City Mumbai Financial News

Tata Projects has picked up over 120,000 sq ft office space in Mumbai's Powai suburb through a long-term lease to set up its headquarters that can accommodate around 1,000 employees, said people with direct knowledge of the development. The company has leased the space in commercial tower Cignus Powai, which is a project of K Raheja Corp's hospitality business Chalet Hotels, for five years. The Tata Sons subsidiary will be paying rentals of nearly '86 crore through the tenure of the lease. «While the company has leased office space spread across two floors under this deal, it may consider picking up one more floor for further growth and expansion. As per the agreement, the lease has a lock-in period of three years and standard clause of rental escalation,» said one of the persons cited above.

Maharashtra ahead of the Lok Sabha elections within the ruling parties and the opposition camps to stitch together deals over seat sharing with allies. On Thursday, the BJP's efforts to finalise an alliance with the MNS also gained momentum with CM Eknath Shinde, deputy chief minister Devendra Fadnavis and MNS president Raj Thackeray holding a meet for close to two hours in a suburban hotel where they discussed plans to rope in the MNS into the NDA fold. Shinde's meeting with Raj Thackeray is significant as the MNS is demanding three seats if the BJP and Shiv Sena wants it to be a part of the alliance but the seats being sought by the MNS are with the Shiv Sena (Shinde).

MUMBAI : The Securities Appellate Tribunal (SAT) on Thursday issued a stay on a Securities and Exchange Board of India order against Vedanta Ltd, which had directed the company to pay ₹77 crore in interest for a delayed dividend payment to Cairn UK Holdings. The tribunal, however, asked Vedanta to deposit 50% of the interest amount into an interest-bearing account for Cairn UK. “We are of the view that at this stage the balance of convenience lies with the appellants (Vedanta).

Real Estate Developers' Associations of India (CREDAI) has written to Rajasthan government to improve the infrastructure in Bhiwadi to revive the real estate sector. The apex body through its wing in Bhiwadi and Neemrana has urged the government to facilitate the linkage of Bhiwadi to the Delhi-Mumbai Expressway. In a letter to the Chief Secretary, Government of Rajasthan, Anil Gupta, President of CREDAI NCR Bhiwadi Neemrana, said that this will not only stimulate economic growth but also facilitate smoother movement of goods and people, thereby fostering regional development and prosperity.

MUMBAI : E-commerce platform Flipkart has rejigged its increment policy, splitting annual salary increases into two tranches rather than have those reflecting in an employee’s pay structure. In an effort to plug attrition, especially at the senior levels, the company will also roll out 100% bonuses to all its employees. According to a senior Flipkart executive, the Bengaluru-based e-commerce firm has detailed out the new compensation structure to its employees in a letter, which Mint has reviewed.

Power Finance Corp., seeking to raise as much as 200 billion rupees ($2.4 billion), people familiar with the matter told Bloomberg. Also Read | JSW Infrastructure acquires Shapoorji Pallonji Group’s stake in PNP port The group, controlled by Indian billionaire Shapoor Mistry, has reached out to Power Finance for up to 150 billion rupees, the largest chunk in the planned fundraising, the people said, asking not to be identified because the details are private. Negotiations are ongoing and details of the lending could change, they told Bloomberg.

Holi 2024: Go beyond colors! Choose Made-in-India gifts for your loved ones Their playful antics with colours during Holi have become legendary, inspiring devotees to partake in joyous celebrations. Here are the different forms of Holi celebrated in 'Braj': The Banke Bihari Temple in Vrindavan hosts Phoolwali Holi, where the enchanting tale of Lord Krishna and Radha playing with flowers comes alive. Devotees gather at the temple to witness a priest, representing Lord Krishna, showering colourful flowers upon them.

