City Mumbai Financial News

Dymon Asia Capital, the Singapore-based hedge fund, was opening a new office in Mumbai last time we checked. It’s been a while, however. Dymon already has offices in Hong Kong, Shanghai, Tokyo, Malaysia, and has its eyes on Dubai, with Mumbai now up and running.

Small-cap stock in focus: Shares of Hazoor Multi Projects Limited will be in focus on Monday as the company board has declared raising of funds to the tune of ₹486 crore. The company board took this decision in its meeting on Friday and the above-said funds would be raised via the issuance of 1.62 crore warrants convertible into an equal number of equity shares on a preferential basis.

Sanju Samson-led franchise have played some excellent cricket this season, thanks to a mix of aggressive batting from the likes of Jos Buttler and Riyan Parag and sensational bowling from Trent Bolult, Yuzvendra Chahal and company. RR have lost just one game this season and have 8 points to their name with a net run rate of +0.871. With the return of Shreyas Iyer as captain and the addition of Gautam Gambhir as mentor this season, KKR have shown glimpses of their long-lost glory.

‘Uri is our reply’: Jaishankar affirms India's stand on cross-border terrorism "Narendra Modi came (to be Prime Minister) only in 2014, but this problem did not begin in 2014. It started in 1947, not even after the Mumbai terrorist attacks (of 26/11). This started in 1947.

Shiv Sena (UBT) chief Uddhav Thackeray has hit back at the recent remark of Prime Minister Narendrea Modi labelling the party as «fake». Thackeray, in his response to PM Modi said that his party is not like «your degree». The Shiv Sena (UBT) chief said that his party was founded by Bal Thackeray to fight for the rights of the people.

Congress has fielded against Union Home Minister Amit Shah in Gujarat's Gandhinagar Lok Sabha constituency, said she was not at all hesitant to fight the upcoming election against the senior BJP leader. The 62-year-old leader, who is All India Congress Committee (AICC) secretary and the party co-incharge of Mumbai and western Maharashtra, claimed that anti-incumbency prevails as the Bharatiya Janata Party (BJP) has failed to fulfil the aspirations of people. She also accused the ruling party of intimidating Congress workers in her constituency and sought a «level-playing field» in fighting elections. In an interview to PTI, Patel said, «I had not asked for a ticket from the party as I was busy with Congress's affairs in Maharashtra, where I am co-incharge of Mumbai and Western Maharashtra. But the party fielded me from Gandhinagar and I accepted it.»

Mumbai: What’s holding back India’s central bank from cutting policy rates? Apart from the pace of price rise that is yet to align with Reserve Bank of India’s (RBI) target of 4%, there is another factor at play — transmission of past repo rate actions into lending rates. The monetary policy committee (MPC) of RBI raised the repo rate by 250 basis points (bps) between May 2022 and February 2023.

MUMBAI : In a rare instance of investor activism by an asset management company, Quantum Mutual Fund has written to the markets regulator objecting to the delisting of ICICI Securities Ltd on grounds of unfair valuation for the brokerage’s minority shareholders. The asset management company, in a letter to the Securities and Exchange Board of India (Sebi), also objected to employees of ICICI Bank Ltd allegedly reaching out to ICICI Securities shareholders urging them to vote in favour of the delisting, which sailed through despite opposition from some investors. ICICI Securities last month held a shareholder vote on the proposal to delist the company from the bourses and make it a 100% subsidiary of parent ICICI Bank.

Mumbai: Starting an India business is one of the company's top priorities, and it is carefully studying the market to devise a smart entry strategy for offering its capital markets and wealth management solutions to Indian players, said Tim Gokey, chief executive officer of Broadridge, a global fintech leader processing about $10 trillion in daily fixed income and equity trade volumes. Currently, a third of the company's total global workforce of 15,000 is based in capability centres in Bengaluru and Hyderabad. Broadridge doesn't have an India business yet but only operates the two capability centres. Gokey said while the India capability centres may have initially functioned as cost units, they have since evolved into a major hub of intellectual capital for the company.

Bhool Bhulaiyaa', says it was the shortest time she took to say yes to a movie, and that too without reading the script. Balan had seen the original Malayalam movie 'Manichitrathazhu' and when Priyadarshan offered her the role, done by Shobhna in the original, she jumped at the chance. The Hindi version featured Akshay Kumar as a psychiatrist and Balan as Avni, who suffers from dissociative identity disorder. Shiney Ahuja played her husband in the movie. Balan is all set to make a return to the third part of the comedy horror movie.

