City Mumbai Financial News

MUMBAI : Top officials of the government and the central bank will meet on Monday to figure out a way forward on the vexed issue of bank exposure to alternative investment funds (AIFs), two people aware of the matter said. Officials from the department of economic affairs, department for promotion of industry and internal trade (DPIIT), MSME ministry, the Reserve Bank of India (RBI) and banks will attend the meeting, the people said on the condition of anonymity. The government stepped in because apart from AIFs from private firms, several AIFs have been floated by central government ministries and state governments to pool funds from state-owned banks.

SMS Pharma The European Directorate for the Quality of Medicines & HealthCare conducted a GMP inspection of the company’s API manufacturing facility in Andhra Pradesh from February 28 to March 1. A report on the same is awaited.

quick commerce platforms–Zomato-owned Blinkit and Mumbai-based upstart Zepto--are fast entering ecommerce territory and are set to add several categories like fashion, beauty, electronics, toys, home and kitchen among other segments. Meanwhile, Zepto, the first unicorn of 2023, has hit $1 billion in annualised gross sales as of the latest numbers, people aware of the matter said. These platforms will add thousands of new SKUs in the next two months, taking the number to over 10,000 as they see consumers coming for frequent purchases driving commerce through the platform. Going beyond grocery and staples will increase the scale of quick commerce significantly, impacting both established ecommerce rivals Flipkart and Amazon as well as nearby kiranas, people aware of the plans said. These platforms are also adding more muscle to their logistics networks in order to serve a wide range of products and ensure they are connected to dark stores and available for deliveries. From two years ago–when quick commerce was starting to take shape in India–this is a significant expansion in strategy carrying a big number of SKUs for faster delivery timelines.

Aditya Birla Group plans to consolidate its non-banking finance companies (NBFCs) to create better synergies and ensure optimal utilisation of resources and greater economies of scale, following approval by the National Company Law Tribunal (NCLT), said people aware of the matter. The Mumbai bench of the NCLT recently approved the merger of a half-dozen Birla group companies, including Umang Commercial Company Pvt Ltd, Aditya Birla Online Fashion Pvt Ltd and Birla Family Investments Pvt Ltd, into Birla Group Holdings Pvt Ltd (BGHPL), a key holding company of the Aditya Birla Group. The group also expects to achieve efficient utilisation of capital for enhanced development and growth of the consolidated business under a single entity, including its non-banking financial business, which will continue to constitute its core business, said the people.

cycling in Navi Mumbai. The tragedy underscores a prime reason why those willing to shift to cycling in our cities do not. Saini chose to cycle even though he could have used a car because opting to pedal is a healthy, environment-friendly choice for a growing number of affluent Indians.

UBT) leader Uddhav Thackeray on Sunday said the upcoming Lok Sabha elections is a fight between dictatorship and democracy. Addressing a public meeting at Dharavi in Mumbai, Thackeray took potshots at the BJP over the «Ab ki baar 400 paar» slogan, saying the saffron party will suffer a defeat. «We are not against PM Modi and Amit Shah. We have united to defeat the dictatorial tendencies. This generation has a historical responsibility to protect democracy in the country. The 2024 general election is about dictatorship versus democracy,» Thackeray added. He claimed the BJP-led by Modi wouldn't have crossed the tally of 300 seats in the 2019 elections had Maharashtra not elected 41 candidates from the NDA fold.

Pakistan on Sunday protested India's «unjustified seizure» of commercial goods destined for Karachi, saying the consignment was a «simple case» of import of a commercial lathe machine by a commercial entity which supplies parts to the automobile industry in this country. The comments by the Foreign Office came after security agencies at Mumbai's Nhava Sheva port intercepted and seized the consignment of a Karachi-bound ship from China after it was found carrying a dual-use consignment with implications for Pakistan's nuclear and ballistic missile programmes. Customs officials, acting on intelligence, halted the Malta-flagged merchant ship — CMA CGM Attila — en route to Karachi on January 23 and, during its inspection, found that the consignment had a Computer Numerical Control (CNC) machine, manufactured by an Italian company, known for its precision and efficiency controlled by a computer system.

Vedanta Resources, the parent firm of Mumbai-based mining conglomerate Vedanta Ltd, does not foresee a rollover of its loans and plans to deleverage as much as USD 3 billion debt over the next three years, a senior official said at an analyst meeting. «Deleveraging is our priority. We would be deleveraging the debt of Vedanta Resources by USD 3 billion over the next three years. Vedanta Ltd's cash flow pre-growth capex is estimated to be USD 3.5-4 billion for the financial year 2025, sufficient for secured debt maturities of USD 1.5 billion,» said Navin Agarwal, Vice Chairman, Vedanta Ltd and member of Promoter Group, at a recently concluded analysts' meet, according to analysts who attended the meeting. The financial year 2025 maturities of USD 1,100 million and close to USD 750 million of interest servicing would be managed through brand fees, dividends from operating companies, asset monetisation and other strategic initiatives. «Vedanta is a dynamic organisation that continuously evaluates its capital structure. The parent company has multiple avenues to meet its debt obligation. Hence, we are not considering a stake sale actively in the near term.

dosa capital of India, with the city's love for dosa evident in its gastronomic culture. Celebrating World Dosa Day on March 3, Bengaluru stands out for its dosa variants, ranging from the classic to innovative twists. Gastronomic Evolution The humble dosa has evolved in Bengaluru, from the traditional plain dosa to classic variants like masala dosa, butter dosa, set dosa, and onion dosa. The city's eateries offer a range of dosas, reflecting its love for this crispy delight.

