City Mumbai Financial News

Anna Morris and PDO Assistant Secretary for Economic Policy Eric Van Nostrand are travelling to New Delhi and Mumbai from April 2-5 to meet with government and private sector counterparts, the Treasury said in a statement on Wednesday. «They will discuss key bilateral issues, including cooperation on anti-money laundering and countering the financing of terrorism, other illicit finance issues, and continued implementation of the price cap, which seeks to further limit the profits Russia receives to fund its illegal invasion while promoting stable global energy markets,» it said. Following Russia's February 2022 invasion of Ukraine, the G7 nations, the European Union, and Australia jointly implemented a price cap. This cap prohibits the utilisation of Western maritime services, including insurance, flagging, and transportation, for tankers transporting Russian oil priced at or above USD 60 per barrel.

Good Glamm Group has formed a joint venture with former tennis player turned entrepreneur Serena Williams to launch her cosmetics brand 'Wyn Beauty by Serena Williams' in the US market. The entity, SW-Sanghvi Beauty USA Inc., which has board representation from both Williams’ team as well as the Mumbai-based The Good Glamm Group, owns Wyn Beauty and other related trademarks for the brand.

Mallikarjun Kharge on Wednesday launched the party's 'Ghar Ghar Guarantee' programme under which the party functionaries would reach out to 80 million households and make them aware of its five sets of promises with 25 guarantees that the party has vowed to implement if voted to power. Ahead of the Lok Sabha elections, Congress chose Usmanpur, Kaithwara area in the North East Delhi parliamentary constituency, one of the three constituencies that the party would be contesting in the national capital this time, for the launch of the campaign. Kharge and other party members also distributed pamphlets about the details of the five sets of Congress promises that have already been announced by the party during the course of Rahul Gandhi's 'Bharat Jodo Nyay Yatra' that concluded in Mumbai recently.

PDP) will contest all three Lok Sabha seats in Kashmir, party chief Mehbooba Mufti announced on Wednesday. She said the INDIA alliance partner, National Conference, had humiliated her party, leaving it with no option in the run-up to the general election. The former J&K chief minister said at a presser at party headquarters that the desperate situation in the region after August 5, 2019, demanded a united response but NC vice-president Omar Abdullah humiliated the PDP and left no room for any consultations. «There has been an environment of oppression here since August 2019 and thousands of youngsters are rotting in jails outside J&K. In this situation, we had to stand united. But my workers were humiliated by the remarks of Abdullah,» said Mufti.

Mumbai: Homegrown Care Ratings Ltd plans to start its sovereign debt ratings service with countries in Asia and Africa, followed by Europe in the long term, a top executive said. The agency, which is creating a subsidiary in GIFT City for the purpose, will start with countries where it already has some presence, such as Nepal, Mauritius and South Africa. The board of Care Ratings last month approved setting up CareEdge Global IFSC Ltd for the purpose, managing director and group chief executive of CareEdge—a group level brand identity—Mehul Pandya said in an interview.

Vodafone Idea (Vi) Wednesday said its board will meet on April 6 to consider raising funds via a preferential share issue. The move comes after the cash-strapped telco's shareholders cleared a proposal to raise ₹20,000 crore through equity and equity-linked instruments, a move that would give a much needed lifeline to the cash-strapped telco. The meeting «is scheduled to be held on Saturday, 6th April 2024, inter-alia, to consider proposal for issuance of equity shares and/or convertible securities on a preferential basis,» Vi said in an exchange filing.

Mumbai, 3 April 2024 – Tata AIA Life Insurance Company – one of India’s fastest-growing life insurance companies has chosen SAS, a leader in AI and analytics, to help the insurance company in its adoption of the Indian equivalent of IFRS 17 reporting standards. The Insurance Regulatory and Development Authority of India (IRDAI) is expected to mandate a transition to the new reporting standards for Indian insurers, which will require the insurers to modernize and upgrade technology, especially data capabilities in risk and actuarial operations, to comply with the accounting reporting standards.

