City Mumbai Financial News

Bharat Jodo Nyay Yatra entered Gujarat from neighbouring Rajasthan on Thursday and the Congress leader was given a welcome by local leaders and workers of his party as well as the Aam Aadmi Party (AAP). The yatra reached Jhalod town of Dahod district in Gujarat from Rajasthan around 4.45 pm. People, who gathered at the spot to welcome the Wayanad MP, shouted slogans hailing him. Many of them even tried to click selfies with the Congress leader. Gujarat Congress in-charge Mukul Wasnik, state unit president Shaktisinh Gohil, leader of opposition Amit Chavda and others were present to welcome Gandhi. The state Congress had also invited AAP leaders to join the yatra as both these parties will be fighting the upcoming Lok Sabha elections in Gujarat as part of the INDIA bloc. AAP's state unit president Isudan Gadhvi and its leader Gopal Italia were present to welcome Gandhi.

Gopal Krishna Gokhale Bridge, demolished in 2022 and subsequently reconstructed, has left commuters surprised by a glaring oversight — a 6-foot vertical gap between the bridge and the adjacent Barfiwala flyover, a vital link for city traffic. The revelation of this misalignment has prompted a flurry of reactions from citizens, with many taking to social media platforms to express their astonishment and amusement at the peculiar situation. Memes and humorous videos depicting the unusual gap have quickly spread across online communities, reflecting the incredulity of Mumbai residents. Adding to the conversation, the renowned dairy brand Amul has weighed in with its signature wit and humor.

Edtech firms bet on upskilling, higher education amid funding gloom In January this year, ventures with at least one female founder raised $74 million- 16% of the $461.7 million. Indian women excel in punctual loan repayments compared to men, shows study Fireside Ventures, Titan Capital, Rainmatter Capital, She Capital, Better Capital, Stride Ventures, Whiteboard Capital, Google for startups, Mumbai Angels, Lightbox, and All In Capital are among the leading investors that have funded women-founded ventures.

Mahanagar Gas (MGL) slumped 15% in the previous trading session to ₹1,329 apiece, and they are down 16% from a record high of ₹1,580 apiece. This sudden downturn occurred after the company reduced CNG prices to pass on benefits to end consumers. Investors anticipate that this move will likely impact the company's margins in the future.

Indraprastha Gas has cut the price of compressed natural gas (CNG) in the capital Delhi by ₹2.5/kg effective from today, March 7. This reduction in the gas prices, effective from 6 am Thursday, will be in all the geographical areas of the gas distributor, IGL said in a post on X. The revised selling price of CNG in Delhi shall be ₹74.09 per kg, while it will be ₹78.70 per kg in Noida, Greater Noida and Ghaziabad.

MUMBAI : Bulls turned the tables on bears in the last hour and a half of trading on positive cues from the global markets, lifting benchmark indices to new closing highs on Wednesday. US futures indicated the Dow Jones may open in the green ahead of the Fed chair's appearance at the Congress, aiding markets in India. Interest rate cuts were likely “at some point this year", chairman Jerome Powell said in a prepared testimony released later, but made it clear the Fed is not ready yet.

MUMBAI : Public-sector bankers who would hang up their boots at the end of a long career are increasingly joining boards of private-sector banks, which are welcoming these experienced hands to help navigate a demanding compliance landscape. To a smaller extent, state-run banks are also seeing a similar influx from the private sector, as they seek complementary skills to compete better for customers. Boards of several top private banks are led by former public-sector officials, either from the Reserve Bank of India (RBI), or the civil service.

Indraprastha Gas Limited on Wednesday said the retail consumer price of Compressed Natural Gas (CNG) has been reduced by ₹2.50 per kg across all geographical areas of the natural gas distributor from 6 am on Thursday, March 7, 2024. “The revised selling price of CNG in Delhi will be ₹74.09 per kg, while it will be ₹78.70 per kg in Noida, Greater Noida and Ghaziabad from 6 am tomorrow morning", the Indraprastha Gas said in a post on X (formerly known as Twitter).

Adani Enterprises announced that its Dubai-based arm, Ospree International FZCO, has successfully acquired 100% stake in France-based Le Marche Duty Free SAS (LMDF) for a sum of 5,000 euros. This strategic move aims to bolster the company's presence and growth within the duty-free industry. Adani Enterprises emphasized the significance of this acquisition in a filing to the exchange, highlighting its alignment with the expansion goals of Mumbai Travel Retail Private Limited.

