Author: Legal Parivar

As the secondary market continues its positive momentum with the Nifty 50 reaching record levels last week, the primary market is poised for significant activity. Six IPOs, collectively valued at over Rs 3,300 crore, are scheduled to debut on Dalal Street, alongside five companies slated for listing on the bourses. Platinum Industries IPO: Leading the charge is stabilizers producer Platinum Industries, set to launch its IPO on February 27 and close on February 29, with a price band of Rs 162-171 per share. The company aims to raise Rs 235.32 crore through a fresh issue. Exicom Tele-Systems IPO: Electric vehicle…

Farmers engaged in the ‘Delhi Chalo’ march have asserted their determination to continue their protest until their demands are addressed, as stated by farmer leader Sarwan Singh Pandher on Saturday. He hinted that the agitation might persist even after the implementation of the model code of conduct for the Lok Sabha elections. Despite four rounds of discussions between Union ministers and farmer representatives resulting in a deadlock, the protesters carried out a candle march at Shambhu and Khanauri on the Punjab-Haryana border to honor a farmer who died during the ongoing agitation. Shubhkaran, a 21-year-old from Bathinda, lost his life…

GQG Partners LLC’s stake in Adani Group companies has surged nearly fivefold, as the stocks continue to rebound from Hindenburg Research’s critical report. From its initial investment of $1.9 billion in March, the stake has grown to a value of $10 billion, aided by market gains and additional stakes, according to fund manager Sudarshan Murthy. This represents a significant success for the contrarian bet made by Rajiv Jain’s firm, despite Hindenburg’s accusations of stock-price manipulation and accounting fraud against the Adani Group — allegations that the conglomerate has vehemently denied. The Gautam Adani-led group has reclaimed over two-thirds of the…

The National Company Law Appellate Tribunal (NCLAT) has deferred the hearing of appeals contesting approval for the Zee-Sony merger to March 18. IDBI Bank, IDBI Trusteeship, and Axis Trusteeship had contested the National Company Law Tribunal (NCLT) sanction from August endorsing the merger. Since the last hearing in early January, Sony has called off the merger, citing Zee’s failure to meet certain financial terms and address them, as reported by Reuters. Zee refuted the claims and accused Sony of acting in “bad faith.” Following the termination, Zee shareholders have sought clarity on the events leading to it, with ongoing litigation…

Nvidia Corp. is poised to achieve a historic milestone by becoming the first semiconductor company to reach a valuation of $2 trillion, marking yet another triumph in its ascent as the primary beneficiary of the surge in artificial intelligence-related stocks over the past year. In premarket trading on Friday, Nvidia’s shares surged by as much as 2.7%, building upon its previous session’s closing valuation of $1.96 trillion. This increase solidifies Nvidia’s position as the world’s fourth-most valuable company, with its market capitalization trailing only behind those of Microsoft Corp., Apple Inc., and Saudi Aramco. The remarkable rally of Nvidia’s shares,…

The Delhi High Court has instructed Oppo, a Chinese smartphone manufacturer, to clear all outstanding royalties owed to the research and development firm InterDigital within three months. Issuing directives on February 21, the High Court warned that failure to fulfill the payment would empower InterDigital to seek an injunction against the sale of any further devices by Oppo, OnePlus, and Realme in India, citing non-compliance with court orders. The specific amount, kept confidential by the Delhi High Court, is mandated to be deposited in an interest-bearing bank account. Additionally, the court has set a deadline for concluding the trial in…

The central government disbursed grants-in-aid totaling over ₹8.28 lakh crore to states between FY2019 and FY2023, following recommendations from successive finance commissions. West Bengal received the highest allocation of ₹69,465.22 crore during the five-year period ending FY2023, followed by Uttar Pradesh with ₹63,152.96 crore, Kerala with ₹62,496.31 crore, and Andhra Pradesh with ₹59,754.69 crore, according to data from the finance ministry released on Friday. Conversely, Goa, Arunachal Pradesh, and Sikkim received the lowest amounts of funding under the grants, at ₹489.50 crore, ₹2,129.53 crore, and ₹2,219.10 crore, respectively. Grants-in-aid represent financial assistance provided by the Centre to states for specific…

Smaller steelmakers in India are advocating for a prohibition on the export of iron ore due to a surge in sales to Chinese mills, which has led to a rise in local prices. Last year, Indian exports of iron ore surged by 170% to 44 million tons, with the majority being shipped to China, coinciding with a period of increasing domestic demand for the raw material. Consequently, the most adversely affected segments of the industry are urging authorities to impose restrictions to safeguard their profit margins. Anil Nachrani, president of the Chhattisgarh Sponge Iron Manufacturers Association, emphasized the need for…

Vladimir Putin is attempting to project an image of economic strength to the world, suggesting Russia can sustain its military campaign in Ukraine indefinitely. However, this portrayal is deceptive. Putin’s aggressive actions are exacting a heavy toll on Russia’s economy, presenting a significant vulnerability that the West should exploit to its fullest advantage. Prior to the invasion of Ukraine two years ago on February 24, Putin had meticulously fortified Russia’s fiscal and financial defenses, crucial for maintaining his grip on power. With sovereign debt at a mere 16 percent of GDP, Russia boasted one of the lowest debt levels globally.…

According to data released by the Reserve Bank of India (RBI) on February 23, India’s foreign exchange reserves decreased to $616.10 billion as of February 16. This figure represents a decline of $1.13 billion from the previous week. However, it follows a larger decrease of $5.24 billion in the week ending February 9, making the current reserves the lowest in two months. The last time reserves were lower was on December 15, when they stood at $615.97 billion. As of February 16, the composition of the forex reserves is as follows: Changes in forex reserves occur due to the sale…