MUMBAI : Government reforms aiding the privatization of listed companies could help unlock greater value for investors in the Indian market, said Jonathan Gray, president and chief operating officer at Blackstone, one of the largest alternatives investors globally. "The government has done a lot of incredibly positive things. I think one thing that could help unlock the market here is an ability to take companies private, to help improve them, then bring them back to the market, maybe with more scale," Gray said during a media briefing in Mumbai on Wednesday.

additional fees to renew driving licence and to issue registration certificate for motorcycles beyond the prescribed time limit was not a penalty or deterrent. A division bench of the HC on Tuesday upheld the rules framed under the Central Motor Vehicles Act which provided for levy of additional fees for renewal of driving license for which an application is made after the grace period, renewal of registration certificate for motorcycles and for delay in submission of a no objection certificate (NOC) for transfer of ownership of vehicles. The bench of Chief Justice D K Upadhyaya and Justice Arif Doctor dismissed petitions filed by two transport sector related trusts — K Savakash Autorickshaw Sangha and Mumbai Bus Malak Sangathana — challenging the validity of the rules. «We have no hesitation to hold that the levy of additional fee in this case, is in no manner a penalty, either directly or in disguise,» the HC noted. The petitioners claimed the provisions levying additional charges are, in fact, a penalty in the guise of fee and that no additional service is being provided. The bench, in its order, noted that as per provision of the Act, the government was empowered to levy additional fees.

Mumbai woman in her late 30s has become the talk of the town due to her distinctive requirements for a potential life partner. The buzz began when a social media post on platform X, shared by user Ambar, shed light on the woman's specific expectations. According to the post, the woman, who is employed in Mumbai, is on the lookout for a man with a property or a stable job/business in the city. She also seeks a partner from an educated family background, ideally a surgeon or a chartered accountant (CA). Furthermore, she stipulates that the man should have an annual income of at least one crore. The post quickly caught the attention of netizens, garnering over 5 lakh views since its dissemination. Many users engaged in discussions in the comments section, offering their perspectives on the matter.

Vice Admiral Mark Hammond, Chief of the Royal Australian Navy, is on an official visit to India from April 2 to 6 to bolster bilateral maritime relations between the two nations. His visit includes key cities and prominent maritime regions across India. In New Delhi, Vice Admiral Hammond met with Admiral R Hari Kumar, Chief of the Naval Staff, to discuss increasing operational engagements, training exchanges, and information sharing. He paid tribute at the National War Memorial and received a Guard of Honour from the Indian Navy. He is also scheduled to meet with the Chief of Defence Staff, Chief of the Air Staff, and Defence Secretary during his stay. Vice Admiral Hammond's itinerary includes visits to Mumbai and Kochi, where he will meet with the respective Commanders-in-Chief and visit significant naval installations like INS Vikrant, Integrated Simulator Complex, and Naval Dockyard (Mumbai) and M/s MDL.

private equity major Blackstone Group is confident of investing USD 2 billion annually in India, a top official said on Wednesday. Its chief operating officer Jonathan D Gray pitched for a slew of measures to improve the ease of doing business for firms like it in India, including quicker approvals on mergers and acquisitions, easier privatisation of listed companies, and improvements in dispute resolution in commercial matters. The New York-based group, which has been operational in India for nearly two decades, said Indian PE investments have delivered the highest return for it worldwide, and the investment in realty, which made it the largest landlord in the country, has also delivered well. «We plan to invest around USD 2 billion every year in India,» its senior managing director Amit Dixit told reporters here.

Also Read: From premiums to claims process: Decoding key terms in insurance policies | 8 points The Memorandum of Understanding (MoU) was signed in Mumbai, with Rajive Kumaraswami, MD & CEO of Magma HDI General Insurance, Baskar Babu Ramachandran, MD & CEO of Suryoday Small Finance Bank, and other prominent figures from both organizations in attendance. Speaking on the occasion, Rajive Kumaraswami stated, “Our partnership with Suryoday Small Finance Bank marks a significant milestone in the company’s journey, strengthening our reach and distribution through the corporate agency.

