City Mumbai Financial News

match fixing" raised by Shiv Sena (UBT) faction leader Sanjay Raut ahead of the verdict in the Shiv Sena MLA disqualification case, Chief Minister Eknath Shinde said that the decision to be announced later in the day by Maharashtra Assembly Speaker Rahul Narwekar will have to be made on merit. Speaking with reporters in Mumbai on Wednesday, ahead of the verdict, CM Shinde said the Election Commission of India had allotted his faction the Shiv Sena name and symbol. «We are official Shiv Sena and we have the majority in the state Assembly… but some are making allegations of match fixing, but they also had a meal with the speaker but we didn't make any such allegations; the speaker is an MLA too and the meeting was official and it's in open light...,» CM Shinde said, responding to Sanjay Raut's allegation of «match fixing.» Earlier, Uddhav faction-led Shiv Sena raised objections to Speaker Narwekar meeting Shinde, ahead of the verdict at his residence on January 7 «Whether it's High Court or Supreme Court, they keep making comments on it… the decision will have to be on merit, as we (the government) are formed on merit,» CM Shinde added. Referring to the 2023 Supreme Court verdict refusing to disqualify the Maharashtra government, CM Shinde said, «They (UBT Shiv Sena) have lost ground as the government is functioning properly and working for the people...» On December 15, 2023, the Supreme Court extended till January 10 the time for the Speaker to pronounce a verdict on disqualification petitions against MLAs including Shinde. The disqualification pleas have been pending since the Maharashtra political crises started.

Puravankara has reported a sales value of Rs 1,241 crore for Q3FY24, a significant surge from the Rs 796 crore noted in the corresponding quarter of the prior fiscal year. Puravankara highlighted its record customer collections in Q3 FY24, reaching Rs 941 crores, marking a 52% year-on-year increase from Rs 621 crores in Q3 FY23. Ashish Puravankara, Managing Director, Puravankara Ltd., said, “The first nine months of FY24 has seen exceptional pre-sales, marking a strong growth of 89 percent Y-o-Y growth.

Ashok Tyagi, Whole Time Director, DLF, says” “It has only been a couple of quarters that we have now come in the positive cash surplus trajectory. We had a debt mountain which significantly we had reduced in 2017 with the GIC transaction, then to some degree with the QIP in 2019. And the rest is all done through operational flows. Future cash flows should hopefully be split across growth and dividend.” Tyagi further says: “At least two major launches are lined up in Gurgaon. One launch is lined up in Mumbai, which obviously is a small launch, of about Rs 2000 crore. One launch is lined up in Goa and one launch should hopefully be lined up in Chennai, the approvals are still in the final stages. There will be at least one small launch in the Tri-City of Chandigarh as well. I think we have the launch pipeline pretty well covered.” You have raised Rs 7,200 crore in your new project in less than 72 hours? Ashok Tyagi: That is correct. Is it true? Ashok Tyagi: It is true. We have made an official release also now. This was a project just off the southern periphery road in Gurgaon and it is a relatively newer geography for us. And we launched this project, Privana South with about 1100 odd apartments costing about Rs 7 crore each. And it is true that it all got sold in 72 hours.

match fixing" raised by Shiv Sena (UBT) faction leader Sanjay Raut ahead of the verdict in the Shiv Sena MLA disqualification case, Chief Minister Eknath Shinde said that the decision to be announced later in the day by Maharashtra Assembly Speaker Rahul Narwekar will have to be made on merit. Speaking with reporters in Mumbai on Wednesday, ahead of the verdict, CM Shinde said the Election Commission of India had allotted his faction the Shiv Sena name and symbol. «We are official Shiv Sena and we have the majority in the state Assembly… but some are making allegations of match fixing, but they also had a meal with the speaker but we didn't make any such allegations; the speaker is an MLA too and the meeting was official and it's in open light...,» CM Shinde said, responding to Sanjay Raut's allegation of «match fixing.» Earlier, Uddhav faction-led Shiv Sena raised objections to Speaker Narwekar meeting Shinde, ahead of the verdict at his residence on January 7 «Whether it's High Court or Supreme Court, they keep making comments on it… the decision will have to be on merit, as we (the government) are formed on merit,» CM Shinde added. Referring to the 2023 Supreme Court verdict refusing to disqualify the Maharashtra government, CM Shinde said, «They (UBT Shiv Sena) have lost ground as the government is functioning properly and working for the people...» On December 15, 2023, the Supreme Court extended till January 10 the time for the Speaker to pronounce a verdict on disqualification petitions against MLAs including Shinde. The disqualification pleas have been pending since the Maharashtra political crises started.

