City Mumbai Financial News

Embassy Office Parks REIT, India’s first listed REIT and the most prominent office REIT in Asia by area, has leased 8.1 msf of office space in FY24, surpassing the full-year guidance by 35%. Global Capability Centres (GCCs) account for over 65% of the annual leasing activity. Leading multinationals; achieved occupancy guidance of 85% at year-end. While Bengaluru occupancy is at 91% and Mumbai at 99%. Both markets represent ~86% of total assets by value. The firm has set an initial guidance of 6 msf for the last fiscal. Embassy Reit has set guidance for FY2025 with 5.4 msf of total leasing.

NEW DELHI : PVR Inox Ltd has rolled out an ad-free viewing feature at some of its ‘premium luxury’ cinemas for moviegoers who can’t be bothered to sit through a bunch of advertisements at the theatre. The feature will be exclusive to up-market cinemas designed as social and community experiences combining dining and lounge options.

'inheritance tax' in India, an old video featuring Nikhil Kamath, co-founder of Zerodha, where he is discussing the issue with Mint, has surfaced. In the video, Kamath expresses his support for inheritance tax in India. “When wealth is passed down from one generation to another, there needs to be a mechanism in place to redistribute a portion of it.

GPT Infra Projects continued their winning streak for the second consecutive session, rising by 10% to reach ₹207 apiece. The previous trading session saw a significant gain of nearly 9%, attributed to the joint venture securing an order valued at ₹487 crore from Central Railway, Mumbai. This recent order pertains to the construction of a new BG line in the Solapur-Osmanabad section, spanning from chainage ₹52500 to 83200 in the Solapur Division.

database company MongoDB sees a “great opportunity” in India as large banks, airlines and financial services companies here launch AI business models, a top company executive said. Valued at about $30 billion, MongoDB counts Tata Digital, Tata AIG, Canara HSBC Life Insurance, Zomato, Devnagri, Ambee, Inovaare and Observe.AI among its key clients.

A select few BJP office-bearers are active in the old party office on Ashoka Road which is functioning as a war room. A team of BJP functionaries have shifted base to the old office. Key campaign strategies — based on feedback from social media, newspaper reports and programmes on news channels — are collated and discussed before being moved to the higher ups. Those preparing ads and dealing with campaign material and logistics also meet the concerned teams here. The campus is out of bounds for the neutral media. Bengali actor’s person

Mumbai Crime Branch had earlier recovered strong evidence against gangster Lawrence Bishnoi and his brother Anmol Bishnoi. They both were said to be the main conspirators and have been made the most wanted accused. The Mumbai Police registered a case against four people in the firing case at Salman Khan's house, in which Anmol Bishnoi and Lawrence Bishnoi are also accused.

₹17,500 crore, supported by strong demand and a robust launch pipeline, said a top company executive. In FY24, the Mumbai-based developer recorded ₹14,520 crore in pre-sales, its highest-ever in a year. Macrotech is the one of the top four bestselling developers in the country, along with DLF Ltd, Prestige Group and Godrej Properties Ltd.

IT services firm LTIMindtree on Wednesday reported a 1.2% year-on-year (YoY) decline in net profit at Rs 1,100 crore for the March quarter of the financial year 2024 missing street estimate of Rs 1,150 crore. The profit stood at Rs 1,114 crore a year ago. Sequentially, the Mumbai-headquartered company's net profit fell by 5.9% from Rs 1,169 crore.

Chalet Hotels and The Indian Hotels Company (IHCL). On Lemon Tree Hotels, Kotak has maintained a ‘reduced’ stance. Average hotel room rates in India rose 14% on a year-on-year basis to Rs 7,560 per day in February while the exit room rate stood at Rs 8,900/day witnessing a 7% YoY uptick.

Educational Testing Service (ETS) showed that the highest average score in this English proficiency exam was witnessed among candidates from Dehradun where the average score of test takers was 105.6. This was followed by Guntur (105.5), Mysuru (104.1) and Delhi (103.5). Most of the students who appeared for TOEFL opted for a major in computing and information technology (IT) at a foreign university in 2023.

Indian Overseas Congress chairman Sam Pitroda's recent comments on 'inheritance tax' in India have stirred up a debate. There are differing opinions on whether introducing such a tax could lead to fairer wealth distribution. Conversely, some argue that implementing an inheritance tax in India may not be justified, citing various economic and social factors such as its potential impact on family businesses and concerns about double taxation.

