City Bangalore Financial News

B L Kashyap & Sons, one of the leading civil, engineering and construction company, expects a 24% growth in revenue to Rs1300 crore in FY25, led by commercial and government projects. The firm has secured new orders worth Rs 700 crore in the last six months, including the redevelopment of the railway in railway project at Bijwasan from the Railway land development authority, Embassy business hub phase II and Nzuri business park in Pune. “There has been robust growth in order intake during the year and a substantial jump in order book position at the end of the financial year, clearly giving strong visibility of earnings in the coming years.

Domestic firms continued to lead the absorption in April-June’2023 and H1 2023, accounting for a share of 43% and 46%, respectively, mainly led by flexible space operators, technology corporates and BFSI firms according to a report by CBRE. The report points out that office leasing increased by 12% Q-o-Q and touched 13.9 mn. sq. ft. during the April-June’23 period. Bangalore, Chennai, and Pune led the absorption in Q2 2023, accounting for about 59% of the transaction activity. During the quarter (April-June’23), technology companies witnessed an uptick in activity, accounting for 29% of the leasing, followed by flexible space operators (18%), engineering & manufacturing firms (17%) and BFSI corporates (17%). “India is expected to be amongst the world’s fastest-growing economies amidst a likely weakening of global macroeconomic conditions. We believe that the share of domestic firms in leasing would also remain strong during the year; at the same time, their greater emphasis on return to offices (RTO) is also expected to boost their operations,” said Anshuman Magazine, Chairman & CEO — India, South-East Asia, Middle East & Africa, CBRE. Leasing in the BFSI sector was driven by deal closures by global capability centres of BFSI corporates, Indian banks, and insurance firms. Most of these corporate are focusing on expanding their footprint.

Sobha Ltd surged 3.5% on the National Stock Exchange (NSE) in early trading on Friday, buoyed by its stellar operational update for the first quarter of financial year 2024 (Q1FY24). The Bengaluru-focused company clocked its best-ever pre-sales in value-terms at Rs1,465 crore, up 28% year-on-year. However, the rise was marginal on a sequential basis.  This performance was supported by the highest-ever price realization for the company at Rs10,506 per square foot on a total saleable area of 1,394,117 square feet.

Realty developer Ajmera Realty & Infra India has reported 44% on-year decline and 60% sequential rise in sales value at Rs 225 crore for the quarter ended June. The listed company sold over 1.35 lakh sq ft carpet area during the quarter, down 14% from a year ago and up 96% from the previous quarter.

₹4,900 in July from ₹7,200-plus in the previous month, down by around 50%. Likewise, spot fares for Mumbai-Goa dipped to around ₹1,500 from over ₹3,200, declining 112%. For Mumbai-Lucknow, last-minute fares have contracted to almost ₹5,000 from ₹9,000 earlier, while Delhi-Kolkata shrunk to around ₹5,200 as compared to over ₹8200 in June.

New Delhi: Carat India, a media agency owned by Dentsu, has announced the appointment of Sanchayeeta Verma as its chief executive officer. Verma will report to Anita Kotwani, CEO Media, South Asia for Dentsu. The company said she will be based in Bangalore and will be responsible for boosting the agency’s growth trajectory through strategic leadership.

Narendra Modi received clean chit from the Supreme Court in the Gujarat Riot cases. Her arrest also sparked sharp criticism from groups like Amnesty International India and human rights groups.

NDR Warehousing (“NDR”), one of India’s largest warehouse development and operating platforms. This comes after Investcorp led a $55 million investment round in NDR Warehousing last year.

crypto market cap slipped below the $1 trillion mark again as the US Fed vowed to continue the monetary hawkishness adopted earlier this year.Bitcoin fell below $20,000 on Sunday as part of a wider cryptocurrency-market retreat, amid concern about the Federal Reserve's rate-hike path, Reuters reported. Barring BNB, all other top tokens were trading in the red on Monday. Avalanche plunged as much as 10 per cent, whereas Polygon tumbled 5 per cent. XRP and Cardano declined 4 per cent each. The global cryptocurrency market cap was trading lower at the $951.77 billion mark, falling as much as 2 per cent in the last 24 hours. However, the total trading volume dropped about 17 per cent close to $54.09 billion.

Cryptocurrencies traded in the green early today. The global crypto market cap stood at $1.17 trillion, with a 2.50 percent increase over the yesterday. The total crypto market volume over the last 24 hours climbed to $65.79 billion, making a 21.45 percent decline.

In another instance of never ending trouble for crypto lending platform Vauld, the Enforcement Directorate (ED) on Friday said that it is freezing bank balances, payment gateway balances and crypto balances of worth Rs 370 crore for allegedly assisting predatory lending apps under ED’s investigation at present.

crypto exchange, CoinDCX has announced to host 'UNFOLD 2022' to bring developers, investors, Web3 startups and regulators from August 26-28, 2022, in Bangalore. The aforesaid event is aimed to showcase and discuss how India can leverage its Web3.0 talent and knowledge to be a global leader. UNFOLD 2022 will provide a platform for industry stalwarts to discuss the trends of Web 3.0.

Turkish Cryptocurrency Exchange Bitay Plans To Enter Indian Market

Global Investors Show Huge Interest In Indian Web3 Start-Ups

Major crypto exchange Coinbase aims to further expand its crypto hub in India by hiring more talent, as crypto derivatives exchange FTX considers investment in India’s Mobile Premier League (MPL), the country's largest eSports and mobile gaming platform. However, Indian crypto veterans warn that the announced levy in the country's crypto tax bill could suck liquidity out of the market, leading India's crypto industry to chaos.

Coinbase Ventures, an investment arm of American crypto exchange Coinbase, shared a plan to invest $1 million in various Indian cryptocurrency and Web3 initiatives via an in-person pitching event. 

Union Finance Minister Nirmala Sitharaman, while presenting the Budget today, announced a national tele-mental health program will be launched for mental health counselling.

Union Finance Minister Nirmala Sitharaman, while presenting the Budget today, announced a national tele-mental health program will be launched for mental health counselling.

Despite India’s unpredictive stance towards crypto regulations, Singaporean crypto exchange Coinstore has allocated a $20 million fund to set up three new offices in the Indian cities of Bangalore, Delhi and Mumbai.

Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies. Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion, its management said.

Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the government is preparing legislation to effectively bar most private cryptocurrencies.