City Mumbai Financial News

MUMBAI : A staggering 960 million Indians above 18 years are eligible to vote in the seven-phase national elections starting 19 April; and India's corporate citizens are pulling out all stops to make sure maximum employees join the great democratic exercise. From IT companies like Tata Consultancy Services to e-commerce giants like Amazon, from consultancies such as KPMG to manpower biggies like Quess Corp, India Inc. is offering holidays, remote work, and other flexibilities for employees to have a say in who governs them.

MUMBAI : IndusInd International Holdings Ltd, a Mauritius-based investment firm led by the Hinduja brothers, has agreed to acquire a 60% stake in Invesco Asset Management India Ltd to form an asset management joint venture. Other deal terms weren’t disclosed.

Multibagger stock: Hazoor Multi Projects Ltd is in the news for developments regarding fundraising. However, the stock has been under the lens of retail investors and stock market observers for hitting a 5 percent upper circuit on all seven sessions in the new financial year 2024-24.

Ola and Uber have taken the route first deployed by rivals Namma Yatri and Swiggy-backed Rapido by offering subscription-based plans for auto-rickshaw drivers on their platforms instead of charging a booking fee or commission on every transaction. Over the last few weeks, Ola has rolled out the subscription model for its auto-rickshaw drivers in some top markets including Delhi-NCR, Mumbai, Bengaluru and Hyderabad, while Uber has launched the same in six cities starting with Chennai, Kochi and Visakhapatnam, a person aware of the matter said.

Gujarat International Finance Tec-City may soon enjoy a five-day work week, months after the government eased alcohol consumption rules in GIFT City to make it more attractive to global financial institutions. A working group set up by the International Financial Services Centres Authority (IFSCA) on uniform working hours and a holiday list for IBUs has recommended a five-day work week and a decision in this regard may be announced soon, according to two officials aware of the matter. «The recommendations are being examined, and we expect a nod for a five-day work week within the first quarter of 2024-25,» said one of the officials, who did not wish to be identified, adding that IBUs will also adopt the Mumbai holiday calendar. «This is required because most of the IBUs are involved in treasury operations, which, for Indian lenders, are mostly done through Mumbai, and also because overseas units of Indian banks follow the Mumbai holiday calendar.» The working group said in its recommendations that a five-day work week will align with practices adopted in international financial centres and offshore units of Indian banks. «The government wants to position GIFT City as a major financial hub. All these steps are very important benchmarks for an aspiring international financial centre like GIFT IFSC,» said another official.

Biocon is building capability “to take advantage of what could be a very, very strategic peptide opportunity with GLPs at the center," Group Chief Executive Officer Peter Bains told analysts in November. The loss of exclusivity for GLPs will create a multibillion dollar market over the next 10 years and this opportunity was “very complementary" to Biocon’s current biologics business, according to Bains. In the UK, Mittal said the company will wait for the publicly-funded, National Health Service, to issue a tender to launch its liraglutide injectible.

MUMBAI : Eyebrows were raised when The Walt Disney Co. agreed to merge its India unit with Reliance Industries Ltd entities at a valuation of $3.12 billion, since the business was seen to be worth much more when Disney acquired it nearly seven years earlier. However, documents accessed by Mint reveal a different picture.

MUMBAI : Banks in India struggled to attract deposits in 2023-24 even as credit growth turned stronger. Data from RBI showed the credit-deposit ratio at its highest in at least 20 years as loan offtake rose across categories including home loans and other loans for consumption. At 80%, the credit-deposit or CD ratio is at its highest since 2005, from when this ratio is available, showed data from RBI.

Mumbai will face double property tax if they fail to display signboards in Marathi or Devanagari script. This was announced by the Brihanmumbai Municipal Corporation (BMC) today. The BMC further stated that it will revoke the licenses of illuminated boards lacking Marathi or Devanagari lettering, with license renewal costs ranging from Rs 25,000 to Rs 1.5 lakh. This enforcement aligns with the Supreme Court's directive and the Maharashtra Shops and Establishments Rules. The BMC's decision was approved during a review meeting chaired by BMC commissioner-cum-administrator Bhushan Gagrani in view of the compliance deadline set by the Supreme Court earlier.

MUMBAI : Chandra Shekhar Ghosh, Bandhan Bank's founder and managing director and chief executive officer, has said he will not be part of the bank's board even in a non-executive role after he retires on 9 July. Speaking to analysts and investors in an early morning call on Monday, Ghosh clarified that the board will start the process of finding his successor and expects the names of candidates to be finalized by July. The board may even look at appointing an interim CEO post his tenure, if the Reserve Bank of India approval for the new CEO does not come in by then.

