City Mumbai Financial News

MUMBAI : Foreign investors in India’s equity markets have shed their pre-election jitters and remain on a bullish streak ahead of the Union budget, assured of political and economic continuity with Narendra Modi returning as Prime Minister for a third successive term. Nirmala Sitharaman, in her second successive term as India’s finance minister, will present the federal budget for 2024-25 next month. Foreign institutional investors, or FIIs, have turnedbullish ahead of the budget not just in the cash segment of Indian equities but also on the derivatives segment.

MUMBAI: The US-based Fidelity Investments’ funds have offloaded shares in HCL Technologies worth 1,788.27 crore in a block deal on NSE Friday. More than 1.24 crore shares were sold at 1,440.5 each, amounting to 0.46% of the total shares of the company. ICICI Prudential Mutual Fund was the single largest buyer at 1,001 crore, followed by Morgan Stanley Asia Singapore PTE and Citigroup Global Markets Mauritius fund. Shares of HCL Technologies closed 0.42% up on NSE at 1,461 Friday.

Shares of Stanley Lifestyles listed at ₹494.95, a premium of 34.13% over its issue price of ₹369, on Friday. The stock recorded a high of ₹509.4 and closed at ₹479. The IPO consisted of a fresh issue of ₹200 crore and an offer for sale of 91.3 lakh shares aggregating to ₹337 crore on the upper price band. The offer was subscribed 96.98 times on its final day of bidding on June 25.

Mo’ money, mo’ problems, as a wise man once declared. And so it seemed to go for the late great Michael Jackson, according to a new development surrounding his estate.

Film City project is expected to start within six months and it will create 50,000 jobs while benefitting up to seven lakh people indirectly, the Uttar Pradesh government said on Friday. Bayview Projects, a consortium backed by filmmaker Boney Kapoor and real estate developer Ashish Bhutani, on Thursday signed an agreement to develop the film city with the Yamuna Expressway Industrial Development Authority (YEIDA), an undertaking of the UP government. "...the construction of the Film City will provide employment opportunities to 50,000 people from the state and neighbouring states, while indirectly benefiting five to seven lakh people with job opportunities," the state government said in a statement issued in Lucknow. It said the construction on the Uttar Pradesh Chief Minister Yogi Adityanath's dream project will commence within six months, and within three years film shooting and related activities will begin here.

Congress chief Mallikarjun Kharge blaming Prime Minister Narendra Modi for inaugurating the faulty structure, though Union Civil Aviation Minister Ram Mohan Naidu clarified that the collapsed portion was part of an older structure built in 2009. Mallikarjun Kharge claimed that corruption and criminal negligence were responsible for the canopy collapse and criticized the Prime Minister for failing to create «world-class infrastructure.» He pointed out several past incidents to support his argument. «Corruption and criminal negligence are responsible for the collapse of shoddy infrastructure falling like a deck of cards, in the past 10 years of Modi Govt,» Kharge wrote on X. «Delhi Airport (T1) roof collapse, Jabalpur Airport roof collapse, abysmal condition of Ayodhya's new roads, Ram Mandir leakage, cracks in Mumbai Trans Harbour Link road, 13 new bridges falling in Bihar in 2023 & 2024, Pragati Maidan Tunnel submerging, Morbi bridge collapse tragedy in Gujarat,… are some stark instances which expose the tall claims by Modi ji and BJP of creating 'World Class Infrastructure'! On March 10th, when Modi ji inaugurated the Delhi Airport T1, he called himself 'Doosri mitti ka insaan… All this false bravado and rhetoric was only reserved for quickly indulging in ribbon-cutting ceremonies before elections!»

The Maharashtra government on Friday announced a reduction in the taxes on diesel and petrol prices in the municipal areas of Brihanmumbai, Thane and Navi Mumbai.

A division bench of Justices S K Sahoo and R K Pattanaik upheld the trial court’s conviction of Shaikh Asif Ali for the rape and murder of the child under sections 302/376 of the IPC and section 6 of the Pocso Act. However, the court decided that Ali, who was 26 at the time of the crime in 2014, should be imprisoned for life, with the order specifying that the state government should pay Rs 10 lakh to the victim’s parents. Justice Sahoo, who authored the judgment, provided additional reasons for commuting Ali's death sentence to life imprisonment.

Market Research Society of India (MRSI), India’s foremost industry-led market research organisation, has formed its Managing Committee for the tenure of 2024–2027. Nitin Kamat, Chief Growth and Partnerships Officer, TAM Media Research, has been elected as the new president. He takes over from Paru Minocha, Managing Director, South Asia, Insights Division, Kantar.