MUMBAI : Mumbai: Prudential Management and Services Pvt Ltd, a subsidiary of Mahindra & Mahindra's promoter group, has initiated a sale of up to 9.3 million shares, representing 0.75% of the company's stake, through block trades, according to term sheet, reviewed by Mint. According to the company's term sheet, the transaction is valued at ₹1777.7 crore ($215 million), and the shares are being offered at a price range of ₹1,911.5 to ₹1,970.65, apiece. Kotak Securities is overseeing the sale process.

MUMBAI : India’s telecom regulator will shortly take its next steps towards updating the national broadcast policy, with a focus on making India a global hub for content creation. The Telecom Regulatory Authority of India is set to issue a detailed consultation paper seeking feedback from various stakeholders on the draft policy, chairman Anil Kumar Lahoti said on Wednesday. Trai has completed a pre-consultation process to identify the focus areas for the policy, Lahoti told a gathering at Ficci Frames, an annual media and entertainment industry convention.

BSE that day, a Friday, to close at ₹793.05. By the next Friday, the stock had crashed more than 11%. It closed at ₹769.90 on 6 March.

Virat Kohli has leased 18,430 sq ft to Mynd integrated solutions, a global business process and technology management company at Gurgaon’s Reach Comercia building. According to a person familiar with the deal, Kohli had bought the space about a decade ago and since building recently got completed, he leased the building for rental income. According to documents accessed through CRE Matrix, a real estate data analytics firm, Kohli will get around Rs one crore as annual rent from the space.

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Mahanagar Gas, the leading city gas distributor in Mumbai and surrounding areas, tumbled 16.2% to ₹1,305 apiece in today's intraday trade, reaching a 6-week low. This sharp decline was triggered by a rating downgrade from 'Buy' to 'Sell' by the global brokerage firm Citi. The brokerage also lowered the target price from ₹1,480 to ₹1,405 apiece, citing concerns about the drop in margins.

Eurobank is looking to establish a presence in India and is in the process of consulting with advisors and the Reserve Bank of India to open a representative office in Mumbai, said people close to the bank. With 80.5 billion euros of assets and 540 branches across Greece, Cyprus, Bulgaria, Luxembourg and UK, the bank, which has a robust corporate client-focused business in these countries, aims to serve the needs of Indian businessmen looking for a commercial presence in Europe. “Trade relations between Europe and India are on the cusp of taking off. We aim for Eurobank to become a key facilitator and the banking partner of choice for Indian businesses considering establishing a local hub in Greece or Cyprus to gain a footing in the EU market,” said Fokion Karavias, chief executive officer, Eurobank.

NCLT) dismissed an application filed by Vistra ITCL to direct the resolution professional (RP) of realty developer Satra Properties India to include its additional claim of Rs 51 crore that would have taken its total admitted claim to over Rs 131 crore. Vistra informed the bankruptcy court that the RP had partially rejected the lenders’ financial claim, which should have been admitted in its entirety. Currently, the admitted amount against Satra Properties is around Rs 386 crore, wherein Vistra has a 22.25% voting share with admitted dues worth Rs 79 crore. Calculation of interest on outstanding non-convertible debentures (NCDs) formed a key component of the matter. In its application, Vistra argued that originally, it had agreed with Satra Properties to lend the funds at 18% interest per annum; however, the RP has calculated its dues at a lower revised rate of 9%.

MUMBAI : IIFL Finance Ltd on Tuesday tried to assuage investor concerns, stating there were no governance lapses, after the Reserve Bank of India (RBI) barred the non-banking financial company (NBFC) from offering any loans against gold. On Tuesday morning, shares of IIFL Finance opened 20% lower as investors dumped shares after the banking regulator issued a statement on Monday evening that detailed some lapses. “We wish to make it unequivocally clear that there are no governance or ethical issues," said Nirmal Jain, managing director, in a call with analysts on Tuesday.

MUMBAI : When office commute platform MoveInSync decided to raise $15 million in January, it received term sheets from prospective investors within a week of launching the deal. Though such rapid response is still rare, many investors said deal activity has begun to pick up pace, signalling the approaching end to an agonizing funding winter. While funding in the very early stages continued in the past two years, growth-stage funding had slowed to a crawl.

MUMBAI : Financial news and data provider Bloomberg on Tuesday said it will add a set of Indian government bonds to its widely-tracked emerging market index, a development that could potentially attract investment flows of $3-4 billion beginning next year. Global investors with passive investment strategies buy stocks and bonds featuring in global indices, and Bloomberg's addition of Indian bonds promises to attract investments in them.