Author: Legal Parivar

IIFL Finance saw its shares plummet by 20 percent for the second consecutive session following the RBI’s decision to prohibit the company from issuing gold loans. As of 9:41 am, shares of IIFL Finance were locked in the lower circuit at Rs 382.20 on the NSE, marking its lowest level in 52 weeks. In response to the ban, global brokerage firm Jefferies downgraded IIFL Finance from ‘buy’ to ‘hold’ and reduced the target price to Rs 435 per share from Rs 765. This suggests an anticipated further decline of 9 percent after the stock hit a 20 percent lower circuit…

Mahanagar Gas (MGL), a state-run entity, announced a reduction in the prices of compressed natural gas (CNG) by Rs 2.5 per kg, bringing it down to Rs 73.50 per kg. The company released a statement late in the evening, indicating that the price cut would come into effect from midnight on March 5. This adjustment is attributed to a decrease in the input costs of gas. According to the statement, the revised CNG price now presents a 53% saving compared to petrol and a 22% saving compared to diesel at current price levels in the financial capital. The reduction in…

IIFL Finance Ltd sought to reassure investors on Tuesday, stating that there were no governance issues after the Reserve Bank of India (RBI) prohibited the non-banking financial company (NBFC) from offering loans against gold. Shares of IIFL Finance opened 20% lower on Tuesday morning as investors reacted to the RBI’s statement on Monday evening detailing some lapses. Nirmal Jain, managing director, emphasized during a call with analysts on Tuesday that there were no governance or ethical concerns. He clarified that the issues raised were operational in nature and pledged to address them promptly and comprehensively. One of the issues highlighted…

Instagram and Facebook services have resumed after outage. Previously, users experienced difficulties loading the apps, sending messages, and refreshing their search feeds on Facebook and Instagram. Users found themselves logged out of their profiles for unknown reasons. YouTube, a widely-used video streaming platform, has resumed its services following a brief outage on Tuesday, March 5th. Initially, many users reported encountering errors while trying to access the YouTube homepage. In addition to YouTube, users of Gmail, as well as the social media platforms Facebook and Instagram, experienced difficulties logging into their accounts across various regions, including India. Facing issues with accessing Google…

Ethnic and western snacks manufacturer Gopal Snacks successfully secured Rs 193.95 crore through the anchor book on March 5, a day before the commencement of its public issue. The IPO, which solely consists of an offer-for-sale (OFS) worth Rs 650 crore, is set to open for subscription on March 6, with the final bidding date scheduled for March 11. Gopal Snacks disclosed to the exchanges that it allocated 48,36,657 equity shares to anchor investors at a price of Rs 401 per equity share. Notable investors participating in the anchor book include Ashoka Whiteoak ICAV, Whiteoak Capital Mutual Fund, DSP Mutual…

State-owned Bharat Heavy Electricals Ltd (BHEL) announced on Tuesday that it has secured an order from power giant NTPC to establish a 1,600 MW Singrauli thermal power project (Stage-II). Valued at over Rs 9,500 crore, excluding GST (goods and services tax), the order was disclosed in a regulatory filing by BHEL. According to the filing, BHEL has been awarded the contract by NTPC to develop the Singrauli Super Thermal Power Project, Stage-III (2×800 MW) in Sonebhadra District, Uttar Pradesh. The company anticipates completing Unit 1 within 50 months and Unit 2 within 54 months. The scope of work includes equipment…

Users have reported that YouTube, a widely used video streaming platform, is currently experiencing issues, with complaints about its functionality surfacing on Downdetector around 9 PM. Furthermore, less than an hour ago, Meta’s Facebook and Instagram platforms were also reported to be down in India and various other regions across the globe. According to the website, which aggregates outage reports from various sources including users, Facebook received over 300,000 reports of outages, while Instagram received more than 20,000 reports. Meanwhile, Meta’s status dashboard indicated that the application programming interface for WhatsApp Business was also experiencing issues. Downdetector registered approximately 200…

Social media giants Facebook and Instagram experienced widespread outages on Tuesday evening, affecting users in India and various other regions. Users reported encountering issues with logging in to both platforms, with many being unexpectedly logged out of their accounts. Additionally, some users faced difficulties in refreshing Instagram pages and were prompted to change their passwords. According to reports from outage tracking website Downdetector.com, Meta Platforms’ Facebook and Instagram services were down for tens of thousands of users. Facebook saw over 300,000 outage reports, while Instagram received more than 20,000 reports. Downdetector collects data from multiple sources, including user submissions, to…

Following severe restrictions imposed by regulators on Paytm Payments Bank Limited (PPBL), Paytm founder and former chief Vijay Shekhar Sharma expressed confidence on March 5 that his digital payments pioneer would overcome regulatory challenges in India this year, as reported by Bloomberg on Tuesday. Making his first public appearance at a financial technology conference in Tokyo since the Reserve Bank of India (RBI) directed his banking affiliate to halt certain operations, Sharma emphasized the importance of personal responsibility in handling setbacks. He stated, as quoted by Bloomberg, “The biggest thing that I’ve learned is that many times your teammate and…

Bitcoin surged to a fresh all-time high on Tuesday, driven by an influx of investment into U.S. spot exchange-traded crypto products and expectations of a global decrease in interest rates. The cryptocurrency reached a peak of $69,202, surpassing its previous record of $68,999.99 set in November 2021. Investor interest has grown significantly since the Securities and Exchange Commission approved 11 spot bitcoin ETFs in late January. Bitcoin’s remarkable ascent of nearly 160% since October, including a 44% surge in February alone, contrasts sharply with the challenging market conditions of 2022. That period was marked by an 18-month-long crypto winter, characterized…