City Mumbai Financial News

MUMBAI : Former State Bank of India chairman Rajnish Kumar, who is advisor to edtech firm Byju's, believes that the company's main priority is to reduce cash burn, settle the term loan, and focus on growth. Kumar is also chairman of fintech BharatPe. In an interview with Mint at the Digital Lenders Association of India (DLAI) conclave last week, Kumar laid down the road map for Byju's and said that there is urgent need to sort out governance issues.

MUMBAI : IndiGo co-founder Rakesh Gangwal on Monday offloaded a larger-than-anticipated 5.8% stake in InterGlobe Aviation Ltd, the parent company of the airline, through a block deal on BSE. This sale follows previous divestments by Gangwal and his family, indicating a gradual reduction in their shareholding in the company.

Ramadan 2024 in India: The crescent moon of Ramadan 2024 is expected to be sighted in India on Monday, March 1, which means the fasting for the holy month will begin on Tuesday, March 12. The timetable informing Ramadan 2024 fasting, Sehri, and Iftar timings comes in handy as it helps in the observance of prayers to the almighty. The Ramadan 2024 moon was sighted in Saudi Arabia on Sunday, March 10, and usually the crescent moon is sighted in Asian countries including India, a day after Saudi Arabia and the UAE.

Mumbai Coastal Road. A 10.5-kilometer-long stretch will be opened for traffic in the first phase, an official earlier said, adding that motorists can enter the coastal road from Worli Seaface, Haji Ali interchange and Amarson's interchange points, and exit at Marine Lines.

NEW DELHI : The Adani group will bid for the Airports Authority of India’s (AAI’s) stake in only Mumbai airport, and is not a suitor for the state-owned airport operator’s residual share in airports in Delhi, Bengaluru and Hyderabad, Karan Adani, managing director of Adani Ports and Special Economic Zone (APSEZ) said. He added that the group will bid for airports that the government plans to put for auctions. “We will bid for (AAI) airports...

MUMBAI : Hype, a Bengaluru-headquartered luxury travel aggregator, is looking to expand globally as it charts a path in the elite travel sector. Founded by Raaghav Belavadi, a former group CEO at Accenture, and his sister Vijaya Belavadi, Hype aims to rewrite the playbook on premium travel experiences for high net worth individuals (HNIs) and ultra HNIs. Rejecting the conventional asset-heavy model, the travel aggregator thrives on commission-based operations, a move that ensured profitability from the start of operations, Raaghav Belavadi told Mint.

Narendra Modi will inaugurate 10 new Vande Bharat trains across various routes in the country, pushing the total number of operational trains past the half-century mark. These new additions come a little over two months since the last batch of trains were launched. 10 New Vande Bharat's Routes The 10 new trains cover a range of routes, including 1. Lucknow-Dehradun 2. Patna-Lucknow

Congress on Monday said that the coastal road, which is important for Mumbaikars, should remain toll-free. The first phase of the coastal road between Worli and Marine Drive in south Mumbai was inaugurated by Chief Minister Eknath Shinde. The 53-km-long coastal road, named 'Dharmaveer Sambhaji Maharaj Coastal Road, will be connected to the Bandra-Worli Sea Link and extend to Dahisar. Speaking to reporters, the Congress' Mumbai unit chief Varsha Gaikwad said, «A route of the coastal road was partially thrown open to the public today after its inauguration was postponed several times. Former chief minister, late Vilasrao Deshmukh, had conceptualised the project, and then CM Prithviraj Chavan took major steps to implement it. The current leaders should not try to take complete credit for the work.»

US Embassy in New Delhi processed more than 1,000 visitor visa applicants for interviews during the 'Super Saturday' drive. The US Ambassador to India Eric Garcetti joined the embassy team to support the surge and assist in the fingerprint verification process, according to a press release from the embassy. 'Super Saturday' drives, initiated sporadically since 2022, are set to become a quarterly feature going forward.

Read here: Sebi’s T+0 settlement plan will boost liquidity, but analysts warn of impact on brokers’ business model In the first phase, an optional T+0 settlement cycle for trades till 1:30 pm is envisaged, with the settlement of funds and securities to be completed on the same day by 4:30 pm. In the second phase, an optional immediate trade-by-trade settlement will be carried out for trades till 3.30 pm.

Indraprastha Gas Ltd (IGL) , Mahanagar Gas Ltd (MGL) and Gujarat Gas share prices have seen volatility in the recent past. The Mahanagar Gas share price that had outperformed peers during past one year , however declined almost 10% in a month on concerns of its exclusivity in operations in the Mumbai region coming to an end. Indraprastha Gas on the other hand has seen elevated concerns on rising EV (electric Vehicle) penetration in Delhi NCR (national capital region) impacting CNG demand.

