Author: Legal Parivar

Microsoft Corp. and OpenAI have finalized a landmark agreement that cements their long-term partnership and removes lingering uncertainty for both companies’ investors. The deal paves the way for OpenAI — creator of ChatGPT — to fully transition into a for-profit business structure. Under the revised terms, Microsoft will acquire a 27% ownership stake in OpenAI valued at approximately $135 billion, the companies announced on Tuesday. The tech giant will also retain exclusive access to OpenAI’s technology until 2032, including advanced models capable of reaching artificial general intelligence (AGI) benchmarks. The agreement marks a major breakthrough for OpenAI, which has been…

Star Health and Allied Insurance Company reported a 50% year-on-year (YoY) decline in its Q2 FY26 net profit, which dropped to ₹317 crore from ₹621 crore in the same quarter last year. The fall in profit was primarily attributed to higher expenses and the impact of new regulatory accounting norms introduced by the Insurance Regulatory and Development Authority of India (IRDAI). Despite the earnings decline, gross written premium (GWP) for the July–September quarter rose 12% YoY to ₹4,421 crore, compared to ₹3,934 crore a year earlier, supported by steady growth in retail health policies. However, management expenses increased sharply to…

The ₹54.84-crore initial public offering (IPO) of Game Changers Texfab Ltd, a fabric sourcing specialist for businesses and retail clients, received a muted response from investors on the first day of subscription on October 28. The public issue will remain open until October 30. By the end of Day 1, the IPO was subscribed 23%, with investors bidding for 10.17 lakh shares against the total issue size of 44.80 lakh shares, spread across 302 applications. Interest so far has come primarily from retail investors and non-institutional investors (NIIs), who subscribed to 40% and 30% of their respective quotas. Qualified institutional…

Trading at the Multi Commodity Exchange of India (MCX) — the country’s largest commodity derivatives platform — faced a major technical disruption on Tuesday, October 28, delaying the start of trade by more than four hours. The session, originally scheduled to begin at 9:00 a.m., finally resumed at 1:25 p.m. after the exchange shifted operations to its Disaster Recovery (DR) site, MCX said in an official statement. “All trading systems are now functioning normally,” the exchange confirmed, adding that it has launched an investigation to determine the cause of the issue. “We are committed to identifying the cause and implementing…

Shree Cement on October 28 reported a strong set of numbers for the second quarter of FY26, with its standalone net profit surging nearly threefold to ₹277 crore, compared to ₹93 crore in the same quarter last year — marking a 198% year-on-year (YoY) jump. The company’s revenue from operations climbed 15% YoY to ₹4,303 crore for the July–September 2025 quarter, up from ₹3,727 crore in the corresponding period last year. Shree Cement attributed the growth to higher volumes, a continued premiumisation push, and its value-over-volume strategy. Operating performance also improved, with EBITDA rising 31% YoY to ₹1,008 crore, while…

The Reserve Bank of India (RBI) has announced the premature redemption price for the Sovereign Gold Bond (SGB) 2020-21 Series-I, originally issued on October 28, 2020. Eligible investors can redeem their bonds prematurely from October 28, 2025, after completing the mandatory five-year lock-in period. According to the RBI’s official statement, premature redemption is allowed after the fifth year from the date of issue, and only on interest payment dates. 🔸 Redemption Price Details The RBI fixed the redemption price at ₹12,198 per gram of gold, based on the simple average closing price (999 purity) from the India Bullion and Jewellers…

The Indian stock market closed slightly lower on Tuesday, October 28, following a highly volatile trading session. Despite heavy intraday losses, late buying helped limit the downside, with frontline indices ending nearly flat. The BSE Sensex fell 151 points (0.18%) to close at 84,628, after hitting the day’s low of 84,219.39. The Nifty 50 slipped 30 points (0.11%) to end at 25,936, recovering from an intraday low of 25,810.05. Broader markets outperformed the benchmarks, with the BSE Midcap index up 0.12% and the BSE Smallcap index adding 0.06%. Sector Performance Most sectoral indices closed in the red, led by declines…

The Union Cabinet, chaired by Prime Minister Narendra Modi, on October 28 approved the Terms of Reference (ToR) for the 8th Central Pay Commission, paving the way for a comprehensive review of salaries, allowances, and pensions for central government employees and retirees. Earlier in January 2025, Union Minister Ashwini Vaishnaw had announced the government’s approval for setting up the 8th Pay Commission. However, its implementation awaited the formalisation of the ToR — the framework that outlines the Commission’s objectives and operational scope. Without the ToR, the Commission could not officially commence its work. 🔹 Key details of the 8th Central…

Gold prices on the Multi Commodity Exchange of India (MCX) opened sharply lower on Tuesday, tracking losses in global markets, as optimism around progress in US-China trade negotiations reduced demand for safe-haven assets. Silver prices also declined over 1% in early trade. MCX gold futures began 0.7% lower at ₹1,20,106 per 10 grams, compared to the previous close of ₹1,20,957, while silver futures opened 0.69% down at ₹1,42,366 per kg against the previous close of ₹1,43,367. By 1:50 PM, gold prices had extended losses, trading 1.97% lower at ₹1,18,570 per 10 grams — down ₹2,387 — while silver was down…

Tata Steel shares extended gains for the fifth straight session on Tuesday, October 28, rising 3% to a new 52-week high of ₹182 apiece. The stock’s upward momentum remained strong, supported by positive market sentiment and optimism over improving business fundamentals. The company’s outlook has brightened on multiple fronts, including better steel price realizations, operational improvements in its European business, robust domestic demand, and aggressive capacity expansion plans. Improved realizations and policy supportSteel price realizations are expected to strengthen, aided by the government’s proposed 12% safeguard duty on flat steel products. This move is likely to protect domestic manufacturers and…