Delhi-Mumbai expressway is anticipated to be ready for travel in the next few months, a TOI report stated. The completion of this section will enable commuters to enjoy a seamless ride from the national capital to Surat.

enquiries and a substantial reduction in prices for Maldives vacation packages despite multiple long weekends in January, reported TOI. Formerly priced in the range of Rs 55,000 to Rs 70,000, three-day packages from Hyderabad, encompassing airfare, lodging, meals, and sightseeing, are presently accessible for Rs 45,000 or even less. Luxurious five-star packages, previously priced at over Rs 2.5 lakh, have now fallen below the Rs 2 lakh mark, as per travel agents. Additionally, the cost reduction trend may continue.

MUMBAI : India-focused venture capital fund Gruhas, backed by Nikhil Kamath, and creator marketplace Collective Artists Network have launched Gruhas Collective Consumer Fund (GCCF) to back emerging consumer-focussed companies. GCCF will raise and deploy ₹150 crore initially, with both Gruhas and Collective Artists contributing an equal amount to the fund, and subsequently securing additional fund from external sources. The fund will seek to sustain an average deal size of about ₹8 crore ($1 million) each.

Rahul Gandhi’s rally from Hapta Kangjeibung ground in Imphal East district on January 14 is under active consideration. The government is taking reports from various security agencies and after getting reports the government will take a decision. The Manipur government is yet to give permission to use the Hapta Kangjeibung ground in Imphal East district for the launch of Bharat Jodo Nyay Yatra.

spiritual tourism segment in India grew by 35-40% year-on-year in 2023, according to estimates provided by travel majors, and it is expected to get a boost with the inauguration of the Ram temple in Ayodhya this month. Forward travel bookings and queries for Ayodhya are seeing a «strong» response, with flights for January 22 almost 80% booked, said an airline executive. Airline executives pointed out that for short-haul travel, they are expecting about 15% late bookings, primarily in the next five to seven days. «Some people are avoiding travel on the first day, expecting a rush and they plan to visit later,» the executive cited earlier said, adding that for the whole month, flights are almost 90% full. He pointed out that there could be some postponement of travel plans and some travellers would prefer travelling by train due to high airfares for January 22, the day of the temple inauguration. IndiGo and Air India Express had launched flights to Ayodhya immediately after the airport's opening on December 30. Both airlines now connect Ayodhya to Delhi, Mumbai, Bengaluru and Kolkata.

Samajwadi Party and Maha Vikas Aghadi partners NCP and Shiv Sena (UBT). While no deal could be reached, the alliance partners put up a united front. The Mukul Wasnik-led national alliance committee of Congress could not agree on any number with NCP and Sena (UBT), sources privy to talks said. MVA is facing a challenge because Sena (UBT) is insisting on fighting 23 of 48 Lok Sabha seats while Congress is arguing for a «merit-based», seat-by-seat, approach.

MUMBAI , NEW DELHI : Businesses looking to open shop in Gujarat’s Gift City are struggling for office space, as the demand for real estate has far outstripped supply in the special economic zone (SEZ). Companies are staring at wait times of several months to a few years before new office space opens up for leasing, multiple real estate executives, consultants and business owners said. They also said monthly office rentals have more than doubled from ₹40-50 per square foot two years ago to around ₹90-120 per sq.

MUMBAI : The battle for Religare Enterprises Ltd (REL) has taken a new turn, with the Securities and Exchange Board of India (Sebi) beginning an inquiry into a sale of shares by chairperson Rashmi Saluja immediately before the Burman family announced an open offer for the financial services conglomerate. The Burmans, who lead consumer goods company Dabur Ltd, have called it an insider trade and sought regulatory action.

Mumbai Trans Harbour Link (MTHL), the country's longest sea bridge, is expected to bolster the Navi Mumbai property markets as the connectivity and further infrastructure development is likely to result in surge in real estate activity, demand and prices. Prime minister Narendra Modi will be inaugurating the 21.8-km-long MTHL on Friday and this bridge is estimated to cater to around 70,000 vehicles daily, connecting Sewri in central Mumbai to Chirle at Navi Mumbai. The bridge is poised to transform the everyday travel experience for commuters from south and central Mumbai, reducing the current two-hour travel duration to just 20 minutes. The improved connectivity is likely to spur commercial and business activities in Navi Mumbai. “The MTHL will undoubtedly be a boon for Navi Mumbai's overall economic development, including and especially the real estate sector in the region…In the next 10 years, we expect Navi Mumbai to not just complement the economic growth of MMR, but co-lead it, with other major infrastructure projects including the international airport also bound to have a substantial impact,” said Raajesh Prajapati, MD Prajapati Constructions. He expects Navi Mumbai’s demand for commercial, retail, office as well as residential for both affordable as well as luxury housing to grow substantially with both users and investors looking at the long term horizon. “Factors such as lifestyle, easy commuting, improved connectivity, and relatively lower property prices (35-45% less despite being a planned city) in Navi Mumbai will likely influence homebuyers' decisions.