Limelight Lab Grown Diamonds has received a strategic investment of US$1 million from two leading retail jewellery chains. The newly raised capital comes in the form of a strategic alliance that will enable Limelight to open new stores and boost its brand presence in the country. Before this, the company had secured an investment from the Emerald Group, Asia's largest jewellery manufacturer, as part of a strategic tie-up to establish Limelight as a one-of-a-kind vertically integrated brand to jointly manufacture, sell and distribute LGD studded jewellery in India and worldwide. The current investment plays a similar role in the company's strategic play to enable faster and more robust growth in the brand's store expansion in the country. At present, the company has 10 stores. It also has 40 plus shop-in-shops spread across 25 cities including Mumbai, Delhi, Jaipur, Varanasi, Hyderabad, Bangalore, Chennai, Kolkata and others. Madhavan said «We have received good response and support for LGD jewellery from customers across the country. It has also reflected in our sales and has given us the confidence to scale at a faster pace. With the Government’s impetus and focus on this sunrise sector, the investment further propels us towards achieving the goal of scaling our presence in India as well as globally.»

Shiv Sena (UBT) on Wednesday declared four more candidates for the upcoming Lok Sabha elections, fielding Vaishali Darekar-Rane from the high-profile Kalyan constituency, currently represented by state Chief Minister Eknath Shinde's son Shrikant Shinde. With this, the Uddhav Thackeray-led party has so far declared nominees for 21 seats in Maharashtra, which will vote in five phases starting April 19. Addressing a news conference, Thackeray also declared the candidature of Satyajit Patil, Bharti Kamdi and Karan Pawar from Hatkanangale, Palghar, and Jalgaon constituencies, respectively. Thackeray said if Maha Vika Aghadi (MVA) ally Congress is not keen on contesting the Mumbai North constituency, then his party will field a candidate from that seat.

Patel Engineering, one of the major infrastructure and construction companies, was one such stock in this regard. After experiencing persistent selling pressure from January 2022 to February 2023, resulting in a 50% decline, the stock reversed its trajectory in the subsequent months and has since maintained a steady upward trajectory. Also Read: Six realty stocks delivered 100%-235% returns in FY24.

Stock market today: Both the domestic equity benchmarks, Sensex and Nifty 50, halted their three-day winning streak, as the 30-share benchmark plummeted by 110 points. The 30-share BSE Sensex declined by 110.64 points or 0.15 per cent to settle at 73,903.91. Meanwhile, the broader NSE Nifty dipped 8.70 points or 0.04 per cent to 22,453.30.

Gujarat found himself on an unexpected adventure recently after getting locked inside the Vande Bharat Express train. He had been helping his wife with her luggage when the automated doors closed before he could exit. The hilarious incident was shared by the man's daughter, Kosha, on social media. Her mother was travelling from Vadodara to Mumbai with two large bags. Her father, like many husbands, helped her load the luggage onto the train and get settled in her seat. Just as he was about to step off, the automatic doors began beeping and then closed, trapping him inside the moving train. Despite his attempts to get the attention of the Ticket Collector and plead for the train to stop, it was too late and the train had already picked up speed.

TAC Infosec IPO last bidding date today: Issue booked over 400 times so far on strong NII, retail demand; check GMP The Aluwind Architectural IPO is offering 6,600,000 shares, with 3,135,000 (47.50%) allocated to Non-Institutional Investors (NII) and another 3,135,000 (47.50%) designated for Retail Individual Investors (RII). The Aluwind Architectural IPO was subscribed over 1.11 times on the third day of bidding. The SME IPO received 73,32,000 share applications against offered 66,00,000 shares on April 2.

Mumbai…April 1, 2024…Lifelong Online, one of India’s leading e-commerce brands for consumer goods, is proud to unveil its latest innovation, the Lifelong Android Home Projector series. Designed to revolutionize the home viewing experience, the Lifelong Projector series combines cutting-edge technology with unparalleled convenience, offering consumers an immersive cinematic experience right in the comfort of their own homes.

Mumbai, 1April 2024: Tata AIA Life Insurance Co. Ltd. (Tata AIA), one of India's leading life insurers, has launched a premium payment service on its WhatsApp platform marking the first-ever launch of its kind in the life insurance sector. Previously limited to UPI-based transactions, Tata AIA consumers can now use a wide range of payment methods within WhatsApp.