City Mumbai Financial News

worldwide are experiencing a 'recovery' phase following a major outage. The disruption has impacted a range of institutions, including airports, businesses, media broadcasting, the stock market, government offices, and hospitality.1. Microsoft Chairman and CEO Satya Nadella on Friday took to X and wrote, “We are aware of this issue and are working closely with CrowdStrike and across the industry to provide customers technical guidance and support to safely bring their systems back online."2.

MUMBAI : Amit Chandra, partner and India chairman of private equity (PE) firm Bain Capital, began thinking about philanthropy in his 30s. At the time, he was leading investment bank DSP Merrill Lynch in Mumbai. One of his goals then was to lead a large bank by the age of 40, something he achieved at 33.

Microsoft software, prominently used by enterprise networks worldwide. CrowdStrike, a US-based endpoint security provider to several global organisations including Microsoft, first released an update to its product — Falcon Sensor — on July 9 gradually rolling it out to companies globally over the next 10 days. On July 18 and 19, the update — intended to pre-emptively detect cybersecurity breaches — was pushed onto Microsoft devices unwittingly, triggering widespread chaos. It forced several banks, hospitals, airlines, and startups to resort to manual processes to continue operations, industry executives said. «Around 300 flights have been cancelled, including around 200 for market leader Indigo alone till 6 pm (on Friday),» people aware of the details told ET.

ICICI Securities is likely to reach the Bombay High Court soon. The Mumbai bench of the National Company Law Tribunal (NCLT) clarified that it lacks authority to judge the legality of the exemption granted by the Securities and Exchange Board of India (Sebi) for delisting the broking firm without the reverse book-building process. It also indicated that the matter must be moved to the appropriate forum. Senior counsel Kaushik Chatterjee, who represented the shareholders before the NCLT, argued that the Sebi has illegally granted an exemption to ICICI Securities under Section 37 (1) of the Delisting Regulations. This exemption allows ICICI Securities to delist its shares from the bourses without going through the reverse book-building process despite the requirement that the listed holding company and the listed subsidiary be in the same line of business, he said. «No one has seen the exemption letter as both the Sebi and ICICI Securities have refused to share the letter with shareholders,» said Chatterjee. «So, we are not left with any choice except to move High Court Mumbai to challenge the legality of exemption granted by Sebi to both the companies from not being in the same line of business.»

Indrani Mukerjea, accused of killing her daughter Sheena Bora in 2012, to travel to Europe but laid down some conditions. The court allowed Indrani Mukerjea to travel once to Europe (Spain and United Kingdom) for ten days between intermittent period for the next three months. During her travel, she has to attend the office of the Indian Embassy or its allied diplomatic mission offices there at least once during her visit and obtain an attendance certificate, said the court. The court also directed Indrani Mukerjea to furnish a security deposit of Rs 2 lakh. Last month, the former media executive filed an application in the court seeking nod for overseas visit, claiming she needs to travel to Europe frequently for work.

IT outage affecting Microsoft's Azure cloud platform has caused major disruptions in the aviation sector, leading to the cancellation of over 200 flights by IndiGo. This global incident, which began on July 19, 2024, has had a cascading effect on travel systems worldwide, severely impacting airline operations. IndiGo’s Operational Challenges IndiGo, one of India’s largest carriers, has reported substantial operational disruptions. The airline announced on X, «Flights are cancelled due to the cascading effect of the worldwide travel system outage, beyond our control. The option to rebook/claim a refund is temporarily unavailable.» The outage has impacted IndiGo's flight operations, check-in systems, and baggage handling.

Atishi on Friday demanded Rs 10,000 crore from the Centre for infrastructure development, claiming the city government got nothing in return over the past year despite its income tax contribution of Rs 2 lakh crore. Delhi also provided Rs 25,000 crore as central GST to the pool of taxes, the minister said during a press conference here. Ahead of the presentation of the Centre's annual budget, Atishi batted for release of more money to Delhi, saying it could be spent on infrastructure development in road, transport and power sectors as well as to beautify the city. Asserting that people of Delhi are the highest income tax payers, the minister said, «Delhi should get Rs 10,000 crore from the Rs 2.07 lakh crores that people of the city pay as income tax. This amount of Rs 10,000 crore is just 0.25 per cent of the Central government's budget and only 5 per cent of the income tax of Delhiites.»

MUMBAI: Many dream of working or studying abroad, but what happens when they decide to return home? Navigating the financial maze of starting afresh can be challenging.

