City Mumbai Financial News

MUMBAI : A key striking feature of Britannia Industries Ltd’s June quarter results is its high single-digit volume growth, estimated at 8% year-on-year, a multi-quarter high. However, pricing was weak, so revenue growth has lagged volume growth yet again. Britannia’s consolidated operating revenue increased by 4% year-on-year in the three months ended 30 June (Q1FY25) to ₹4,130 crore as pricing declined.

MUMBAI : A profit of ₹1,878 turned into a penalty of ₹1 lakh. This harsh reality encapsulates the high-stakes world of insider trading. Sudhir Bapusaheb Devkar, an IT department employee at Mindtree, found himself on the wrong side of the law when a seemingly harmless trade in his employer’s stock spiralled into a financial nightmare.

Mint explains the rationale for these moves and what it entails for the future of IndiGo and the Indian aviation ecosystem. After covid-related restrictions were eased in May 2020, India’s aviation ecosystem recovered strongly. The visible signs of an expanding economy, a growing middle class, and higher disposable income were credited with for boosting travel across metros and smaller cities.

The concept of a surcharge is simple – it’s an extra tax on your total tax liability if your income exceeds ₹50 lakh. Under the new tax regime, the surcharge is 10% for taxable income above ₹50 lakh up to ₹1 crore, 15% for taxable income above ₹1 crore up to ₹2 crore, and 25% on income above ₹2 crore. In practice, though, it’s anything but simple.

Vinod Kambli was reportedly seen in a disoriented state, requiring assistance from passersby to maintain his balance. A video circulating on social media shows Kambli struggling to walk, with bystanders helping him reach his destination. However, ET could not verify the video's authenticity, time and place of the video.

Tata Consultancy Services, digital printing company Xerox said it has a $355 million tech spending commitment under the seven-year contract. In a regulatory filing in the US, Xerox also disclosed its spending commitment with Microsoft at $125 million and with SAP at $45 million for the same period under this multi-party agreement. TCS did not respond to an email seeking comment sent on Monday morning.

IndiGo cancelled scheduled flights to and from Dhaka with immediate effect on Monday due to the emerging situation in the wake of Bangladesh Prime Minister Sheikh Hasina resigning amid unprecedented anti-government protests. A Vistara official said it operated the flight from Mumbai on Monday and the situation is being monitored for operations to Dhaka on Tuesday. While Air India operates two daily flights from Delhi to Dhaka, Vistara flies daily flights from Mumbai and three weekly services from Delhi to the Bangladesh capital. IndiGo has flights to Dhaka from the national capital, Mumbai, Chennai and Kolkata. The number of flights that are operated by the airline could not be immediately ascertained.

Shiv Sena on Monday demanded a narco test be conducted on dismissed policeman Sachin Waze to unearth the «truth» amid a row over bribery allegations against ex-Maharashtra home minister Anil Deshmukh, which has hotted up the political scene. Sanjay Shirrsat, the spokesperson of Shiv Sena headed by Chief Minister Eknath Shinde, claimed Waze- who was reinstated in the Mumbai Police force when Uddhav Thackeray was chief minister- was a leader of the undivided Shiv Sena. «Waze commanded respect in the party organisation. He used to attend meetings of the Home Department (headed by Anil Deshmukh when Maha Vikas Aghadi was in power) and report to Shiv Sena (Uddhav Balasaheb Thackeray),» Shirsat claimed while talking to reporters in Chhatrapati Sambhajinagar. If Sachin Waze is ready to undergo a narco test, then it should be conducted immediately so that the truth will come out in this case, the Shiv Sena leader said.

Bengaluru: Global Capability Centers (GCCs) in India have leased approximately 53 million square feet of office space in key Indian cities between 2022 and the first half of 2024, such as a highly skilled workforce, cost advantages, and favourable business conditions, according to CBRE and Zyoin's latest report. This growth is expected to continue, especially in India's top six metropolitan areas like Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai, due to factors which boast exceptional talent pools that are conducive to expansion and future development. In the first half of 2024, office leasing activity in the GCC (Gulf Cooperation Council) region across six significant cities increased 8% year-on-year. During the same period, GCCs contributed to around 37% of India's total office leasing activity.

Diversification has become a strategic imperative for organisations seeking sustained growth and resilience. By expanding into new markets, products, or services, businesses can mitigate risks associated with economic downturns, industry shifts, and unforeseen challenges. The data centre industry stands as a prime example of this trend.

