City Kolkata Financial News

Sukanta Majumdar hit out at West Bengal Chief Minister Mamata Banerjee over her allegations that the Border Security Force (BSF) was facilitating infiltrators from Bangladesh to enter the state. He said that infiltrators entering the country were her vote bank and TMC was only interested in forming the government.

Arun Roy, known for his critically acclaimed works Bagha Jatin (2023) and Hiralal (2021), passed away on Thursday morning after a prolonged battle with cancer. The director, 56, succumbed to a severe lung infection while receiving treatment at R.G. Kar Medical College and Hospital in Kolkata. Dr Kinjal Nanda from the hospital confirmed the news, explaining that Roy had been admitted to the hospital recently due to worsening health conditions. Despite being in the ICU and supported by a BiPAP system, his condition deteriorated further, requiring invasive ventilation.

Kolkata: VFS Capital, one of the oldest microfinance companies that operate in the country, has filed an application for a small finance bank licence, the Reserve Bank of India (RBI) said.

When markets resume trading today, ITC, Orient Cement, Surya Roshni and Newgen Software Technologies will be in focus due to various related developments.

ITC Ltd is going to transfer cash and cash equivalent of Rs 1500 crore to its demerged hotel business entity, ITC Hotels, to cater to its planned growth and contingency requirements, as per a shareholder presentation of the Kolkata-based conglomerate. The demerged ITC Hotels will undertake capital investments on renovations and on-going projects at 8-10% of its revenue. ITC Ltd is also going to retain the trademarks of the popular hotel restaurants such as Bukhara, Dum Pukht and Dakshin which will be given to ITC Hotels under a trademark license agreement, as per the presentation. The ITC trademark and logo will also be shared in the same way.

Anarock. The number of new launches of residential properties stood at 36,735 units during 2023.

Nuvama.

Kolkata | Mumbai: Family offices of prominent industrialists, private equity funds are considering acquiring a majority stake in the Indian operations of Haier for a little over a billion dollars as the Chinese consumer appliances and electronics major seeks to indigenise its business amid heightened regulatory and bureaucratic scrutiny, people familiar with the matter said.

Data centre capacity addition in the colocation space is expected to reach approximately 230 MW (IT load) by the end of 2024, with a similar or higher capacity addition anticipated in 2025, according to Cushman & Wakefield data. In 2025, while the majority of capacity creation will occur in Mumbai, other cities such as Delhi-NCR, Kolkata, and Chennai are also expected to see significant growth. India has the potential to become a global data centre hub due to its low construction, land and power costs compared to other countries, coupled with a well-established IT and digitally enabled services ecosystem. According to Cushman & Wakefield, the median cost of constructing a data centre in India is estimated at $6.8 million per MW of capacity, significantly lower than most APAC nations-Australia is at $9.17 million, Japan is at $12 million.

New supply in Delhi-NCR is set to increase 59 per cent to 11,223 units in the current December quarter from 7,072 units in the corresponding period of the previous year. Among nine major cities across India, Delhi-NCR is the only market where sales and new supply are estimated to rise during the current quarter, real estate data analytics firm PropEquity's data showed.

Indian software engineer, Sayani B, shared that relocating from Bengaluru to London has made her generally happier, despite London’s high cost of living. Posting on X, she sparked a lively debate about the advantages and challenges of living in India versus abroad. Sayani revealed that although she couldn’t pinpoint a specific reason, her overall sense of happiness had increased since moving to London a few months ago. “I’ve been living in London for a couple of months now, and I’m generally happier. I can’t exactly say why, but it’s an overarching feeling,” she tweeted. Commenters on her post shared their thoughts on why she might feel happier abroad.

Infosys, country's second largest IT services giant, on Wednesday announced investment of Rs 426 crore for its new 320,000 square feet development centre in Kolkata. “This state-of-the-art facility with an investment of over Rs 426 crore is designed to accommodate over 4,000 employees in a hybrid working model,” the Bengaluru based company said in a statement. The centre will generate employment opportunities in next-gen technologies such as cloud and artificial intelligence (AI). «The centre will provide employees greater flexibility and enable them to work on new-age technologies such as cloud, AI, and digital, across a diverse range of industries, including manufacturing, logistics, financial services, energy & utilities,» the statement added.

Bidhanchandra and Hena Biswas. This couple from Garfa near Kolkata paid the ultimate price — humiliation at their daughter's wedding reception. Like all happy parents, last month, the Biswases had booked a catering service to throw a lavish dinner for the occasion. For the 550-odd guests, khana at the reception was a veritable vegetarian feast: buffet comprising lip-smackers like peas kachori, chana daal, dum aloo, paneer, green peas pulao, chutney, mithai… the works.

INS Nirdeshak, the second ship of the Survey Vessel (large) project, was commissioned into the Indian Navy, in a ceremony presided over by Sanjay Seth, Union Minister of State for Defence, at Naval Dockyard in Andhra Pradesh's Visakhapatnam on Wednesday. Vice Admiral Rajesh Pendharkar, Flag Officer Commanding-in-Chief, Eastern Naval Command hosted the commissioning ceremony marking the formal induction of the second of the four ships of the Survey Vessel (Large) project under construction at Garden Reach Shipbuilders & Engineers (GRSE) Kolkata. The ship is designed to conduct hydrographic surveys, aid in navigation, and support maritime operations. Speaking on the occasion Sanjay Seth said that highly specialised ships — the Survey Vessels — play a vital role in charting the oceans. These are sophisticated niche platforms that allow for a more accurate collation of oceanic data, its precise processing and as a result, highly reliable charts that enhance maritime operations and safety.

IEEMA and Chairman of ELECRAMA 2025, said. “Presently, the industry size is USD 70 billion in India, with USD 12 billion in exports. We are poised to grow to a USD 130 billion industry with exports of USD 25 billion by 2030,” Vikram Gandotra told ET. ELECRAMA 2025, the world's largest electrical show, will take place from February 22 to 26, 2025, in Greater Noida. A flagship showcase of the Indian Electrical & Electronics Manufacturers' Association (IEEMA), in collaboration with the Union Ministry of Heavy Industries, it will bring together industry leaders, innovators, and policymakers from around the world. The event will feature exhibitions, technology showcases, networking opportunities, and events that will serve as a springboard for the Indian electrical industry.

«The research on quantum computing has been ongoing for several years by various institutions, including us. The Quantum Reference Facility is coming up at the C-DAC facility in Bangalore,» said A S Murty, senior scientist and Kolkata head of the Centre for Development of Advanced Computing (C-DAC). The scientist was speaking on the sidelines of the International Symposium on Quantum Computing (ISQCI 2024) held in Kolkata.

Magenta Mobility on Monday said it plans to add 10,000 electric vehicles — both three and four-wheelers — over the next financial year and is also looking at expanding into new cities such as Nashik, Nagpur, Vijayawada, Indore and Kolkata, among others. The company also said that after establishing a strong presence in the electric three-wheeler space, it is now aggressively expanding into the four-wheeler category. With a fleet exceeding 500 electric cargo four-wheelers, Magenta Mobility is transforming urban and intercity logistics, it said. Building on its leadership in the three-wheeler EV segment, where it serves major clients in the e-commerce space, Magenta Mobility is now aggressively expanding into the four-wheeler category, the company said.

Subscribe to enjoy similar stories. The fatal shooting of Brian Thompson, who was chief executive of UnitedHealth Group Inc.’s insurance arm, has turned the spotlight on insurance companies rejecting policyholders’ claims for various reasons. In India, insurance laws offer policyholders a powerful tool they can invoke if insurance companies reject their claims arbitrarily.