Gold And Silver Prices Today: Gold prices experienced a slight rise on Sunday. The price of 24 carat gold is Rs.6482.6 per gm, up by Rs.942.0. The price of 22 carat gold is Rs.5938.1 per gm, up by Rs.863.0.

report by The Guardian. Also Read | Top news of the week: Rameshwaram Cafe blast, BJP candidate list for LS polls out, Anant-Radhika pre-nuptial bash Shetty, a businessman-turned-monk, claims his life took a dramatic turn after encountering a monk who inspired him to pursue a spiritual path. He spent three years in an ashram before transitioning to self-help guru, sharing his insights through podcasts, books, and even officiating Jennifer Lopez's wedding.

Also Read | Mumbai BEST announces price hike: Check new fares for daily, weekly, and monthly passes in your bus route According to Police Inspector Vaibhav Shingare of Pimpri Chinchwad City Police, the Anti-Narcotics Cell apprehended a drug peddler named Namami Jha on Friday and confiscated the substantial amount of MD. During the subsequent investigation, officials uncovered the involvement of a sub-inspector stationed at the Nigdi police station.

BJP) announced his candidature from the Jaunpur constituency, Uttar Pradesh, in the upcoming Lok Sabha election, Kripashankar Singh expressed his confidence in winning the seat. «It is my belief that Jaunpur will be included in Prime Minister Narendra Modi's 400-paar slogan» Singh said, referring to PM Modi's clarion call to the BJP cadre to work for the NDA and get 400+ seats in the Lok Sabha elections. Taking a swipe at Congress, he said that while leadership is with the BJP, «dealership» is with Congress.

Security agencies at Mumbai's Nhava Sheva port intercepted and seized the consignment of a Karachi-bound ship from China after it was found carrying a dual-use consignment with implications for Pakistan's nuclear and ballistic missile programmes, officials said on Saturday. Customs officials, acting on intelligence, halted the Malta-flagged merchant ship — CMA CGM Attila — en route to Karachi on January 23 and, during its inspection, found that the consignment had a Computer Numerical Control (CNC) machine, manufactured by an Italian company, known for its precision and efficiency controlled by a computer system. A Defence Research and Development Organisation (DRDO) team examined the consignment and confirmed its potential usage in Pakistan's nuclear initiatives, notably in manufacturing crucial components for missile development, the officials said.

Avtar Saini this week is reminiscent of a similar event last year when Rajalakshmi Vijay, the then CEO of a technology firm, lost her life in a morning jog accident after being struck by a speeding SUV in the Worli area of south Mumbai. Rajalakshmi Vijay was the CEO of Altruist BPO. She was hit by a speeding car during her morning walk on the Worli seaface promenade in March last year. Altruist BPO in a LinkedIn post had said: «She was a visionary, filled with boundless passion and energy to fulfill her goals, both personal and professional. She grew Altruist BPO in a remarkably short span of time. She was a fitness enthusiast and a perfectionist with a great talent for numbers. We are determined to keep her vision and goals as our lighthouse, and business will go on. We thank Rajalakshmi (Raji) Vijay for everything.» Rajalakshmi Vijay was a regular marathon runner and was a chartered accountant. She had served in many companies, including Airtel, Flipkart and Tata Motors. Writing about her preparation for the Tata Marathon, she had written this on social media: “I have added life to my days, I have added friends to my life. I have added the booster shot to my work.

The government has no immediate plan to reclassify the “affordable housing” segment, which is encouraged with interest subvention funded out of budget, a senior official from the ministry of housing and urban affairs (MoHUA) told FE.

Mumbai's public bus service, has implemented a significant price hike for daily, weekly, and monthly passes, effective March 1st, 2024. This move, coinciding with the absence of a permanent general manager, has sparked concerns among commuters and raised questions about its justification, according to the report by Free Press Journal. Previously, BEST offered four categories of passes on their Chalo app, priced according to the single journey fare and the number of permitted trips within a specific period.

Reliance Industries: The consolidation of Walt Disney's and Reliance's media assets in India, valued at $8.5 billion, could trigger rigorous antitrust examination due to their combined market influence. Legal experts are raising red flags about the merged entity's robust cricket broadcasting rights portfolio and its potential effects on advertisers.

MUMBAI : The AI prosecutor or defence attorney isn’t on the horizon, but large Indian law firms are moving rapidly to adopt artificial intelligence to carry out a string of ‘simple’ tasks including research, drafting and client presentations, helping them achieve efficiency and leaving the lawyers to focus on litigation. Those entering the legal profession, however, need not fear for their jobs, law firms insisted, saying that AI technology would take over basic functions only. New joiners and interns at law firms—typically at the forefront of such work as part of their learning curve—would be able to cut down on efforts that include trawling voluminous data to summarize and analyze information.

ALSO READ: Ishan Kishan, Shreyas Iyer axed from BCCI's contract list - Here's why Earlier, Kishan and Iyer were excluded after ignoring the directive to play Ranji Trophy. However, skipper Rohit Sharma and star batter Virat Kohli retained their place in the Grade A+ category. Even Jasprit Bumrah and Ravindra Jadeja too were included in the same category.

MUMBAI : Benchmark indices vaulted to record highs on Friday after India’s economy surprised the markets with a faster-than-anticipated pace in the December quarter, a momentum expected to continue led by large cap stocks. Banks, capital goods, and oil and gas stocks catapulted the Nifty index to a record high of 22,353.30 points, and the Sensex to 73,819.21 on Friday. This was driven by provisional domestic institutional investors buying of ₹3,814.53 crore and proprietary trader purchases of ₹618.58 crore, BSE data show.