Author: Legal Parivar

Atishi, Delhi’s Finance Minister, unveiled the budget for the fiscal year 2024-25 in the state assembly on Monday, allocating Rs 76,000 crore, emphasizing the government’s aim to achieve the vision of Ram Rajya. Addressing the assembly, she reflected on the transformation witnessed in Delhi over the past decade under the governance of the Aam Aadmi Party (AAP). During her inaugural budget speech, she proposed allocating Rs 16,396 crore towards the education sector. “This marks a moment of pride as the Kejriwal government presents its tenth budget. It’s not just a budget but a portrayal of Delhi’s evolution. Kejriwal’s arrival brought…

During a book launch event in the national capital, External Affairs Minister S Jaishankar responded emphatically to a query about India’s role in the sub-continent and the Indian Ocean region, rejecting the notion of India being labeled as a bully. According to reports from ANI, Jaishankar emphasized that “big bullies” don’t offer aid totaling USD 4.5 billion when neighboring countries are in distress. Addressing the event on Sunday, Jaishankar remarked, “The significant change today in this part of the world is the transformation in India’s relations with its neighbors. When someone suggests that India is perceived as a big bully,…

The government has authorized the export of 64,400 tonnes of onion to the UAE and Bangladesh via the National Cooperative Exports Ltd (NCEL), as per notifications from the commerce ministry. Of this quantity, 50,000 tonnes of onion is allowed to be exported to Bangladesh, while 14,400 tonnes can be shipped to the UAE. “The export of 14,400 tonnes of onions, with a quarterly ceiling of 3,600 MT (metric tonnes), to the UAE through NCEL is notified,” stated the directorate general of foreign trade (DGFT) in a notification. DGFT, a division of the commerce ministry, oversees import and export regulations. Regarding…

Suryoday Small Finance Bank announced on March 4 that it has increased its interest rates on fixed deposits (FD) maturing after 25 months by 41 basis points (bps) to 9.25 percent. According to a press release from the bank, regular customers will now receive an interest rate of 9.01 percent, while senior citizens will enjoy a rate of 9.25 percent. The bank stated, “Deposits of less than Rs 2 crore with maturity periods ranging from seven days to 10 years are now accepted at interest rates varying between 4 percent and 9.01 percent for the general public and between 4.50…

Biocon Biologics Signs Patent Settlement with Bayer Inc and Regeneron Pharmaceuticals Inc, Allowing Launch of Biosimilar Product in Canada Biocon Biologics announced on Monday that it has reached a patent settlement agreement with Bayer Inc and Regeneron Pharmaceuticals Inc, paving the way for the launch of a biosimilar product in Canada. The settlement agreement facilitates the introduction of Yesafili, a proposed biosimilar to Eylea (aflibercept) injection, into the Canadian market, as stated in a regulatory filing by Biocon Biologics. According to the terms of the agreement, Biocon Biologics has secured a launch date for Yesafili no later than July 1,…

A recent survey has revealed that a majority of citizens would cease using UPI if transaction fees were introduced. According to an online survey conducted by LocalCircles, a significant number of respondents reported experiencing transaction fees on their UPI payments at least once in the past year. Of those surveyed, 73% indicated they would discontinue using UPI if transaction fees were implemented, while 23% expressed a willingness to bear such fees. The survey, which garnered over 34,000 responses from citizens across 364 districts, comprised 67% male respondents and 33% female respondents. In August 2022, the Reserve Bank of India (RBI)…

Owais Metal and Mineral Processing Limited witnessed a remarkable debut on the NSE SME platform today. Opening at ₹250 on NSE SME, the share price surged by 187.36% compared to the issue price of ₹87. The IPO of Owais Metal and Mineral Processing was open for subscription from Monday, February 26, to Wednesday, February 28. The price band for the IPO was set between ₹83 to ₹87 per share, with a lot size of 1,600 shares. Investors had the option to bid for a minimum of 1,600 shares and in multiples thereof. Owais Metal and Mineral Processing Limited is engaged…

Within the first hour of opening on March 4, the initial public offering (IPO) of marketing communications firm RK Swamy witnessed a 16 percent subscription rate. Notably, the retail portion was subscribed 70 percent, while non-institutional investors bid 14 percent of their allotted share quota. The Rs 423 crore IPO comprises a fresh issue of 60.06 lakh shares worth Rs 173 crore and an offer-for-sale of 87 lakh shares worth Rs 250.56 crore. With a price band of Rs 270-288 per share, the IPO is scheduled to close on March 6. The company’s promoters are Srinivasan K Swamy and Narasimhan…

According to sources familiar with the matter, the National Highways Infra Trust, an infrastructure investment trust (InvIT) sponsored by the National Highways Authority of India (NHAI), aims to raise up to Rs 7,500 crore through a fresh issue of InvIT units. The funds will be utilized to finance the acquisition of new roads from NHAI. InvITs are trusts that manage income-generating infrastructure assets, offering investors regular yield and a liquid method of investment in them. The planned fundraise will facilitate the acquisition of road assets worth Rs 15,600 crore, spread across Assam, Madhya Pradesh, West Bengal, Uttar Pradesh, and Karnataka.…

HG Infra Engineering, specializing in the construction, development, design, and management of various infrastructure projects, saw its shares surge for the fourth consecutive trading session on Monday, rising by 5.4% to reach ₹972.40 apiece. The uptrend today can be attributed to the company’s receipt of a letter of acceptance from South Central Railway on Saturday, valued at ₹447.11 crore. This LoA pertains to the Doubling of Track project, including electrification and signaling work, between Karanjgaon station as part of the Aurangabad Ankai Doubling Project in the Nanded Division of the South-Central Railway. Furthermore, on Friday, HG Infra Engineering was declared…