ITAT), Mumbai bench, a taxpayer Mukesh Harilal Mehta had claimed section 54 deduction under the Income-tax Act, 1961 in his Income-tax (I-T) return for the financial year 2014-15. The tax tribunal ruled that this assertion cannot be refuted due to an error made by the builder in assigning the apartment. The builder mistakenly allocated the apartment purchased by the claimant to another buyer. However, acknowledging this mistake, the builder assigned a similarly positioned apartment in the same building to Mehta, according to a Times of India news report. Click here for your complete tax-saving guide Mehta fulfilled all the necessary conditions. However, during assessment, the Income Tax (I-T) officer rejected the claim, citing the absence of a registered sale deed as evidence for the purchase of the new flat, stated ToI. Moreover, the particulars of the new flat stated in the possession letter differed from the one towards which payment had been made. The Income Tax Appellate Tribunal concluded that denying the exemption was unwarranted since Mehta shouldn't be penalized for the builder's error in allotting the flat, stated the ToI news report.

Central Bank of India and Mumbai-based M Pallonji & Co are the two bidders for Future Enterprises' insurance business, having offered ₹450 crore and ₹300 crore, respectively, two people familiar with the process said. Two other bidders have offered to buy the company's manufacturing units in Maharashtra and Karnataka, these people said. Lenders had offered different parts of the company for sale after the initial attempt to sell the whole company failed to get substantial bids. Future Enterprises owes creditors more than ₹13,540 crore. Central Bank is also the largest creditor to the group with more than ₹4,000 crore of admitted claims between the bank and its arm Centbank Financial Services.

Rangotsav at Siri Fort Auditorium Complex: Rangotsav is a family-oriented Holi celebration at Siri Fort Auditorium Complex in the national capital featuring traditional cultural performances, folk music, and dance. People can enjoy activities like kite flying, traditional games, and Holi delicacies. Holi Hai: The land of colours at Qutub: The vibrant colours of Holi can be enjoyed at Qutub Hotel Delhi.

Assam chief minister Himanta Biswa Sarma on Wednesday said that Assam is looking forward to new investment opportunities from Hindustan Unilever Limited (HUL) including enhanced value addition to the tea industry. Sarma stated on X, “Today in Mumbai, I had an excellent discussion with Mr. Dev Bajpai of Hindustan Unilever Limited & Mr. Prashant Mehta and Mr Saurav Sharma of Lilavati Medical Trust. Assam is looking forward to new investment opportunities by HUL including enhanced value addition to our tea industry. We anticipate an enthusiastic participation by Lilavati Trust in the State’s healthcare sector.” Sarma early this month said that within one month and without any investment summit Assam has secured Rs 80,000 Crore investment.

Akasa Air is confident that deliveries of its ordered Boeing 737 MAX jets will be on time, its CEO said, despite concerns over the U.S. planemaker's production schedule for 737s amid intense scrutiny after a mid-air incident this year. India's newest airline in January announced an order for 150 Boeing 737s, as it bets big on its international operations. The order announcement came days after a mid-air cabin panel blowout on an Alaska Air flight. Though Akasa's order does not include the 737 Max 9 version which has been in the spotlight after the incident, broader internal company scrutiny and external investigations in the U.S. have raised worries that delivery timeline of other variants of Boeing's 737 jetliner programme could be hit.

Mumbai's 10% price growth in the past 12 months driven primarily by affluent homebuyers looking for a lifestyle upgrade in the backdrop of a strong economic environment which continues to gain momentum. Mumbai recorded the third highest year-on-year growth in prime residential prices during the quarter, pushing it up the ranking table by five places to 3rd position from its 8th position in December 2022.

ALSO READ: ‘Forever indebted to MS Dhoni’: R Ashwin recalls Captain Cool's confidence during 2011 IPL Final The latest video of Dhoni practicing before the match has gone viral on social media, where he can be seen playing his vintage helicopter shot and also other shots. Earlier in 2023, Dhoni played the IPL season with an injured knee.

