to raise ₹52.34 crore through the issuance of 69.79 lakh fresh equity shares. The IPO subscription window will open on March 13 and close on March 15, with the final allotment expected to be determined by March 18, 2024. The minimum investment required for retail investors stands at ₹120,000 for a…

The Delhi High Court has adjusted the income limit for school admissions under the Economically Weaker Section (EWS) category, reducing it to ₹2.5 lakhs per annum. A division bench of the Delhi High Court revised a previous order by a single judge that had raised the income limit for school admissions under the EWS category from ₹1 lakh to ₹5 lakhs per annum. According to a report by Bar and Bench, on March 5, a bench comprising Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora ruled that the income threshold would now be ₹2.5 lakhs per annum. Additionally,…

Prime Minister Narendra Modi inaugurated India’s inaugural under-river metro tunnel in Kolkata on March 6. The tunnel, constructed beneath Kolkata’s Hooghly River, will link Howrah Maidan to Esplanade. Spanning 4.8 kilometers, the Howrah Maidan-Esplanade section runs beneath the River Hooghly, connecting Kolkata and Howrah City. This segment is part of the East-West Metro corridor, which extends from Howrah Maidan to the IT hub Salt Lake Sector V. The metro is projected to traverse a 520-meter stretch under the Hooghly River in just 45 seconds. Of the total 16.6 kilometers comprising the East-West Metro, the underground corridor spans 10.8 kilometers from…

On March 6, the Reserve Bank of India (RBI) announced that card issuers must refrain from entering into agreements with card networks that restrict them from utilizing the services of other card networks. According to the RBI, card issuers are required to offer eligible customers the option to select from multiple card networks at the time of issuance. Existing cardholders should also be provided with this option during the next renewal cycle. This directive follows the RBI’s observation of certain arrangements between card networks and issuers that limit customer choice. The RBI has listed authorized card networks, including American Express…

Despite signing a deal with Swiggy to offer preordered meals to Indian Railways passengers, the share price of Indian Railway Catering & Tourism Corporation ( IRCTC ) experienced a slight decline in early trading on March 6. At 9:41 am, IRCTC’s shares were trading at Rs 921.90 on the BSE, down Rs 13.90 or 1.49 percent. The company announced the signing of a Memorandum of Understanding (MoU) with Swiggy (Bundl Technologies Pvt Ltd) to provide preordered meals through IRCTC e-Catering Services. Initially, this service will be available at Bengaluru, Vijayawada, Visakhapatnam, and Bhubaneswar stations, with the potential for expansion to…

Torrent Pharma’s stock surged to a 52-week high of Rs 2,745.55 in early trading on March 6 following a favorable inspection by the US FDA. By 09:38 am, the company’s shares were trading at Rs 2,700.00 on the BSE, marking an increase of Rs 37.80 or 1.42 percent. The USFDA has issued an establishment inspection report (EIR) for Torrent Pharmaceuticals’ manufacturing facility in Gujarat, indicating the successful conclusion of the inspection by the regulator. During the period from December 5 to December 11, 2023, the USFDA conducted a pre-approval inspection (PAI) at the company’s oral-oncology manufacturing facility in Bileshwarpura, Gujarat.…

Shares of Mahanagar Gas Ltd experienced a significant decline of approximately 10 percent on March 6, following a downgrade by brokerage firm Citi from ‘Buy’ to ‘Sell’, coupled with a reduction in its target price. As of 10 am, the stock was trading at Rs 1,363 on the BSE, marking a 13 percent decrease from its previous closing price. Meanwhile, India’s benchmark Sensex registered a 0.25 percent decline, reaching 73,491 points on Wednesday. Citi’s downgrade came in light of Oil Minister Hardeep Puri’s remarks underscoring the incomplete transmission of natural gas sector reforms’ benefits to end customers. Puri reiterated the…

Vodafone Idea has reportedly met its 5G minimum roll-out obligations in four key circles, including Delhi, Chennai, Pune, and Punjab, according to sources familiar with the matter as reported by Moneycontrol. During a recent meeting held by the telecom department to discuss these obligations, Vodafone Idea (Vi) reiterated its commitment to fulfilling requirements in four to six additional circles in the upcoming months, sources revealed. For Vi, fulfilling these 5G roll-out obligations is a significant achievement, especially considering the financial challenges it has been facing. The company is currently in discussions with investors to raise up to Rs 45,000 crore…