₹45 per share, which is same as the current share price. Also read: Indian stock market to remain closed on May 20 amid Lok Sabha elections in Mumbai “After thorough discussions and careful consideration of the company's financial performance, the Board of Directors has unanimously considered and declared Interim Dividend of 100%. The interim dividend shall be paid within 30 days from the date of its declaration.

MUMBAI : Mumbai: New-age lender Veritas Finance Pvt. Ltd is preparing to raise ₹2,000 crore from an initial public offering, and has appointed Kotak Mahindra Capital Co., Jefferies, HDFC Ltd and ICICI Securities to help it with the share issue, three people with knowledge of the development said. Last year, the Chennai-based non-banking financial company had raised ₹1,200 crore in equity funding from Multiples PE and International Finance Corporation, among others, to expand access to capital for India’s micro, small and medium enterprises (MSMEs).

MUMBAI : Homegrown private equity firm Everstone Capital has returned almost $1.2 billion through exits in the last five years, a senior official at the firm said in an interview with Mint. The firm has also been backing founders of Indian origin who aim to build global businesses out of the US across healthcare and IT services, which has yielded good returns, said Avnish Mehra, vice chairman – private equity, at Everstone Capital, in an interview. “In the last five years, we have deployed about $600 million and returned to our investors close to $1.2 billion.

Khichdi scam case, Enforcement Directorate (ED) has issued summons to Amol Kirtikar. "When I started working on this scam, I came to know that the 'kingpin' was someone else. The kingpin in this whole scam is Shiv Sena (UBT) spokesperson, Sanjay Raut...," Sanjay Nirupam, who was expelled for six years by the Congress, was quoted by news ANI as saying.

₹401 trillion milestone. Meanwhile, the National Stock Exchange of India (NSE) declared that it will remain shut on May 20 on account of voting for the Lok Sabha Election 2024 in Mumbai. In another news, the Congress moved the Election Commission of India with six complaints, two of which were directed against Prime Minister Narendra Modi.

Mumbai: Frequent weather shocks caused by climate change pose challenges for the monetary policy as well as downside risks to economic growth, a Reserve Bank report said. Global average temperatures are on a rise, with accompanying increase in extreme weather events (EWE), and the economic and social impact of global warming is becoming increasingly evident, said RBI's Monetary Policy Report — April 2024. The report said that climate change has increased the frequency and ferocity of weather shocks, posing challenges for monetary policy. It said there are different channels through which climate change can affect monetary policy.

India's silver imports surged by 260% in February to a record high, as lower duties encouraged large purchases from the United Arab Emirates (UAE), government and industry officials told Reuters, adding they were on track to increase by 66% this year. Higher demand in India, the world's biggest silver consumer, could support global prices trading near their highest in three years. India imported a record 2,295 metric tons of silver in February, up from 637 tons in January, said a government official, who declined to be named as he was not authorised to talk to the media.

Lupin on Monday said it has received approval from the US health regulator to market a generic medication to treat involuntary movements caused by tardive dyskinesia. The company has received approval from the US Food and Drug Administration (USFDA) to market Valbenazine Capsules in strength of 40 mg and 80 mg, the Mumbai-based drug firm said in a statement. The company's product is a generic equivalent of Neurocrine Biosciences, Inc's Ingrezza Capsules, it added. Lupin is one of the first abbreviated new drug application (ANDA) applicants and is eligible for 180 days of shared generic exclusivity, the company said.

BENGALURU : Real estate developer Prestige Group clocked ₹21,040 crore worth of home sales in fiscal year 2023-24 (FY24), setting a record for the highest annual sales by any developer, amid a boom in the residential market. The Bengaluru-based firm on Monday said that sales in FY24 marked a 63% increase year-on-year, rising from ₹12,931 crore in FY23.

Narendra Modi from the Varanasi seat in the upcoming Lok Sabha elections 2024, the party chief, Swami Chakrapani told ABP Live. As per reports, Himangi Sakhi has entered the fray to give the transgender community their rights and respect. As per the Election Commission, there were 48,044 third-gender voters registered with the ECI in 2024.

Godrej Properties (GPL) on Monday announced that it has sold over 1050 homes worth over Rs 3,000 crores in three days of the Godrej Zenith project launch in Gurugram, Haryana. This is the second time in Gurugram, and the fourth time pan India, that GPL has recorded sales of over Rs 2,000 crore during launch in FY24. With the hope of strengthening its presence in Gurugram, the real estate arm of Godrej Group is expected to launch new projects in Sector 103, Sector 43, and Sector 54 soon. “We are delighted with the response to our project, Godrej Zenith. Gurugram is an extremely important market for Godrej Properties, and we will look to further strengthen our presence in Gurugram in the years ahead," said Gaurav Pandey, MD ane CEO, Godrej Properties.