MUMBAI : Sajjan Jindal-led JSW Group is looking to finalize a partner to manufacture electric buses, and eventually electric trucks, as the conglomerate bolsters its plan to expand into the electric vehicles market to include commercial vehicles. The group will manufacture these electric buses and trucks in Odisha, where it has committed an investment of ₹40,000 crore to set up an integrated electric vehicle manufacturing facility, Parth Jindal, managing director JSW Cement & JSW Paints, said.

Knight Frank's latest report, released on March 20. The Prime Global Cities Index, which tracks the movement of prime residential prices across 45 cities worldwide, saw Mumbai leapfrog five places from its 8th position in Q4 2022 to claim the third spot. This remarkable surge highlights the city's growing appeal among high-net-worth individuals and the resilience of its luxury housing segment.

Priyanka Chopra Jonas today arrived in Ayodhya, along with her husband and singer Nick Jonas, and their daughter Maltie Marie Jonas. Priyanka is in India for work Priyanka. She recently launched a grand store of Bulgari in Mumbai's Jio World Plaza. In a recent announcement, actor-producer Priyanka Chopra Jonas unveiled «Women of My Billion,» a forthcoming documentary shedding light on the remarkable journey of a woman spanning from Kanyakumari to Kashmir to meet survivors of violence. The documentary, produced by Chopra Jonas and Purple Pebble Pictures, is set to hit Prime Video following its theatrical release. Ajitesh Sharma directs the feature. At the Prime Video Presents event, Chopra Jonas expressed her gratitude towards Prime Video, emphasizing their continuous support over the years. «I've had a really long relationship with Prime Video, now almost going on for four years, and they have always been champions of the work that I have done. And this movie was one of them,» she remarked while introducing the film's director and cast.

Mumbai region have collectively bought now-banned electoral bonds worth Rs 1,344 crore since 2019. This makes up 11% of all bonds bought in India, according to an analysis by TOI. Contributions to the political parties via electoral bonds varied from Rs 2 lakh to Rs 410 crore. The buyers include builders, pharmaceutical companies, labs, diamond firms, investment and tech companies based in Mumbai, Thane, and Navi Mumbai. Even small businesses have bought these bonds, as shown by data from State Bank of India published by the Election Commission. Many were purchased in 2019, with multiple bought on a single day. Other districts like Pune, Nashik, and Kolhapur have also made significant contributions, totaling at least Rs 218 crore. This brings the total number of purchasing firms in Maharashtra to 76. The state's share in electoral bonds was Rs 1,562 crore, around 13% of all bonds bought in India.

JSW MG Motor India Pvt Ltd — the newly formed entity owned by Sajjan Jindal owned JSW Group and SAIC's MG Motor India — plans to sell a million units of the new energy vehicles (NEVs) by 2030, said Sajjan Jindal, chairman JSW Group. «With MG we can create a new energy Maruti moment, Jindal said in Mumbai at an event to announce the road ahead for the new entity. »At JSW we will not only produce the EVs with MG, we will address the entire ecosystem," said Jindal.

Holi 2024: Holi, also known as the festival of colour, is the most vibrant and eagerly anticipated Hindu festival that is celebrated across India in the Phalguna month (February or March). This year, Holi falls on March 25, and Holika Dahan is celebrated a day ahead, i.e., March 24. In India, there are some spectacular destinations for Holi where the festival is celebrated in a deeply traditional manner.

MUMBAI: Sterling and Wilson, an engineering, procurement and construction company of the Shapoorji Pallonji Group, will raise ₹700 crore from a group of strategic investors through a stake sale in its data centre business, senior company officials said. «The modalities of stake sale are still under discussion, but the strategic investors (more than one) have agreed to bring in ₹700 crore into Sterling and Wilson,» Prasanna Sarambale, CEO of data centre business at Sterling and Wilson (SWPL), told ET. For this purpose, the company will hive off the data centre business — created in 2015 — as a separate entity, he said. The company will use the proceeds from stake sale to pare overall group debt as well as towards growth capital, Sarambale said.