Eknath Shinde on Monday inaugurated the south-bound corridor of Mumbai's coastal road, nicknamed Phase 1 of the Mumbai Coastal Road Project, stretching from Worli to Marine Drive in South Mumbai on Monday, March 11th. A 10.5-kilometer-long stretch will be opened for traffic in the first phase, an official said, adding that motorists can enter the coastal road from Worli Seaface, Haji Ali interchange and Amarson's interchange points, and exit at Marine Lines. “The maximum speed limit on Dharmveer Swarajya Rakshak Chatrapati Sambhaji Maharaj Marg (Coastal Road) will be 80kmph, while in the tunnel it will be 60kmph and during turning & entry-exit points it will be 40kmph," Mumbai Traffic Police wrote in a post on X.

Eknath Shinde on Monday inaugurated the first phase of the coastal road between Worli and Marine Drive in south Mumbai. A 10.5-kilometer-long stretch will be opened for traffic in the first phase, an official earlier said, adding that motorists can enter the coastal road from Worli Seaface, Haji Ali interchange and Amarson's interchange points, and exit at Marine Lines. Deputy CMs Devendra Fadnavis and Ajit Pawar and other dignitaries were present when the south-bound corridor of the coastal road was inaugurated on Monday. The work on the ambitious project started on October 13, 2018 and its projected cost is Rs 12,721 crore.

Gold And Silver Prices Today: Gold prices experienced a slight increase on Monday. The price of 24 carat gold is Rs.6631.9 per gram, up by Rs.65.0. The price of 22 carat gold is Rs.6074.8 per gram, up by Rs.59.0.

Shaitaan Box Office Collection Day 3: Vikas Bahl’s latest Bollywood movie, a supernatural horror-thriller, has stormed the box office and managed to earn ₹53.5 crore net in the domestic market in just three days. The movie, starring Ajay Devgn, R Madhavan, Jyothika, Janki Bodiwala and Anngad Raaj, is the remake of a 2023 Gujarati movie named Vash. As per media reports, the movie was made around ₹65 crore.

Adani Enterprises: Karan Adani, MD of Adani Ports and Special Economic Zone, announced on SUnday that the Adani Group is set to invest approximately ₹60,000 crore in the expansion of its seven existing airports over the coming 5-10 years. He said that about half of this investment will be directed towards enhancing terminal and runway capacity within the next five years. The remaining funds will be allocated for the city-side development of the airports over the subsequent decade.

investors who are mulling putting money in the government's share sale of NLC India, one of the top stock performers in the past year, on Monday. Concerns over rich valuations of most state-owned companies may keep share gains under check in the near term, they said. Investors could, however, consider purchases of NLC shares on further declines. On the first day of the offer for sale (OFS) on Thursday, the non-retail investor category was subscribed 2.92 times. The government is selling as much as 97 million shares (including the green shoe option) in the OFS and has set the floor price at ₹212 a share. The stock fell 3.3% to ₹219.10 on Thursday.

MUMBAI : Mumbai: Reliance Industries Ltd-owned Viacom18 has brought its entertainment businesses under two top executives, in an overhaul ahead of its $8.5-billion merger with Disney’s India unit. As part of the new structure, Kiran Mani, who joined the company as chief executive of digital business (JioCinema) in November last year, will lead the digital and sports businesses, while the entire content business will be under Kevin Vaz, who joined as CEO - broadcast in July last year. Under the new structure, Vaz will oversee content clusters - general entertainment, English youth and music, kids and live events - for both linear TV and digital.

₹60,000 crore to expand the seven existing airports in its portfolio over the next 5-10 years, Karan Adani, MD of Adani Ports and Special Economic Zone Ltd, said. About half of the investment would be pumped into terminal and runway capacity over five years, and the rest would be invested in city-side development of the airports over a period of 10 years, Adani said on the sidelines of an event. These investments will be in addition to the ₹18,000 crore that the group plans to invest in Navi Mumbai airport.

NEW DELHI : New Delhi: British art auction house Sotheby's is attempting to cater to young Indian art collectors, who are now more comfortable about art and about spending on them, through different initiatives. The auction house is also proactively introducing new artists to its platform to provide more choices to the young collector, a senior official of the company said in an interview.

Bharatiya Janata Party (BJP) was never part of any movement or struggle nor had it created anything of its own but only knows how to snatch from others, Shiv Sena (UBT) chief Uddhav Thackeray said on Sunday. He was addressing party workers in suburban Mumbai. «The BJP was not part of the freedom movement, the Sanyukta Maharashtra struggle or the Marathwada Mukti Sangram. It only knows to snatch. We will destroy BJP's 'chor bazar' in the elections. It has seen our friendship. Now BJP will see the heat of our 'mashaal' (poll symbol lighted torch),» he said. Thackeray asked Brihanmumbai Municipal Corporation officials to not be part of the BJP's «corrupt activities». Thackeray reiterated that Amol Kirtikar will be his party's candidate for the Mumbai North West Lok Sabha seat.