City Mumbai Financial News

MUMBAI: Union finance minister Nirmala Sitharaman has reduced the time limit for reopening old income tax returns (ITRs) for reassessment.

MUMBAI: In the Union Budget 2024-2025, the government has introduced significant changes to the capital gains tax framework. New tax rates on capital gains for various asset classes are poised to impact many investors.

Air India Express continued its network expansion, connecting Bengaluru to Abu Dhabi with its first direct international service from India's IT capital on Tuesday, officials said. With over 200 weekly flights, Bengaluru is the largest station for Air India Express, they said. In a statement, the airline said, «With the launch of the Bengaluru-Abu Dhabi flight, guests from cities such as Ayodhya, Bagdogra, Bhubaneswar, Chennai, Goa, Guwahati, Gwalior, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Pune, Ranchi, Varanasi, and Visakhapatnam now have the option to connect conveniently to Abu Dhabi through one-stop itineraries via Bengaluru.» Air India Express operates direct flights connecting Abu Dhabi to Bengaluru, Kannur, Kochi, Kozhikode, Mangaluru, Mumbai, Thiruvananthapuram, and Tiruchirappalli and connects 17 Indian cities to Abu Dhabi via convenient one-stop itineraries, it added.

MUMBAI : Union finance minister Nirmala Sitharaman on Tuesday stressed on the importance of strengthening the insolvency tribunals and increasing their numbers to speed up the insolvency resolution process. “Appropriate changes to the Insolvency and Bankruptcy Code (IBC), reforms and strengthening of tribunals and the appellate tribunal will be initiated to speed up insolvency resolution. Additional tribunals will be established.

bankruptcy court in Mumbai directed the successful bidder of Reliance Capital (RCL), Hinduja group-owned IndusInd International Holdings (IIHL) to deposit the equity amount into the escrow account by July 31.

Indian Navy Chief Admiral Dinesh K Tripathi is scheduled to visit Mumbai today to review the situation after warship INS Brahmaputra got severely damaged in a fire incident.

Mumbai continues to experience heavy rainfall, resulting in significant waterlogging and traffic snarls across the city. The India Meteorological Department (IMD) has issued a red alert for parts of central Maharashtra, predicting heavy rain until July 24.

Mumbai: The sale of carbon credits to overseas entities in voluntary carbon markets (VCM) could make India’s emissions reduction more expensive and difficult, the Economic Survey 2023-24 said, adding that India “may not subsidize the transition of other countries". VCMs comprise trading in carbon credits by entities of their own volition to meet their internal emissions reduction targets. The survey noted that there is uncertainty regarding accounting standards when credits are sold internationally and then redeemed by a foreign entity.

Managing Director & Chief Executive Officer of Federal Bank, the bank said in an exchange filing on Monday.

Railways has increased by 77 per cent over the past five years with significant investments in the construction of new lines, gauge conversion and doubling, the Economic Survey 2023-24 said on Monday. According to the survey tabled in Parliament by Finance Minister Nirmala Sitharaman, in the financial year 2019-2020, the capital expenditure was 1.48 lakh crore which was increased to ₹2.62 lakh crore in 2023-24.

MUMBAI : Kotak Mahindra Bank Ltd’s reported profit jumped sharply during the first quarter of FY25 (Q1FY25), thanks to its insurance arm stake sale. Standalone net profit rose as much as 81% year-on-year to ₹6,250 crore, aided by an exceptional gain after the bank divested 70% stake in Kotak General Insurance to Zurich Insurance. Excluding the stake-sale gains, the bank’s net profit stood at ₹3,520 crore.

After nearly three decades in the advertising, media, and marketing industries, Dalveer Singh, 55, is preparing for a quieter retirement away from Mumbai's hustle and bustle.

YSRCP to hit capital street YSRCP is bringing the issue of post-poll violence in Andhra Pradesh to New Delhi. Former chief minister and YSRCP chief YS Jagan Mohan Reddy will hold a protest with party MPs, MLAs and MLCs in the national capital. The party will organise an exhibition of photographs and videos of party workers who allegedly have been targeted by the ruling TDP over the last 45 days since the regime change. YSRCP has invited all political parties to lend support to this move. Samajwadi's wishlist After strong performance in the Lok Sabha elections in Uttar Pradesh, Samajwadi Party is now looking to extend its footprint beyond the state. To put pressure on Congress for an alliance in Maharashtra, all the 37 SP MPs held a public meeting in Bandra, Mumbai. SP supremo Akhilesh Yadav wants a few seats from Congress in Maharashtra and Haryana.