No, it is not a bank holiday on July 20, 2024, as it is the third Saturday of the month, and this will be the last working Saturday ahead of July 31 Income Tax Return deadline. The next Saturday, July 27, banks will be closed as it is the fourth Saturday of the month. If you have not yet filed your income tax return, it's important to ensure that your banking tasks are completed this Saturday. In the event that your net banking or other online payment methods are not working, you can still pay your taxes in person or through RTGS / NEFT at your bank's physical location as these services should be operational on that day. Additionally, you may need to visit the bank to obtain documents such as interest certificates and Form 16A. <div data-placement=«Mid Article Thumbnails» data-t

Mumbai to chart out a strategy for the upcoming assembly polls in Maharashtra. The party has scheduled a meeting of all the senior leaders of the state, which will be chaired by the General Secretary (organisation) KC Venugopal, and the AICC Incharge of Maharashtra, Ramesh Chenithalla. In the recent parliamentary elections, Congress emerged as the largest party in the state, with 13 Lok Sabha MPs, and along with Shiv Sena UBT's 9 and the NCP (Pawar)'s 8 MPs, Maha Vikas Aghadi (MVA) won 30 seats out of the total number of 48 constituencies in Maharashtra.

₹7000-10,000. Local jams and a handful of pan-India events, by private organisers, keep the breakers going but they still don’t have enough avenues to test and tweak, learn and grow. Unlike other performance sports like gymnastics at the Olympics, where participants can practice and perfect their routines, a breaker has to improvise and jam in sync with the beats provided by the DJ.

Canada largest airline has been ordered to pay a family of five who were separated on what’s being described as a “traumatizing” flight last year.

₹190 crore, two company executives told Mint. The company has committed ₹100 crore to Chennai-based Radiance Realty Developers India Ltd, and another ₹90 crore to Pune-based Mantra Properties and Developers Pvt. Ltd, for their respective residential projects.

Maha Vikas Aghadi (MVA) of the Congress, Shiv Sena (UBT) and the NCP (SP), which appeared to be struggling with coordination, roundly beat the Mahayuti. This triggered a lot of rethinking within the Mahayuti. Now, there are signs of another shift in the political landscape before the upcoming assembly polls.

A senior CR official told TOI stated that this adjustment would enhance overall operational efficiency. Currently, Central Railway operates 894 services on its main line, including 623 slow services and 271 fast services, with many starting from Chhatrapati Shivaji Maharaj Terminus (CSMT).

Budget 2024, scheduled in July, one may expect the government to continue with its objective of moving towards a simplified tax system through the new tax regime (NTR) that was introduced in Union Budget 2020-21. With a view to make the NTR more attractive for individual taxpayers, the government could consider taking measures such as increasing the standard deduction limit from Rs 50,000 to Rs 100,000; including health insurance premium (u/s 80D) in this regime and enhancing the deduction limit available to promote adoption of adequate health insurance cover. Besides, an increase in deduction limit for employer's contribution to the National Pension System (NPS) u/s 80CCD(2) from 10% of basic salary to 14% will be a welcome move. The enhancement of this deduction will ensure parity with the provision applicable for central and state government employees and would provide an option for enhanced tax saving under the new tax regime, along with promoting long-term retirement savings. However, in case the government continues with the old tax regime as an option, it will be important to rationalise some of the tax provisions. One such provision will be to consider Bengaluru as a «metro city» for the purpose of HRA exemption in Budget 2024.

Kalpataru in Mumbai. ASK Property Fund is a real estate private equity arm of Blackstone-backed ASK Asset & Wealth Management Group. In a statement, the company said it has invested Rs 190 crore in a project being developed by Kalpataru. «The project is an upper mid-segment project, located in Borivali West, comprising 310 units and is spread across 6 acres with a total saleable area of about 6.5 lakh square feet,» ASK Property Fund said.

HDFC Defence Fund, the only active fund based on the defence sector, has offered more than 100% return in the last one year. The scheme gave 128.52% return in the said period. The scheme has offered around 60.16% return in 2024 so far and around 55.25% return in the last six months. What is helping defence sector based mutual funds deliver this stellar performance?

defence ministry is set to clear a mega ₹70,000 crore order for new warships for the Indian Navy. The stealth frigates will be the most advanced ships to be built in India and are a follow-on of the Nilgiri class that are currently under construction. Sources said that state-run yards — Mazagon Dockyards Limited (MDL) and Garden Reach Shipbuilders and Engineers (GRSE) — are the frontrunners for the order that is classified as Project 17B. The two yards are currently constructing frigates under Project 17A (Nilgiri class). MDL is making four of the frigates while GRSE is executing an order for three. While details will emerge after the defence ministry clears the project, there is a possibility that it could be split between the two yards, as was the case for Project 17A. A split order helps shorten delivery timelines for the Navy.

Kannada film and theatre figure Sadananda Suvarna passed away at a private hospital in Mangaluru on July 16 at the age of 92 due to age-related health issues. Suvarna, born on December 31, 1931, in Mulki near Mangaluru, moved to Mumbai in his youth. There, he attended night school while working for a private company. Rewrite & paraphrase: Karnataka BJP MP Brijesh Chowta mourned his demise. His note in Kannada can be loosely translated into English as: «I was deeply saddened to hear the news of the death of Mr. Sadananda Suvarna, a director, veteran stage actor, director of Tulu-Kannada dramas who spread the story of Tulunad to the state through the TV channel 'Guddada Bhuta' May God rest his soul Om Shanti.»

₹2,480-crore loan it had raised last year. The loan was for 10 years with a semi-annual coupon rate of 7.59%. MTNL has long erased its net worth.