City Mumbai Financial News

Perfios and Lohum raised equity-based funding of over $50 million each this week – a rare feat for companies in the stage, given the slow state of deal-making. The two deals helped push up overall funding numbers by nearly three times to $186.6 million, deployed across 10 deals. This was up 188% from $64.9 million across 32 deals in the same week a year ago – March 9 to March 15, 2023.

Navy Chief Admiral (retd) L Ramdas passed away on Friday at a military hospital here. He was 90 and was suffering from health issues related to old age. Ramdas, who was admitted to the hospital on March 11, breathed his last Friday morning, his daughter Sagari R Ramdas said. «He came to stay with me here in Hyderabad about nine months ago because he was not keeping good health,» she told PTI. The funeral will be held in Hyderabad on March 16, she said.

Yashwant Sinha handed over the accolades to India's top industrialists exactly at The Economic Times Awards for Corporate Excellence in Mumbai on October 24, 1998. The event, which has acknowledged the contributions of the India Inc's who's who for decades, with the latest edition set to announce the awardees on March 15, 2024. This year's edition termed S Jaishankar, Minister of External Affairs, as the Reformer of the Year. AM Naik, Chairman Emeritus, Larsen & Toubro, has been awarded the Lifetime Achievement Award.

Bhive Workspace has picked up over 62,000 sq ft across seven offices in Adani Realty’s commercial tower Inspire BKC situated on the edge of Mumbai’s business district Bandra-Kurla Complex (BKC) through a long-term lease of five years. The company is planning to use the space leased through two separate agreements to set up managed coworking offices. Bhive’s holding company Tusker Workspace has entered into this lease agreement with Adani subsidiary Sunbourne Developers. The lease rentals for the same has been set at Rs 205 per sq ft a month and the agreement includes a clause to escalate the same by 15% after three years, shows the documents accessed through Propstack.

Piyush Goyal, 59, the Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution, Textiles, as well as Leader of the House in Rajya Sabha, hit the campaign trail must be when he was a young boy when his mother fought corporation polls in Mumbai after the Emergency and later assembly polls in the nineties. Now Goyal is part of a sizable group of BJP's Rajya Sabha MPs who have been fielded in Lok Sabha elections as the party aims to cross the 400-seat mark. Names of Goyal, Sarbananda Sonowal, Rajeev Chandrasekhar, V Muraleedharan: Anil Baluni and Bhupendra Yadav have been announced while Nirmala Sitharaman and S. Jaishankar are likely to join this group. In his 14-year-long career (for he was first elected to Rajya Sabha in 2010), Goyal has emerged as a deft minister and a politician well-versed in the art of the possible. His first electoral tryst will not be a coming-of-age act but a rite of passage he skipped as he gained stature. The go-to man for the party as well as the government, Goyal is now going to the people. He has been fielded from Mumbai North constituency.

Maharashtra. For the 18th Lok Sabha, BJP has tried to stir things up and announce Union Minister Piyush Goyal as the candidate for this constituency. The change left many surprised as BJP's Gopal Shetty has been winning this seat for the past two Lok Sabha polls and has a stronghold in the constituency. 18th Lok Sabha will also be a chance for Mumbai-born Goyal to set foot in the Lower House as he has been part of the Parliament as a member of the Upper House. «Of course, I am very excited. I am looking forward to a decision being made by the party leaders and I do hope that I get an opportunity to contest. It will be my privilege,» Goyal told PTI recently when asked about his plans for contesting Lok Sabha elections. Mumbai North Lok Sabha 2024: Date

Stalin is prominent among the INDIA bloc leaders, who will attend the concluding rally of the Rahul Gandhi-led Bharat Jodo Nyay Yatra in Mumbai on Sunday, a Congress leader said. Talking to PTI on Friday, Leader of Opposition in the Maharashtra assembly, Vijay Wadettiwar, said apart from Stalin, Rashtriya Janata Dal (RJD) leader Tejashwi Yadav and Samajwadi Party (SP) chief Akhilesh Yadav have also confirmed their participation in the March 17 rally to be held at Shivaji Park in Dadar area of central Mumbai. Representatives from the Aam Aadmi Party (AAP) and other allies of the opposition alliance will also remain present, he said. Congress president Mallikarjun Kharge, Shiv Sena (UBT) head and former Maharashtra chief minister Uddhav Thackeray, NCP (Sharadchandra Pawar) chief Sharad Pawar will also participate in the event.