Indian Railways is unable to assess the completion date of the country's first bullet train project because all work tenders have not been awarded yet. The National High Speed Rail Corporation Limited (NHSRCL), which is constructing the 508 km long corridor, said this in response to an application under the Right to Information Act. Madhya Pradesh-based Chandra Shekhar Gaur sought to know if the NHSRCL is in a position to give a final date for the completion of the whole project though an application under the RTI. Responding to the same, the NHSRCL said, «Completion date for Mumbai-Ahmedabad High Speed Rail Project (MAHSRP) can be assessed after award of all tenders/packages.»

Ankiti Bose, former CEO of B2B fashion startup Zilingo, has filed a case of sexual harassment against the company’s cofounder Dhruv Kapoor and its former chief operating officer Aadi Vaidya. A case was registered against the two men under sections 354 (A) and 354 (D) pertaining to sexual harassment and stalking, respectively, of the Indian Penal Code on Tuesday at the Kasturba Marg police station in suburban Mumbai. The Mumbai police are yet to summon Kapoor and Vaidya. Both the sections are non-bailable in nature and punishable with up to five years in jail.

IHG Hotels & Resorts said on Wednesday it will double its presence in India in the next five years to 100 operating hotels. The company said it recorded a 'strong' signing performance in 2023 with 13 deals closed across its brands in the luxury, premium and essentials categories and that it strengthened its footprint in markets such as Gurgaon, Jim Corbett, Mumbai, Amritsar and Goa. The chain said close to 70% of the signings were in the midscale and upper midscale segments, which continues to be a growth driver for the company in India, followed by premium and luxury.

Mumbai Police's Economic Offences Wing (EOW) gave a clean chit to Sunetra Pawar, wife of Maharashtra Deputy Chief Minister Ajit Pawar, who was named as the ruling NDA's surprise pick for Baramati Lok Sabha constituency, in the Rs 25,000 crore Maharashtra State Cooperative Bank (MSCB) 'scam' case. The EOW stated in its closure report that it did not see any criminality or wrongdoing in the matter, adding that the bank in question did not suffer any losses in the process of sanctioning loans or selling the Jarandeshwar Sugar Mill. The closure report comes at a time when the leaders in the Opposition combine--INDIA, have renewed their 'washing machine' charge at the BJP, claiming that probe agencies go slow on dissident leaders once they jump ship and join the ruling party at the Centre.

₹15.65 crore net. Ali Abbas Zafar directorial film managed to amass ₹80 lakh net on Day 13, Tuesday, of its release, as per film industry tracker Sacnilk estimates. This marks a drop of 5.88 percent in its collection from the day before, April 22, when the film registered ₹85 lakh net.

₹87.8 crore during the January-March quarter of FY24. The exchange in the commodity derivatives market segment reported a 35% YoY rise in its revenue to ₹181.1 crore. MCX has declared a final dividend of ₹7.64 per equity share for FY24 on Tuesday, March 23.

credit demand during this period is not just limited to larger metros. Kanpur and Barabanki emerged among the top 10 cities by originations (value) in the December 2023 quarter, a quarter marked by festival spending, said a report by credit bureau CRIF Highmark. «The festive season remains a crucial driver for consumption-based lending in India, benefiting both lenders and borrowers” said Sanjeet Dawar, Managing Director, CRIF High Mark. “ What is interesting to note is that credit demand during this period is not just limited to larger geographies. Kanpur and Barabanki emerged among top 10 cities by Originations (value) in Q3 FY24. Cities beyond top 100 by Originations (value) dominated vehicle loans two-wheeler and auto loans as well as consumer durable loans during the last festive season Q3 FY24” Loans such as two-wheelers and consumer durables have seen an increasing share of BT100 cities from Q3 FY23 to Q3 FY24. Overall, the year-on-year growth rate in originations (value) during festive season increased for consumer durables and home loans in Q3 FY24 compared to Q3 FY23.

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Dextrus, a leading name in the co-working space market, has announced its third facility at One BKC in Bandra Kurla Complex in Mumbai. The launch marks the third center of Dextrus in the city and the second center in BKC.