Congress on Friday hit out at the Modi government over the Delhi airport roof collapse, saying "corruption" and "criminal negligence" is responsible for the shoddy infrastructure created in the last 10 years. One person died and six were injured after a portion of the roof of the Delhi airport's Terminal-1 collapsed on cars, including taxis, amid heavy rain early Friday, leading to suspension of flight departures. Civil Aviation Minister K Rammohan Naidu said he was monitoring the situation and the injured had been hospitalised. «Corruption and criminal negligence is responsible for the collapse of shoddy infrastructure falling like a deck of cards, in the past 10 years of Modi Government,» Congress president Mallikarjun Kharge said in a post on X..

gold in the last one week has been 1.6% .whereas in the last month it has been 1.53%.The cost of silver is Rs.87220.0 per kg up by Rs.100.0 per kg. Gold Price Today in Delhi is ₹73533.0/10 grams. Yesterday’s Gold Price on 27-06-2024 was ₹73532.0/10 grams.

semiconductor design company Synopsys will help Tata Electronics ramp up designing of custom semiconductor products, help in factory automation, data analytics, computer-aided design and supply product design kits, and develop intellectual property for chip fabrication, chief executive Sassine Ghazi told ET. Ghazi met Tata Electronics CEO Randhir Thakur and Tata Sons chairman N Chandrasekaran in Mumbai. He also held talks with Ola Cabs chief Bhavish Aggarwal in Bengaluru.

Quant Mutual Fund said the fund house has not received any 'communication' from the Securities and Exchange Board of India (Sebi) after initial inquiries. In an email communication to investors on June 27, the fund said the net redemptions from its schemes in the past three days was 1.5% of the equity assets under management of ₹88,270 crore as of June 26. Quant schemes had liquid assets, which include large-cap stocks, T-bills, G-Secs, gold, and silver, worth approximately 53.5% of their total equity AUM, the asset manager said. The regulator is probing Quant, one of the country's fastest-growing asset managers, for alleged front-running — an illegal practice of trading in stocks based on privileged information. The capital markets regulator, as part of its investigation, has conducted search and seizure operations at Quant's head office in Mumbai and at the address of the suspected beneficiaries in Hyderabad. The fund house, owned by Sandeep Tandon, confirmed the Sebi investigation without giving details.

T20 World Cup 2024: As India gear up to face England for the T20 World Cup 2024 semi-final, all eyes are now on India's star batter Virat Kohli. His performance so far has remained poor: 66 runs in six matches, including 2 ducks.Virat Kohli, despite his performance this year so far, should leave Jos Buttler-led England worried because of his stats in the knockout stages of the tournament in the past.Virat Kohli has scored a half-century in each of the four T20 World Cup knockout matches he played in.

MUMBAI : PVR Inox Ltd’s shares are languishing even as the broader stock markets are in a good mood. So far in 2024, the shares have fallen by 11% compared to 16% gain in the Nifty 500 index. The immediate worry is that the June quarter (Q1FY25) is likely to be another dull one for the multiplex company.

MUMBAI : Indian promoters have offloaded shares worth ₹62,000 crore in the first six months of 2024, the highest since 2019, showed data compiled by the markets data provider Prime Database. Promoters had raised 61,277 crore in the year-ago period. While promoters tend to go on an encashment spree during a bull run, this time most of them have sold their stakes at significant discounts to the previous day’s closing price.

₹2,000 per person and settle down around the ₹4,000 mark, they are routinely sold out. “The audience in Bengaluru is super-attentive, engaged and constantly surprises us," says Avinandan Kundu of Sienna, Kolkata, which has hosted one pop-up at The Conservatory earlier this year and will be doing one in July as well, bringing the “whole Sienna experience" with pottery, workshops and textiles from its Kolkata cafe.

MUMBAI : India has long relied on global giants for medical devices to equip a healthcare network burdened by a lack of doctors, expensive treatments, and inadequate technology. Now, domestic medtech firms are taking the fight to their international peers, attracting interest from top-tier global investors and pharmaceutical giants. According to Indian government estimates, India is the fourth-largest market for medical devices in Asia.

Ratan Tata, the esteemed industrialist and philanthropist, has reached out to the people of Mumbai through Instagram, seeking urgent assistance to find a blood donor for a critically ill dog. The seven-month-old canine, admitted to Tata’s Small Animal Hospital, is battling suspected tick fever and life-threatening anaemia.

gold in the last one week has been 1.66% whereas in the last month it has been 2.14%.The cost of silver is Rs.87120.0 per kg down by Rs.1570.0 per kg. Gold Price Today in Delhi is ₹73120.0/10 grams. Yesterday’s Gold Price on 26-06-2024 was ₹72689.0/10 grams.

U.S. State Department's 2023 religious freedom report on India noted violent attacks on minority groups, especially Muslims and Christians, including killings, assaults and vandalism of houses of worship. The report on international religious freedom released on Wednesday said that in 2023, senior U.S. officials continued to «raise concerns about religious freedom issues» with their Indian counterparts. Human rights experts say India has seen a rise in attacks on minorities under Prime Minister Narendra Modi, who recently won a third term, and his Hindu nationalist Bharatiya Janata Party (BJP).