Amitabh Bachchan is facing a health crisis. The 81-year-old ‘living legend’ has been admitted to the Kokilaben Hospital in Mumbai. According to a News18 report, the ‘Kabhie Khushi Kabhie Gham’ star was treated for a problem detected in his peripheral heart. A hospital representative told News 18, “An angioplasty was performed on a clot in his leg, and not on his heart.” Further details are awaited about the superstar’s current state of health. Mere hours before the news of his hospitalisation went viral, the superstar had shared an update on X (formerly Twitter). He wrote, “T 4950 – in gratitude ever.” He also promoted Majhi Mumbai, his Indian Street Premiere League (ISPL) team on Instagram. “Open your eyes, hear if you can, Majhi Mumbai will emerge victorious. It’s time you accept this,” wrote the ‘Paa’ actor. He also wrote, “The ISPL, as has been promoted and delivered in adverts, is well on its way to fructification and all the owners and the members that are involved, were needed to be in immortalised picture frames. So yes, a photo cum meet shoot… a very quick in and out between the evening hours… with our friends and colleagues… such a joy… Akshay, one of the owners… and an explanation to him about the surgery on my hand.”

Aankh kholke dekh lo, kaan lagake sun lo, Majhi Mumbai ki hogi Jai Jaikaar, yeh baat ab maanlo (Open your eyes, hear if you can, Majhi Mumbai will emerge victorious. It’s time you accept this)" while sharing a promotional video of his Indian Street Premier League (ISPL) team, Majhi Mumbai. On March 14, Majhi Mumbai won against Chennai Singams, owned by Tamil star Suriya, by 58 runs with Abhishek Dalhor's outstanding performance.

silver stands at Rs.77100.0 per kg, showing an increase of Rs.2000.0 per kg. Gold and Silver prices in different cities are as follows: Chennai - Gold: Rs.67030.0/10g, Silver: Rs.80100.0/1kg.

income tax amount that is required to be paid in installments according to specified due dates, rather than in a single lump sum. Both individuals and businesses are obligated to pay income tax in advance through periodic installments, rather than in one consolidated payment. June 15: Pay 15% of the advance tax.

₹2 per litre each, effective from 6 am today (March 15). This is the first time since May 2022 that petrol and diesel prices have been reduced in the country and come days ahead of the 2024 Lok Sabha Elections.

Indian stock market can utilise several income tax planning strategies to increase their returns. Long-Term Capital Gains (LTCG) TaxIn India, long-term capital gains tax applies to gains from the sale of listed equity shares and equity-oriented mutual funds held for more than one year. Mumbai-based tax and investment expert Balwant Jain suggested holding equity investments for at least one year to benefit from the favourable LTCG tax rate of 10%.

Adani Group-helmed $2.1 billion project in the satellite city of Navi Mumbai is a microcosm of the massive infrastructure overhaul underway in India as its Prime Minister Narendra Modi seeks to outrun China. For Gautam Adani, it’s a test of whether he can put India on the global aviation map. The airport, with a lotus-shaped design mimicking India’s national flower as well as the election symbol for Modi’s party, should start operations in March next year with a capacity for 20 million passengers a year.