MUMBAI : The Indian markets are poised to witness initial public offerings (IPOs) worth $12-13 billion in 2024, V. Jayasankar, managing director and a board member at Kotak Investment Banking, said. IPOs of new-age tech companies, such as Ola Electric, FirstCry and Swiggy, are likely to fuel a significant part of this activity, according to the company.

Seya Industries Ltd. Anil Chauhan and his audit firm Anil Chauhan & Associates have been barred for 10 years from undertaking any audit in respect of financial statements or internal audit of the functions and activities of any company or body corporate, according to an order issued on January 5. Chauhan is the proprietor of audit firm Anil Chauhan & Associates and the Engagement Partner (EP) for the statutory audit of Seya Industries for financial years 2018-19 and 2019-20.

MUMBAI : Maharashtra cabinet minister Mangal Prabhat Lodha on Tuesday said Mumbai civic schools will organise competitions to showcase the importance of Lord Ram to students between January 10 and 17 ahead of the Ram temple consecration ceremony in Ayodhya. Competitions on writing essays, poetry, and painting will be held under 'Maryada Purushottam Prabhu Shriram Jeevan Charitra Spardha', said Lodha. "The upcoming consecration of Lord Ram's temple in Ayodhya is a historic moment for our country.

Carlyle Aviation Partners has reportedly expressed its interest for SpiceJet, Reuters reported on January 9 citing a source-based article by CNBC TV 18. Earlier, in mid 2023, the airline had sought shareholder approval to issue 5.91% stake in the low-cost airline to Carlyle Aviation Partners--the aircraft financing unit of global private equity giant Carlyle Group. In December, the cash-strapped airline had got a lifeline in the form of investment from a clutch of funds and high net worth individuals. The Rs 2,254 crore investment was done through the issue of up to 130 million convertible warrants and 320.8 million fresh equity shares. The fundraising counts 64 investors amongst which there are funds like Elara India Opportunities Fund, Aries Opportunities Fund, and Prabhudas Lilladher, Nexus Global and Mumbai based businessman Harihara Mahapatra and Arjun Juneja of Mankind Pharma. The shares are to be issued at Rs 50 apiece. SpiceJet promoter Ajay Singh holds 56.5 % stake in the company, and, out of this, 37.9 % is pledged with various banks.

DLF has reported Rs 7,200 crore sale from its latest luxury residential development, DLF Privana South in Gurugram, with the project getting sold out within 72 hours of the launch. This exclusive enclave will comprise 1,113 luxury residences across 7 towers, presenting 4 BHK apartments and penthouses.

Gujarat Chief Minister Bhupendra Patel has said his government has set a target to contribute 10 per cent to India's GDP and become a USD 500 billion economy by 2026-27. At present, Gujarat, with five per cent the country's population, contributes 8.3 per cent to the national Gross Domestic Product (GDP) and in the previous year, the state accounted for 33 per cent of India's total merchandise exports, Patel said in an email interview to PTI ahead of the 10th Vibrant Gujarat Global Summit, to be inaugurated by Prime Minister Narendra Modi on Wednesday.

NEW DELHI : Adverse comments against India’s prime minister by three ministers of Maldives appear to have set off a chain reaction of holiday cancellations to the island nation. An executive committee member of Outbound Tour Operators Association of India said some travel companies have calculated that between 6 and 7 January, the industry might have seen up to 8,000 cancellations for hotel bookings in the Maldives by small groups from India.

NCLT) has approved the scheme of amalgamation and arrangement between Mumbai-based realty firm JP Infra (Mumbai) and its affiliated entities Four D Estates, Four D Buildspace and JP Infra Realty. Of these entities, Four D Estates, through its wholly-owned subsidiary JP Infra (Mumbai), is engaged in the business of redevelopment projects whereas JP Infra Realty is operating in the construction of projects in greenfield undertaking with acquisition of land and construction of housing projects thereon. Demerger of the greenfield project undertaking from JP Infra (Mumbai) into Four D Estates is expected to enable carving out of a sole greenfield project undertaking from JP Infra (Mumbai).