Author: Legal Parivar

Prime Minister Narendra Modi extended congratulations to Shehbaz Sharif for his oath-taking ceremony as the Prime Minister of Pakistan. Sharif assumed office on Monday for the second time, taking charge of the country’s leadership amidst financial challenges, following a contentious election marked by allegations of vote tampering. Expressing his sentiments on X, Modi stated, “Congratulations to @CMShehbaz on his swearing-in as the Prime Minister of Pakistan.” In the elections held on February 8, Sharif’s Pakistan Muslim League-Nawaz (PML-N) secured the second position. Although independent candidates supported by imprisoned former Prime Minister Imran Khan’s Pakistan Tehreek-e-Insaf (PTI) emerged with the most…

The Congress criticized the Centre on Tuesday regarding the State Bank of India’s move to the Supreme Court seeking an extension to disclose electoral bond details, alleging that the Modi government is using the country’s largest bank to conceal its questionable dealings. The State Bank of India (SBI) filed a plea on Monday, requesting an extension until June 30 to reveal the details of each electoral bond cashed by political parties. Last month, the Supreme Court directed the SBI to provide these details to the Election Commission by March 6. Congress President Mallikarjun Kharge asserted that the Congress views the…

Infibeam Avenues witnessed a remarkable 8% surge on March 5th, following the announcement of receiving the final authorization from the Reserve Bank of India (RBI) to operate as a payment aggregator under the Payment Settlements Act, 2007 for CCAvenue, its AI-powered fintech division. Back in October 2022, Infibeam Avenues had obtained the in-principle approval from the RBI to function as a Payment Aggregator (PA). Now, with the grant of the final Payment Aggregator license, the company’s shares soared, trading at Rs 36.95 on the National Stock Exchange (NSE) by 10:57 am. Over the past six months alone, Infibeam Avenues’ stock…

Gold prices on the Multi Commodity Exchange (MCX) surged to a record high of ₹64,575 per 10 grams on Monday, preceding the anticipated testimony of US Fed Chief Jerome Powell before the US Senate this week. However, MCX gold rates experienced some downward pressure during morning trading today. The gold futures contract for April 2024 expiry opened lower at ₹64,331 per 10 grams, marking its intraday low as well. Nonetheless, buying interest at lower levels pushed the gold rate to an intraday high of ₹64,388 per 10 grams. Meanwhile, in the international market, spot gold hovered around the $2,113 per…

Following the UP Constable paper leak incident, Uttar Pradesh Police Recruitment Board Chairperson Renuka Mishra has been dismissed from her position. Rajeev Krishna has been appointed as her replacement on the recruitment board. Over 48 lakh candidates applied for over 60,000 constable positions in Uttar Pradesh. However, the examination had to be canceled due to the leakage of the question paper.

Brigade Enterprises witnessed a nearly 1 percent increase in its shares during early trade on March 5th following the launch of the ‘Dioro’ project at Brigade El Dorado, spanning approximately 6.1 million square feet. As of 10:46 am, Brigade Enterprises was trading at Rs 992.00 on the BSE, a marginal decline of Rs 8.00 or 0.80 percent. The company estimates the potential revenue from the Dioro project, which comprises 525 two-bedroom and three-bedroom units in two towers, to be around Rs 380 crore. Expected to be completed by Q2 FY29, the project is part of a township offering over 80…

Data released on March 5th revealed that India’s services sector continued its expansion in February, as indicated by the HSBC Purchasing Managers’ Index (PMI) registering at 60.6. Although slightly lower than the flash estimate of 62.0 released on February 22nd, the February services PMI remains above the crucial threshold of 50, indicating expansion in activity for the 31st consecutive month. In January, the services PMI had recorded at 61.8, showcasing sustained growth in the sector.

On March 5th, shares of IIFL Finance tumbled 20%, hitting the lower circuit, following a directive from the Reserve Bank of India (RBI) ordering the company to cease sanctioning or disbursing gold loans immediately due to material supervisory concerns. In a press release, the RBI invoked its powers under Section 45L(1)(b) of the Reserve Bank of India Act, 1934, instructing IIFL Finance Ltd to halt gold loan operations, including assigning, securitizing, or selling any existing gold loans. Responding to the RBI’s action, IIFL Finance issued a statement reaffirming its commitment to addressing the RBI’s concerns regarding its gold loan portfolio…

Following Tata Motors’ decision to split its passenger and commercial vehicle businesses, its shares rose by 4 percent, reaching a 52-week high of Rs 1,027 on March 5th. This move was warmly received by both brokerages and investors. JP Morgan, among others, assigned an “overweight” rating to the stock with a price target of Rs 1,000, indicating a 1.2 percent upside from the previous close. Similarly, Morgan Stanley expressed confidence in the decision, stating that it reflects Tata Motors’ belief in the sustainability of the personal vehicle segment, potentially leading to enhanced value creation. Morgan Stanley also highlighted potential synergies…

Purv Flexipac made an extraordinary market debut on March 5th, opening at Rs 260, marking an astounding 266 percent premium over the issue price of Rs 71 on the NSE Emerge platform. Prior to its listing, Purv Flexipac was trading at an impressive 83 percent premium in the grey market, an unofficial platform where shares are traded before IPO allotment and until the listing day. The grey market premium (GMP) is often tracked by investors to gauge the potential listing price. The IPO, which opened for bidding on February 27th and closed on February 29th, witnessed an overwhelming subscription of…