Lilavati Hospital are in talks with private equity investors and pension funds for its proposed Rs 4,000-crore pan-India expansion plan which entails setting up five to six multispecialty hospitals over the next five years. «We will be funding the expansion through internal accruals, and are also in discussions with PE investors, pension funds and donors,» said Prashant Mehta, promoter, Lilavati Hospital. «We will retain the controlling stake,» Mehta added. He said Lilavati is looking at both greenfield and brownfield hospitals as part of its expansion strategy. The proposed expansion will be carried out by Lilavati Foundation, a distinct and separate entity from Lilavati Hospital, Mumbai. «We believe there is still a huge potential for growth of healthcare services in India,» Mehta said. The expansion will encompass 3,000 hospital beds. Lilavati is setting up a greenfield 300-bed multi-specialty hospital in GIFT City, Gujarat with an investment of Rs 300 crore. The hospital is slated to open by 2025-end. Lilavati is also considering opening hospitals in Dharamshala (Himachal Pradesh), Noida (Uttar Pradesh), Pune (Maharashtra), and Bengaluru (Karnataka) and Guwahati (Assam), Mehta said. He said they are also looking at expanding the 319-bed Lilavati Hospital & Research Centre in Bandra, Mumbai by adding a 150-bed oncology block, which might involve acquiring adjoining property.

ICICI Prudential Life Insurance Company has picked up 252,000 sq ft of office space in IT park Mindspace in Mumbai's Malad west suburb, for what will be its largest back-office facility, said persons with knowledge of the development. This is one of the largest office lease transactions concluded in the country so far this year. The insurance major has leased this office space — spread across four floors — for five years through a structured deal, a person cited earlier said, adding that the company will be paying a monthly rental of Rs 91.5 per sq ft for the office space. The lease agreement includes a clause to escalate rentals by 4% every year. «The new office with a capacity to accommodate 2,400 employees will be utilised by the company for expansion and relocation,» the source said. «The lease agreement was inked and registered earlier this week.» At present, the ICICI Prudential Life Insurance Company carries out its back-office operations from an office in Malad east, which has been in use for nearly a decade. This office is expected to be shifted to the new premises soon.

₹2 per litre across all states. The fuel price reduction comes one week after cooking gas or LPG (liquified petroleum gas) prices were slashed by ₹100 per cylinder ahead of the schedule announcement of Lok Sabha elections 2024. State-run oil refiners such as Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL), and Hindustan Petroleum Corp Ltd (HPCL) and oil explorers such as Oil and Natural Gas Corp (ONGC), Oil India, and others may witness a slide in their respective stocks as the reduction in retail rates passed on to consumers may hurt the refining margins and inventories of the companies.

NEW DELHI : State-run oil marketing companies (OMCs) have decided to cut the price of petrol and diesel by around ₹2 per litre with effect from 6am on Friday. With the revision in prices, petrol will be sold at ₹94.72 per litre in the national capital, against the current price of ₹96.72.

Mint. Increasingly, companies and brands are chasing affluent Indian consumers who are driving up sales of expensive cars, real estate and bags among others. In premium foods, too, more companies are stepping in, increasing the competitive landscape for the Biyani sisters. For instance, last year, Spencer’s Retail Ltd, an RP-Sanjiv Goenka Group subsidiary, announced its foray into upmarket grocery retail under the Nature’s Basket Artisan Pantry brand, citing demand for pricey truffle, caviar, and exotic mushrooms.

PIYUSH GOYAL, MUMBAI LOCAL TRAIN, SIDDHIVINAYAK MANDIR, LOK SABHA ELECTIONS, PIYUSH GOYAL RIDES MUMBAI LOCAL TRAIN, PIYUSH GOYAL VISITS SIDDHIVINAYAK MANDIR, BJP : Piyush Goyal—the Minister of Commerce and Industry and Consumer Affairs—who will face his first electoral debut in the upcoming Lok Sabha elections, on Thursday embarked on a journey aboard a Mumbai local train. The minister who spent his childhood in Mumbai expressed his nostalgia for the city while admiring the resilience, perseverance, and hopeful spirit of the financial capital of the country.

₹300 crore as first close of its alternative investment fund (AIF), Inliv Real Estate, said founder Mohit Malhotra, formerly the managing director and chief executive of Godrej Properties, on Thursday. The maiden fundraise of NeoLiv, registered as category II AIF, attracted interest from ultra-high net worth investors and family offices across India, with roadshows conducted in major cities including Mumbai, Delhi-NCR, Kolkata, Ahmedabad, Lucknow, Kanpur, Bhavnagar, Udaipur, and Bangalore.