India has seen a dramatic increase in the number of investors applying for the EB5 Visa as an alternative to student visas and H-1B visas. According to the latest data, the number of EB5 Visa applications from India has surged from ~750 applications in 2019 to 10000+ applications in 2022. “The EB-5 program has seen a large resurgence of interest from India with the shorter adjudication times based on the new visa set-aside categories.

Tata Consultancy Services (TCS) on Friday reported better than expected fourth quarter numbers in a muted macro environment with strong margins and healthy topline growth. Profit after tax (PAT) for the March quarter rose 9% year-on-year (YoY) to Rs 12,434 crore, while revenue from operations increased 3.5% to Rs 61,237 crore.

Future Group promoter Kishore Biyani has settled dues worth Rs 571 crore to lenders of Bansi Mall Management Company by making a one-time settlement of Rs 476 crore, a recovery of 83% for the creditors. The settlement was backed by realty developer K Raheja Corp., which acquired SOBO Central Mall. Earlier known as Crossroads, SOBO Central is the country’s first mall, having opened in late 1990s in south Mumbai's Haji Ali locality. The recovery from Future Group is a rare success story for banks who had suffered loan write-offs and losses in several cases previously.

Puravankara, a leading real estate developer in India, witnessed a surge in its share price, hitting the 10% upper circuit during today's trading session at ₹324.30 per share. This week marked a remarkable rally, recording a 33.68% gain, the largest weekly increase since November 2017.

Investors keep the faith in Indian social startups, eye GenAI models Among the FinTech sector, the 'Alternative Lending' segment accounted for almost 89% of the total funding in the first three months of 2024. The 'Alternative Lending' firms clocked $491 million during this period, Tracxn mentioned. Credit Saison emerged as the top-funded company in the 'Alternative Lending' segment, receiving $144 million in a Series D round in Q1 2024.

Air India has operationalised five new contact centres, including in Cairo and Kuala Lumpur, to provide assistance to its customers worldwide. The Tata Group-owned airline has partnered with Concentrix, a California-headquartered customer engagement firm, to manage premium services from centres in Mumbai, Cairo, and Kuala Lumpur. Besides, the carrier has signed up iEnergizer to operate contact centres in Noida and Bengaluru, focusing on domestic inquiries, a release said on Friday. Recently, Air India introduced a premium desk for its premium frequent flyer members as well as business and first-class guests.

₹15.62 crore in net earnings on its first day in India. As of now, Bade Miyan Chote Miyan earned around 0.13 Cr India net on its second day for all languages, according to Sacnilk. According to the report, the film grossed ₹15.5 crore nett across all languages in India on its opening day.

Canada has recently decreased the number of Indian staff members in its diplomatic missions across India due to a shortage of Canadian personnel necessary for the effective management of in-country operations. This move comes in response to India's expulsion of 41 Canadian diplomats last year, which aimed to achieve parity in diplomatic presence. Consequently, Canada had ceased in-person operations at its consulates in Mumbai, Chandigarh, and Bengaluru. While the exact number of retrenched employees remains undisclosed, it is understood to be less than 100. Confirming the staff reductions, a media relations official at the high commission expressed regret over the necessity of this decision, citing the departure of Canadian staff last year. «We wish to extend our sincere gratitude to our local staff in India for their resilience, dedication, and service. Canada remains committed to providing essential services to Canadians in India, including consular support and facilitating trade and business development, to uphold the longstanding ties between our two nations,» stated the official, noting that Canada's visa application centers in India continue to operate normally.

Bengaluru | Mumbai: Piramal Group's flagship company Piramal Enterprises has invested over Rs 500 crore in a portfolio of projects of Bengaluru-based real estate developer Puravankara Group, said three persons with direct knowledge of the development. The investment encompasses a range of projects, spanning from commercial properties to residential ventures, reflecting a strategic collaboration aimed at bolstering real estate endeavours across multiple regions in India. «The Piramal Group entity has made this investment through a senior secured financing structure and it currently covers a total of four projects of the developer,» said one of the persons mentioned above. Key projects of this investment include the development of commercial properties spread over 800,000 sq ft along Kanakapura Road, a bustling locality in Bengaluru known for its rapid urbanization and commercial growth. This move aligns with the trend of commercial expansion in Bengaluru, fuelled by its status as a IT hub and a thriving business ecosystem.

Vedanta's proposed demerger, where it is dividing its debt among the six demerged entities based on their respective book asset values, has raised concerns about the allocation of specific debt to each entity. For bondholders of Vedanta Resources (VRL), the parent of Mumbai-listed Vedanta, a major concern is the security over the Indian entity's shares, said Fitch Group unit CreditSights in a report. In September 2023, the mining conglomerate announced plans to demerge five of its key businesses — aluminium, oil and gas, and steel, into separate listed entities.