City Mumbai Financial News

MUMBAI: India's markets regulator has devised a seven-point plan to regulate the growing tribe of financial influencers, said Kamlesh Varshney, full-time member of the Securities and Exchange Board of India (Sebi), at the FICCI's 21st Annual Capital Markets Conference (CAPAM) on Friday.

MUMBAI: India's real estate market just got a bit more transparent for tax authorities, but this increased scrutiny can change the dynamics of property transactions. A new tax rule, effective from October, will close a loophole that has allowed property sellers to skirt their tax obligations.

MUMBAI : In Currency and Finance report for 2023-24, the Reserve Bank of India (RBI) points out that digitalization is disrupting the jobs landscape in the financial sector and driving out middle-level banking staff. This comes even as digitalization is expected to constitute a fifth of India's gross domestic product (GDP) by 2026, doubling from 10% at present. The central bank also flagged potential challenges related to digital upskilling and the required employee adaptability.

Reserve Bank of India (RBI) on Thursday said 97.92 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,409 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal was announced, has declined to Rs 7,409 crore at the close of business on July 31, 2024. «Thus, 97.92 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,» the central bank said in a statement.

land parcel in Akurli area of Mumbai’s western suburb Kandivali for Rs 210 crore to a Pune-based company Rucha Group’s real estate development entity Blueprintify Properties. Interestingly, the company has sold the property for less than its ready reckoner value or over Rs 223.58 crore. The said land parcel falls under No Development Zone and is bounded by the Sanjay Gandhi National Park on the east and south side. The Mahindra Group itself also has a real estate development company Mahindra Lifespace Developers.

tomatoes at Rs 50 per kg in Delhi-NCR and Mumbai retail markets. This move aims to relieve consumers, following an initial reduction to Rs 60 per kg on July 29, announced by Union Food and Consumer Affairs Minister Pralhad Joshi. «Prices of tomatoes have come down after our intervention,» Joshi stated. This initiative was launched to address the soaring tomato prices caused by supply disruptions due to heat waves and erratic rains in various states.

Warehouse space take up during H1 2024 witnessed an absorption of 16.6 Mn sq ft, an increase of 8% over the same period a year ago.

Fintech sector can play a prominent role in the rapid advancement of MSMEs and the digital global economy as a whole. The 9th edition of the Global Economic Summit organised by WTC Mumbai and All India Association of Industries (AIAI) from August 8-10, 2024 will highlight this critical role of fintech.

MUMBAI : Portfolio Management Services (PMS) are navigating new challenges after the Union Budget for 2024-25 increased capital gains tax rates. The budget raised the short-term capital gains (STCG) tax rate to 20% from 15%, impacting PMS investors who face higher taxes if a stock is sold within 12 months of purchase. This tax hike will significantly affect PMS strategies with high churn rates, where frequent trading doesn't yield post-tax returns that justify the increased activity.

Toyota Kirloskar Motor (TKM) Wednesday signed an agreement with the Maharashtra government to manufacture electric and hybrid cars, which Chief Minister Eknath Shinde said would revolutionise the automobile sector in the state. The MoU (Memorandum of Understanding) was signed at Sahyadri Guest House in Mumbai.

India’s fast-expanding data centre industry is evolving beyond traditional hubs like Mumbai and Chennai, and expanding to emerging hotspots such as Kochi, Jaipur, Ahmedabad, Lucknow, Patna and Visakhapatnam as companies look to serve a growing but distributed user base across the country, executives from top companies said.

2024 witnessed absorption of over 30 million sq ft of office space, registering an uptick of 18% compared to H1 2023, according to property consultant Vestian. As the demand for grade-A office spaces is robust across the top seven cities of India, the entire year (2024) is expected to cross the 60 million sq ft mark again after peaking in 2023.

MUMBAI : Shortly after the Union finance minister Nirmala Sitharaman presented the budget 2024 on 23 July, executives of a foreign investors-backed asset management company rushed to New Delhi to seek clarification on a key issue: Can foreigners invest in India through a mutual fund-like structure with zero tax? The answer is yes as long as the money is not directly invested in equities. The Union Budget 2024-25 proposed that “retail schemes and exchange-traded funds (ETFs) set up in Gujarat International Finance Tec-City, or GIFT City, will now enjoy tax exemptions along similar lines as available to specified funds". "Now retail funds in GIFT will get the same tax benefit like category III Alternative Investment Funds (AIFs)," said Suresh Swamy, partner, Price Waterhouse & Co.

Dori Media Group (DMG), the global studio behind global hits like Losing Alice, Lalola, The New Black, In Treatment, and Power Couple, has opened its first sales office in India, joining its existing global branches in Israel, Spain, Switzerland, and Argentina. “We’re thrilled to have someone with Devdatta’s tremendous industry experience joining our team at Dori Media and helping us further expand our global sales reach,” said Nadav Palti, CEO & President of Dori Media Group. “We’ve been successfully selling content in India for years now, and the dynamic growth that we’ve seen in that marketplace recently made it a no-brainer for us to open an office in Mumbai.”

Union Government has come under fire from the opposition after two people were killed after several coaches of the Howrah-CSMT Express derailed near Chakradharpur in Jharkhand.

Jharkhand after colliding with a goods train. Recently, Railways have been marred with a series of train accidents. This is the fourth train accident this year. The incident occurred around 3:45 am in the Seraikela-Kharsawan district, approximately 7 km from Rajkharsawan station, under the Chakradharpur railway division of South Eastern Railways, according to a statement from railway officials.

CRISIL Ratings reaffirmed its ‘CRISIL AAA/Stable’ rating on the corporate credit facility of DBS Bank India Ltd (DBIL). The rating on the certificate of deposits programme was also reaffirmed at ‘CRISIL A1+’.Recognised for its global leadership, DBS has been named “World’s Best Bank" by Global Finance, “World’s Best Bank" by Euromoney, and “Global Bank of the Year" by The Banker.

MUMBAI : ICICI Bank’s core operating profit grew by 11% year-on-year in the June quarter (Q1FY25) to ₹15,412 crore. But it should be noted that a good part of this growth was aided by almost tripling of the dividend income from group companies to ₹894 crore. Excluding dividend income, core operating profit increased by 7%.

energy sector is expected to see a 9.01% surge in the first half of 2024-25, staffing firm TeamLease Services said in a report. This indicates the country’s move towards a low-carbon future driven by government initiatives, it said.

Ravindra Waikar on a petition filed by Shiv Sena (UBT) candidate Amol Kirtikar challenging his election from Mumbai North West Lok Sabha seat. Kirtikar had lost to Waikar, who is part of the faction led by Chief Minister Eknath Shinde, by a narrow margin of 48 votes.