CapitaLand India Trust, formerly known as Ascendas India Trust, part of CapitaLand Group, has acquired realty developer Aurum Ventures’ 22-storey, fully leased sustainable office tower, spread over 8.5 lakh sq ft in Navi Mumbai’s Ghansoli locality, for Rs 707 crore, said people with direct knowledge of the development. The deal is among the largest acquisitions of a standalone commercial tower by any global institutional investor in India. CapitaLand India Trust Management has acquired the multi-tenanted tower ‘Building Q2’ in Aurum Q Parc in its capacity as trustee-manager of CapitaLand India Trust, a Real Estate Investment Trust (REIT) focusing on India.

Nita Ambani, chairperson of Reliance Foundation and jury chair of the 10th edition of ET 40 under Forty, urged young business leaders to lay the foundation of a better development model for India so that the benefits can be reaped not just by the current generations but also future ones. “A model that can fulfil the aspirations of every Indian and a model that can inspire and show the way to the rest of the world. In this endeavour, I am sure all of you young leaders here will far exceed the expectations of our generations,” Ambani said in her opening address at the ET 40 under Forty awards event in Mumbai on Friday. The marquee event, which completed a decade, identifies India’s future corporate leaders.

insolvency resolution process (CIRP) of bankrupt companies to providing financial support to fight arbitration suits or even helping companies find sector expert lawyers for fighting costly disputes, a clutch of litigation funding startups are offering a range of services in the third-party funding market in India. Startups such as LegalPay, LitiCap, LegalFund and FightRight are helping companies fund their costly disputes, focusing on sectors including infrastructure, real estate, logistics, media entertainment and manufacturing.

Heavy rains pounded Mumbai and its suburbs on Sunday, disrupting flight operations and inundating roads in many parts of the city, officials said. Flight operations at Chhatrapati Shivaji Maharaj International Airport were suspended twice for a brief period due to inclement weather and low visibility, a source said. At least 15 flights were diverted to the nearby airports, mainly Ahmedabad, till 4 pm. As intermittent heavy spells of rain hit the city, runway operations were suspended at 12.12 pm for eight minutes and from 1 pm to 1.15 pm, the source said.

online shopping experience increasingly frustrating. “Every app I visit has some form of dark pattern,” says the 26-year-old media and entertainment lawyer from Mumbai. “I can’t find a single safe app that lets me pay only for what I want,” he adds. What is a dark pattern? It refers to manipulative or deceptive tricks—such as hidden fees, subscription traps and sneaking items into online baskets—that get users to perform an action they would not have otherwise done had they understood it well or had a choice. Harry Brignull, a UK-based UX (user experience) designer coined the term in 2010, referring specifically to digital platforms.

petrochemicals industry and boost the sector's growth. The minister was speaking after launching the 13th edition of the India Chem 2024 event to be held in October this year in Mumbai. «The Prime Minister desires that we have to become a USD 5 trillion economy. If we have to become a 5 trillion economy, we have to align our programmes or policies accordingly, to see to it that this petrochemical industry chemical industry also goes in the same way and aligns itself, so that we all together contribute to that USD 5 trillion economy,» Nadda said. The minister mentioned that industry representatives have talked about the challenges faced by the chemicals and petrochemicals industry and also offered various suggestions to address those issues.

Mumbai and its suburbs experienced intermittent heavy rainfall on Saturday, causing waterlogging in several areas. However, local train services continued to operate normally, according to the latest updates from Western Railway and Central Railway. According to the India Meteorological Department (IMD), Mumbai received 91 mm of rainfall in the 24-hour period ending at 8 AM on Saturday, while its eastern and western suburbs recorded 87 mm and 93 mm of rainfall, respectively. The IMD has predicted moderate to heavy rainfall for Mumbai and Pune y in the coming days.

behavioural finance plays a key role in his investment strategy, making him a force to be reckoned with in the finance world. Let's start with your personal story I was born and brought up in Mumbai. My family was in the business of importing and trading dry fruits and spices. I used to accompany my father to his office during my school and college vacation. That gave me an early exposure to business. At an early age of 14, I was fascinated by learning about business management and decided to pursue an MBA after my graduation. However, by the time I graduated, my interest shifted towards finance and capital markets. After completing my MMS (Finance) from Somaiya Institute of Management and Research, I worked as a sell-side research analyst wherein I tracked key sectors like IT and pharma. I came across the concept of behavioural finance in 2004 and decided to move to buy-side or the mutual fund side to learn about how psychology impacts investment decisions.