Author: Legal Parivar

The Financial Intelligence Unit-India has fined Paytm Payments Bank Rs 5.49 crore for violating anti-money laundering regulations. According to a statement from the finance ministry on March 1, the investigation by the Financial Intelligence Unit began after law enforcement agencies flagged several entities engaged in illegal activities, including online gambling, and found that proceeds of crime were being channeled through bank accounts held by these entities with Paytm Payments Bank Ltd. After reviewing evidence and submissions from Paytm Payments Bank Ltd, the Director of FIU-IND concluded that the charges against Paytm were valid. A spokesperson for Paytm Payments Bank stated…

Both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced a special live trading session in the equity and futures & options segments on March 2, 2024. This unusual move, as markets typically close on Saturdays, aims to test the market’s disaster recovery system preparedness for emergencies. The special session will span a few hours with a 75-minute break in between and will be split into two phases for transitioning between the primary site and the disaster recovery site. The first session will commence at the usual time with an eight-minute pre-open session from 9:00 to…

On Friday, Nvidia’s market value surpassed $2 trillion for the first time, driven by positive news from Dell Technologies which bolstered Wall Street’s AI-focused momentum. Following Dell’s optimistic forecast late on Thursday, citing a surge in orders for its AI-optimized servers using Nvidia’s processors, Nvidia’s stock surged by 4%. Dell’s shares experienced a remarkable increase, peaking at 38% before settling with a 32% gain. This rally propelled Nvidia to a market capitalization of $2.06 trillion, securing its position as the third most valuable company on Wall Street, trailing Microsoft at $3.09 trillion and Apple at $2.77 trillion. Other companies in…

On March 1st, Sadhav Shipping witnessed a robust debut on the NSE SME platform, with its stock opening at Rs 135, marking a substantial 42.1% premium over its IPO price of Rs 95. Before its listing, the stock was trading at a notable 30% premium in the grey market, an unofficial platform where shares are traded prior to IPO allotment and until listing day. The grey market premium (GMP) is closely monitored by investors to gauge the potential listing price. The impressive debut was fueled by strong subscription figures during the IPO period, with the offer being oversubscribed 135 times,…

CMS Info Systems saw a significant uptick in its shares, surging by almost 7% at the opening of trading on March 1st, following the announcement that CEO Rajiv Kaul had increased his ownership in the company. As of 9:40 am, the stock was trading at Rs 409.55. In a post-market hours disclosure, CMS Info Systems revealed that Kaul had elevated his stake in the company from 2.6% to 6.2% by exercising his employee stock options (ESOPs). In a statement, Kaul emphasized that the decision to increase his stake reflects both his personal commitment and the company’s dedication to expanding their…

Shares of Paytm saw a rise of over 4 percent on March 1st following the approval from the fintech’s board to discontinue several inter-company agreements with its associate entity, Paytm Payments Bank Limited (PPBL). As of 9:25 am, Paytm shares were trading nearly 4 percent higher at Rs 418.50 on the National Stock Exchange (NSE). Despite this increase, the stock has experienced a decline of approximately 35 percent since the beginning of the year, whereas the Nifty has recorded a growth of nearly 2 percent during the same period. In a regulatory filing, Paytm stated that the company and its…

Today, on Friday, March 1st, the allotment for the Exicom Tele-Systems IPO will be concluded. Investors who applied for the issue can verify their Exicom Tele-Systems IPO allotment status via the registrar portal, Link Intime India Private Ltd. The IPO subscription, which opened on February 27 and closed on February 29, garnered tremendous interest, reaching 129.54 times subscription by day 3, with the retail portion being oversubscribed by 119.59 times. Investors can check the status of their application and the number of shares allotted through the basis of allotment. Refunds will be initiated for applicants not allotted shares, starting on…

State-run oil marketing companies (OMCs) have raised the prices of 19 kg commercial LPG gas cylinders by ₹25 effective from today, March 1st. Following the latest hike, the retail price of a 19 kg commercial gas cylinder now stands at ₹1,795 in Delhi. In Mumbai, the same cylinder will be priced at ₹1,749, while in Chennai and Kolkata, the cost of commercial LPG gas cylinders has increased to ₹1,960 and ₹1,911, respectively. This marks the second consecutive increase in prices by state-run firms for commercial gas cylinders. On February 1st, rates for a 19-kg gas cylinder had risen by ₹14.…

Global brokerage firm HSBC has issued ‘buy’ recommendations for oil-marketing companies HPCL, BPCL, and IOC, revising their target prices significantly upwards. The new target prices stand at Rs 630 per share (from Rs 375) for HPCL, Rs 860 per share (from Rs 555) for BPCL, and Rs 185 per share (from Rs 130) for IOC. This revision comes as HSBC sees further potential for re-rating of these stocks in the future. Since the beginning of 2024, HPCL, BPCL, and IOC have witnessed impressive surges in their stock prices, ranging from 27 percent to 34 percent, compared to the modest 0.3…

Gopal Snacks Ltd, a savory snacks manufacturer, has revealed the price band of Rs 381-401 per share for its upcoming Rs 650-crore initial public offering (IPO), scheduled to commence on March 6. The anchor book will open on March 5, with the IPO closing on March 11. Allotment of shares is slated for March 12, with shares credited to demat accounts on the same day. The company’s stocks are expected to list on exchanges on March 14, with a post-IPO market capitalization estimated at Rs 5,000 crore at the upper price band. The IPO will comprise a pure offer-for-sale (OFS).…