City Mumbai Financial News

Glenmark Pharma net profit doubled to Rs 340 crore crore in Q1FY25 led by robust sales growth in India and Europe and reduction in finance, depreciation and ammortisation costs. The drugmaker reported Rs 173 crore net profit in the corresponding quarter of the previous year.

cyber scam recently ensnared a prominent academic in a web of deceit, resulting in a staggering loss of Rs 2.81 crore. The victim, Dr. Ruchika Tandon, an associate professor at SGPGIMS Lucknow, was duped over a period of seven days through an elaborate scheme. The scam began with a call from someone posing as an official from the Telecom Regulatory Authority of India (TRAI). The caller informed Dr. Tandon that her phone would be switched off based on instructions from the police due to several complaints against her number for sending harassing messages.

Standard Chartered Bank on Wednesday announced the appointment of Aditya Mandloi as the new Head of Wealth and Retail Banking (WRB) for India and South Asia, effective from August 1, 2024. In his new role, Mandloi will oversee the bank's WRB operations in India, Bangladesh, Sri Lanka, and Nepal, working from the bank's Mumbai office. With 27 years of experience at Standard Chartered, Mandloi has held various positions in Product Management, Collections, and Sales, including leading the WRB business in Bangladesh.

social media in our lives has seen a massive transformation. From facilitating casual interactions to becoming sources of instant news, entertainment, product discovery and promotion, social media performs many roles today. Plus, with more and more companies switching to the social space to generate awareness about their products and services, social media is brimming with opportunities and seeking fresh talent.

Investor Education and Protection Fund Authority (IEPFA) will hold outreach programmes in five key cities, introduce a new five-digit code for calls and tweak rules to expedite claim settlements, a senior official told ET. Other planned measures include a revamped interactive voice response system (IVRS) and a call centre. Securities, dividends and debentures that remain unclaimed for more than seven years are transferred by companies to the IEPFA under the corporate affairs ministry. The authority then oversees claim settlements, with the companies playing a key part in verification and other processes.

Vistara flight from Delhi made a priority landing here on Wednesday due to a «minor» technical issue, the airline said. The aircraft landed safely and is currently undergoing inspection, it added. «Shortly before landing, a minor technical snag was detected on Vistara flight UK 995 that was operating from Delhi to Mumbai on 14 August 2024,» a Vistara spokesperson said in a statement. As a precautionary step, the pilots requested the Air Traffic Controller for «priority landing», and landed safely at Mumbai's Chhatrapati Shivaji Maharaj International Airport, Vistara said without sharing the number of people on board.

MUMBAI : Retail and high net-worth individual (HNIs) investors have become a key bulwark for the Indian stock market in recent years. Latest data underscores their growing significance as a counterbalance to selling pressure from foreign institutional investors (FIIs) and “other" investor categories. This domestic buying spree has helped the Nifty outperform its Asian peers, such as Nikkei 225, South Korea's Kospi and Singapore's Straits Times Index, amid global market jitters.

Maharashtra, an auto-rickshaw driver was killed and his friend injured when an SUV ran over them while they were sleeping at the Versova beach in Mumbai, police said on Wednesday. The incident took place in the early hours of Monday following which the sports utility vehicle (SUV) driver fled from the spot without providing any help to the victims, they said. The SUV driver and another occupant of the vehicle have been arrested. Auto-rickshaw driver Ganesh Yadav and his friend Bablu Shrivastava were sleeping at the beach as they felt hot in their room located nearby in the Sagar Kutir Rahivasi Sangh slum area, an official from Versova police station said.

Tesla CEO Elon Musk wrote on Twitter in 2016 inviting Indians to preorder Tesla Model 3s

Air India Express has launched six new daily direct flights in a single day, said a press release on Tuesday. The Tata-owned Air India subsidiary airlines will be flying five new routes as a part of this launch which include Guwahati-Jaipur, exclusive to Air India Express. The new flights are operating on the Chennai-Bhubaneswar, Chennai-Bagdogra, Chennai-Thiruvananthapuram, Kolkata-Varanasi, Kolkata-Guwahati, and Guwahati-Jaipur routes. Moreover, to accommodate growing demand on the Chennai-Thiruvananthapuram route, which was previously served by two weekly flights, the airline has now added an extra daily service, increasing the total to nine flights per week. Air India Express now connects Chennai directly to 10 destinations which include Bagdogra, Bengaluru, Bhubaneswar, Guwahati, Hyderabad, Kolkata, and Thiruvananthapuram domestically, and Dammam, Kuwait, and Singapore internationally.

Honasa Consumer, the parent of beauty and personal care brand Mamaearth, said its hair care brand, BBlunt, has achieved an annual revenue run rate (ARR) of Rs 100 crore and grown over four times since the company acquired it in 2022. ARR is the projection of a company’s annual revenue based on its current performance. The achievement was driven by data-based innovation strategy and product development process, integrating insights from stylists, consumer interactions and salon testing, the company said in a news release Tuesday.

Raymond’s cash flows. Debt piled up. The chief executive of the company’s flagship lifestyle business resigned.

