City Mumbai Financial News

MUMBAI: Piramal Enterprises (PEL), the non-banking finance company of the real estate and pharma group swung to a profit in the March quarter helped by a large tax write-back even as higher funding costs and continued paring of its wholesale loan book pressured earnings. The consolidated net profit was 137 crore from a loss of 196 crore a year earlier helped by a 1,203 crore tax write-back including the carrying forward of a loss of 10,627 crore, arising from the acquisition of the insolvent DHFL two years ago. The write-back also included tax gains from investments in alternative investment funds and other reversals, CEO Jairam Sridharan said. On an annual basis, PEL swung to a loss of 1,684 crore from a profit of 9,969 crore, due to the impact of AIF provisions during the fiscal.

MUMBAI : After the Aditya Birla group, it’s now Piramal’s turn. Piramal Enterprises Ltd on Wednesday decided to merge with its unlisted subsidiary Piramal Capital & Housing Finance Ltd, becoming the second financial institution to embrace a structure that spares a mandatory public share sale by the unlisted arm. The merger, effective 1 April, 2024, is expected to be completed in nine to 12 months.

Mumbai: Tata Power Company, India's largest private integrated utility reported an 11.3% increase in net profit for the quarter ended March 31, 2024, on the back of higher revenues. During the quarter, net profit came in at Rs 1045.5 crore against Rs 938.8 crore reported in the fourth quarter of the last fiscal year.

MUMBAI : Inox Air Products has signed a 20-year agreement with Asahi India Glass Ltd (AIS) to supply green hydrogen to the glass maker's greenfield float glass facility in Chittorgarh, Rajasthan. As part of the agreement, announced on Tuesday, Inox Air Products will handle the design, engineering, installation, operations, and continuous supply of green hydrogen to the AIS facility for the next 20 years. This project marks Inox Air’s first green hydrogen unit, with a planned capacity of 190 tonnes per annum.

Milind Soman ran his first full marathon (42km) in 2008 when he was 43. Since then, the supermodel-actor and fitness enthusiast has finished a number of marathons on terrains as diverse as deserts, hills and snow, both in India and internationally. He is also by far the name most closely associated with running and marathons in the country today.

MUMBAI: The biennial election to four seats of the Maharashtra Legislative Council will be held on June 10, the Election Commission of India announced on Wednesday. Counting of votes will take place on June 13, an official release said here. The six-year tenure of the incumbent Members of Legislative Council (MLCs) will end on July 7. Of the seats going to polls, Mumbai teachers' and Mumbai graduates' constituencies are currently represented by Kapil Patil (Lok Bharati) and Vilas Potnis (Shiv Sena (UBT)).

global economic landscape, certain cities stand out as magnets for success, attracting wealthy investors seeking abundant opportunities. Henley and Partners, a leader in residence and citizenship planning, recently unveiled a list of the World's Wealthiest Top 10 cities and Rising Wealth Hubs, highlighting cities that attract high-net-worth individuals (HNWIs) with liquid investable wealth of USD 1 million or more. Mumbai and Delhi's Rise Mumbai and Delhi's inclusion in the top 50 wealthiest cities underscores India's economic progress and urban development. On the list they ranked above, Washington, DC the capital city of the World's richest country. These cities have become magnets for HNWIs, offering a blend of economic opportunities and cosmopolitan lifestyles.

Also read: IPL, elections are all fair game on illegal betting apps The study focused on brand-recognition dynamics during the league, and tracked about 130 brands in 25 product categories. Respondents were from the top metros and tier-2 cities including Kolkata, Lucknow, Delhi, Chandigarh, Ludhiana, Jaipur, Udaipur, Ahmedabad, Chennai, Surat, Mumbai, Pune and Hyderabad. Mahendra Singh Dhoni's popularity played a major role in making CSK a fan favourite.

Amkay Products debuts with 90% premium on BSE SME platform The shares of Amkay Products listed on the BSE SME platform with a premium of 90% on Wednesday. The stock debuted at Rs 104.5 as against an issue price of Rs 49.5.

Mumbai: Aadhar Housing Finance raised ₹898 crore from 61 investors ahead of its IPO on Tuesday. The company offered 2.85 crore shares at ₹315 each.

Air India and Lufthansa have strengthened their relationship with the German major expanding the code-share agreement on the popular India-Australia route. Under this new pact, passengers of Lufthansa, from its hub in Frankfurt and Munich, will be able to travel to Sydney and Melbourne via Delhi and Mumbai airports on Air India.

Mumbai | New Delhi: Changes in state liquor policies are creating a never-before-seen scarcity of popular brands such as Royal Stag, Budweiser and Old Monk, worsened by the code of conduct for the general election, causing supply chain disruption, and delays in label registrations and licence renewals.

Chaudhary had also made a video of the recce and sent it to Anmol Bishnoi, brother of jailed Lawrence Bishnoi. "The accused had met both the shooters on April 8 and April 11 in the Kurla area," the Mumbai Police Crime Branch was quoted by ANI as saying. Rafiq Chaudhary was arrested from Rajasthan.

₹2.5 crore from senior Shiv Sena (Uddhav Balsaheb Thackeray) leader Ambadas Danve, claiming that he could hack all the electronic voting machines (EVMs) in the Sambhajinagar Lok Sabha constituency. The arrested accused has been identified as Maruti Dhakne, a native of Maharashtra's Ahmednagar district. Dhakne had dialled Shiv Sena leader Ambadas Danve, the leader of Opposition in the Maharashtra legislative council, saying he could hack all the EVMs in the Sambhajinagar Lok Sabha constituency to get the desired result the party wanted.

₹6,700 crore lost in potential sales in 2023, according to the 'Think India Think Retail 2024" report released Tuesday. Several shopping centers are struggling as an increasing number of consumers turn to online shopping and are shifting to larger centers for enhanced experiences. “Shopping centres in distress grapple with ongoing hurdles, compounded by fresh additions worsening their already elevated vacancy rates," the report said.

Knight Frank India's latest report, 'Think India Think Retail 2024', sheds light on the growing phenomenon of ghost shopping malls across major Indian cities. The report indicates a significant increase in the number of such malls, which are defined by a vacancy rate exceeding 40%. According to the report, the number of ghost shopping malls rose from 57 in 2022 to 64 in 2023, reflecting a concerning trend in the retail sector.

White-collar hiring in the country witnessed a 3% dip year on year last month and slipped 1% on month, the latest Naukri JobSpeak Index showed. This despite insurance (34%), travel and hospitality (16%), oil and gas (15%), and FMCG (11%) sectors clocking double-digit growth in job creation.

retail assets resulting in around 13.3 million sq ft retail shopping center space being classified as 'Ghost Shopping Centers,' with a vacancy rate of 40% or higher in 2023, showed a Knight Frank India study.

New Delhi, The Supreme Court on Tuesday took note of concerns over the safety of the 150-year-old Bombay High Court building and the need for additional space, and directed the Maharashtra government to «forthwith» conduct a safety audit of the heritage structure. A special bench of Chief Justice D Y Chandrachud and Justices B R Gavai and J B Pardiwala also asked the government to expedite drawings of the site earmarked for constructing new high court building in Mumbai.

Axis Bank Ltd is on a lookout to hire Asian expatriates to help the lender win business from multinational companies.

gold in the last one week has been 0.63% .whereas in the last month it has been -2.7%. The cost of silver is Rs.84100.0 per kg up by Rs.1200.0 per kg. Gold Price Today in Delhi is ₹73683.0/10 grams.