Aaditya Thackeray claimed that the Eknath Shinde-led Maharashtra government was creating space for a minimum of four to five hoardings along the Coastal Road when there is no space for them. Shiv Sena MP Milind Deora, however, asked Thackeray to present a «real agenda» for Mumbai's development instead of writing «love letters» to the civic authorities. Thackeray claimed the state government plans to prop up huge hoardings in the open spaces near Haji Ali and Amarsons Park/ Breach Candy of the Coastal Road gardens. «They've delayed the coastal road… escalated the cost...For electoral credit, they opened the wrong lanes without planning. There is absolutely no word or communication with local MP, MLAs and ALMs on landscaping and gardening,» he said in a post on 'X'.

MUMBAI : The Securities and Exchange Board of India's (Sebi's) series of initiatives, such as quicker transaction settlements and shorter listing timelines for public issues, have enhanced transparency and will aid greater participation in the capital markets, say experts. Regulatory reforms and innovations have brought investors an annual benefit of ₹900 crore, and the full adoption of certain other initiatives could potentially add ₹3,000 crore more through freed-up capital, according to a 30 July report by NSE Data and Analytics, a unit of National Stock Exchange of India Ltd. The Indian Capital Markets: Transformative shifts achieved through technology and reforms report highlighted the substantial growth of Indian capital markets, which have outpaced the global average in market capitalization.

Unny Radhakrishnan and Bindhu Unny's journey from the brink of bankruptcy to financial stability is a tale of resilience and reinvention. In the late '90s, they were idealistic young professionals driven by a passion for social impact, only to end up being financially broke.

Uddhav Thackeray's remarks against Union Home Minister Amit Shah have established the Shiv Sena (UBT) leader's credentials as a member of the "Aurangzeb fan club", Deputy Chief Minister Devendra Fadnavis said on Saturday. Fadnavis was reacting to Thackeray's tirade against BJP wherein he termed Shah a political descendant of Ahmad Shah Abdali, the Afghan king who defeated the Marathas in the third battle of Panipat. «Amit Shah had spoken about the Aurangzeb fan club. Uddhav Thackeray today proved that he is indeed from the Aurangzeb fan club,» Fadnavis told reporters. Addressing a BJP convention in Pune last month, Shah had dubbed Thackeray «the head of the Aurangzeb fan club» who was sitting with people who sought pardon for 1993 Mumbai serial blasts convict Yakub Memon.

engineering company Texmaco Rail & Engineering Ltd on Saturday said it has secured orders worth Rs 243 crore from the Mumbai Railway Vikas Corporation (MRVC) for power supply projects on two routes in Maharashtra. The company's hyper-specialised EPC division, Bright Power, will be responsible for the design, construction, installation, testing, and commissioning of the power supply infrastructure on the 3rd and 4th lines from Virar to Dahanu and the new suburban corridor between Panvel and Karjat. The scope of work includes construction of two 25 KV traction substations and other associated infrastructure, the company said in a statement. «This order is a significant milestone for us and reinforces our position as a key player in the railway infrastructure sector,» Texmaco vice chairman Indrajit Mookherjee said.

Bigg Boss OTT’ came to an end on Friday. Actress-model Sana Makbul was announced the winner, and she took home, the coveted trophy and a cash prize of whopping Rs 25 lakh.

₹2.39 lakh to ₹2.54 lakh. The claimed fuel efficiency is 29.5 kpl.

BENGALURU : Goa’s appeal is now extending beyond holidaymakers and retirees. Real estate developers from across the country are gearing up to launch projects in the popular holiday destination, led by high demand from wealthy individuals and non-resident Indians. The launches lined up include luxury villas, apartments as well as plotted development projects.

IT systems integrator Black Box has raised Rs 410 crore via preferential issue aimed towards expanding data centre infrastructure services globally and tap in the growing demand for AI computing. The infrastructure provider which counts Amazon, Google, Microsoft as its clients is looking to invest in expanding data centre services to hyperscalers, multi-tenant data centre operators and large enterprise data centre, as well as connectivity and networking infrastructure. A portion of the funds will be allocated towards sales and business development in North America and emerging markets. The company’s Board of Directors has approved the issuance of 98,32,123 fully convertible warrants, at a price of Rs 417 aggregating to Rs 410 crores, it said in an exchange filing on Friday.

McKinsey's managing partner in February 2024, Bob Sternfels faced the crucial decision of appointing a global leader of firm strategy to navigate the management consultancy through the pervasive impact of technology, the disruptive potential of AI and rapidly changing client demands. His selection for the role was Ashutosh Padhi, an IIT-Kanpur and IIM-Ahmedabad alumnus. “I chose Ashutosh Padhi, who led our North America business, to drive the innovation agenda that’s critical for the firm’s future. He is now in charge of ensuring we innovate our models rapidly,” Sternfels told ET a few days back.