SpiceJet on Monday managed to avert a shutdown of its flights from Chhatrapati Shivaji Maharaj International Airport (CSMIA) in Mumbai, resolving a tricky situation in the nick of time which could have affected several passengers. On Monday evening, CSMIA issued a passenger advisory stating that operations stating that effective midnight on 13 August 2024, SpiceJet flight operations from Mumbai International Airport are expected to be temporarily disrupted. “Mumbai International Airport is working with the airline to address the situation to minimise inconvenience to passengers,” the company said. However, within a few hours, the Adani-operated airport withdrew the advisory. In the meanwhile, the Ajay Singh-promoted SpiceJet issued a statement saying, «The passenger advisory issued by MIAL has been withdrawn. Our flight operations in and out of Mumbai are operating normally. SpiceJet and MIAL have worked collaboratively to swiftly resolve a minor financial matter.”

Air transport is the only one direct option, but is useful only for expensive or perishable goods. The bulk of goods are delivered via Suez and Black Sea ports (Novorossiysk or others). As a result, the cargo travels triple the distance and several overloads along the route. High transport and logistics costs hinder the competitiveness of goods and the volume of mutual trade. Until now, the volume of mutual trade between India, Russia and Central Asia has been not so large (for example, $3.2 billion between India and five Central Asian countries in 2022). The obstacle is over huge delivery distances through the ports of the Black Sea or the Far East (7-10 thousand km).

NEW DELHI : Rockefeller Foundation-backed Global Energy Alliance for People and Planet (GEAPP) plans to support the development of 2 gigawatt hours (GWh) of cumulative utility-scale battery-energy-storage capacity, said Saurabh Kumar, vice president, India, GEAPP. In an interview, Kumar said GEAPP, in partnership with IndiGrid, is expected to commission the country's first commercial utility-scale project by the end of this year or the start of 2025. It would be set up in Delhi.

Reliance Capital's resolution plan by Hinduja Group-promoted IndusInd International Holdings. The NCLT Mumbai bench also directed IndusInd International Holdings Limited (IIHL) and the Committee of Creditors (CoC) to jointly hold a meeting to decide steps to be taken for the implementation of the same. The National Company Law Tribunal (NCLT) — comprising Justice Virendrasingh G Bisht and Justice Prabhat Kumar — directed the Reserve Bank and DIPP to expedite 'the consideration of the approvals' to IIHL that are needed for implementing the RCaP resolution plan. The tribunal was hearing a petition filed by the Hindujas, seeking modification of its July 23 order and an 'extension to complete the obligations' for implementing the resolution plan.

Enforcement Directorate (ED) on the bail plea of the Aam Aadmi Party's former communication in-charge Vijay Nair in a money laundering case related to the alleged Delhi excise policy scam. A bench of Justices Hrishikesh Roy and SVN Bhatti issued notice to the central agency and sought its response within four weeks. «It is submitted that the petitioner is in custody for nearly 2 years since he was arrested by the CBI and has been in continuous custody of the ED...Issue notice,» the bench said.

Gurucharan Singh, best known for his role as Roshan Singh Sodhi in the hit comedy series ‘Taarak Mehta Ka Ooltah Chashmah’, has recently spoken about his financial struggles and debts. His sudden disappearance earlier this year had alarmed fans. In April, reports surfaced that Gurucharan was missing, but after 26 days, he returned to his home in Delhi, explaining that he had gone away to follow a spiritual path. In a conversation with Siddharth Kannan, Gurucharan mentioned that he is currently seeking work. He believes that people still appreciate him and want to see him, and he needs to earn money to cover his expenses, support his mother, and pay off his debts.

IMD) has issued a yellow alert for multiple districts in Maharashtra, including Amravati, Buldhana, Chandrapur, Nagpur, Wardha, and Washim. This alert warns residents of possible isolated thunderstorms and lightning, advising them to stay cautious and prepared for sudden weather changes. Mumbai Weather Forecast Mumbai is expected to experience mostly cloudy weather with light rain over the next few days. The city’s temperatures will hover between 26°C and 30°C today, with wind speeds around 15 kilometres per hour. The sun rose at 6:19 AM and will set at 7:07 PM, offering a brief respite between rainy spells.

said central banks bought over 290 tonnes of gold in the first quarter of calendar 2024–that’s the highest on record. The history of the financial markets shows that any spectacular fall in asset prices triggers a cascading effect on all asset prices. This is logical.

What went wrong? The will was written by the husband, indicating that his wife would inherit everything if she survived him, and that the property would be given away in charity if she did not, after his lifetime. When the will was read to the family, the heirs pointed out that she had inherited the wealth from him as per the will, but that there was no will written by her in which she indicated giving away the wealth to charity. His will had specified charity only if she predeceased him. The lawyers seem to agree with this interpretation. The will includes prime property worth several crores in Mumbai and the heirs are unwilling to let go, even if many were not on talking terms with the couple when they were alive. Getting good quality legal help in these matters remains a challenge. A longtime lawyer friend had apparently told the woman that she should will him the properties and that he would settle all dues and donate the money. The sensible lady had spurned the offer.