City Mumbai Financial News

Subscribe to enjoy similar stories. MUMBAI: With the benchmark Nifty 50 trading just 2% below its 52-week high, India’s equity market appears buoyant. But beneath the surface, a very different story is playing out.

In 1980, neither China nor India had much representation in the ‘global middle class’—people who neither belong to the bottom half of the income distribution nor rank among the top 10% worldwide. Almost a half-century later, things have changed—but in very different ways.

Subscribe to enjoy similar stories. Mumbai: A plan by the National Payments Corp. of India (NPCI) to restrict an app to a little over a third of the overall transactions on fast payments platform UPI by the end of 2026 is a tough ask, regulators and financial sector experts said.

Mint.The sustainable transport provider, which operates a fleet of more than 1,400 vehicles, is targeting BluSmart’s over 5,000 charging stations and technology stack, and has asked its interim resolution professional (IRP) to reopen the expression of interest (EoI) window after missing the initial deadline, said a person familiar with the matter.The firm is expanding its presence across its five cities of operation: Bengaluru, Hyderabad, Delhi, Mumbai, and Chennai.To be sure, Refex Mobility is a wholly owned subsidiary of conglomerate Refex Industries Ltd, which had been in talks to acquire Gensol Engineering Ltd’s 2,997 electric cars leased to the electric cab operator, but dropped the deal in March after the latter’s ratings were downgraded.Arun, who exited the ride-hailing company during its debt-repayment crisis earlier in 2025, along with chief technology officer Rishabh Sood and chief business officer Tushar Garg, joined Refex Mobility in August as its CEO.In March, credit rating agencies Icra Ltd and CARE Ratings Ltd downgraded Gensol’s credit rating to junk due to delays in debt servicing, prompting Refex Industries to cancel the ₹315-crore deal with Gensol.In April, the Securities and Exchange Board of India (Sebi) barred Gensol, its chief executive Anmol Singh Jaggi and promoter director Puneet Singh Jaggi from the securities market over charges of fund diversion.Soon, the operations of the Jaggi brothers and Punit Goyal-founded company came to a grinding halt, pushing its group companies into insolvency court.The National Company Law Tribunal’s (NCLT) Ahmedabad bench commenced BluSmart Mobility's corporate insolvency resolution process (CIRP) on 28 July on a plea filed by Catalyst Trusteeship over a default

Subscribe to enjoy similar stories. MUMBAI: The Securities and Exchange Board of India (Sebi) on Wednesday introduced a series of regulations for mutual funds, with changes to expense structures likely to have the most direct impact on investors. Here’s a closer look at what these rules entail and how they could affect the cost of investing in mutual funds.

Subscribe to enjoy similar stories. A barometer check of India's obsession with its movie stars can be had on weekends outside an unmistakable bungalow in Juhu, central Mumbai. Bollywood star Amitabh Bachchan, when he's in town and can, steps on to a raised platform at the gates of his home, Jalsa, Sunday evenings to wave at a thronging crowd of fans.

Subscribe to enjoy similar stories. MUMBAI : IndiGo’s parent, InterGlobe Aviation Ltd, has suffered a sharp sell-off due to the operational meltdown just days before its inclusion in the Sensex, becoming the worst-performing stock to enter the benchmark index in the last 15 years, based on one-month pre-inclusion returns. BSE Index Services announced on 21 November that InterGlobe Aviation would replace Tata Motors Passenger Vehicles on the prestigious 30-scrip index on 22 December.

Subscribe to enjoy similar stories. Mumbai: Google Pay has been distributing personal loans on behalf of its lending partners for several years and has now expanded its product suite to include credit cards. However, while personal loans are a third-party product, the credit card launch is the first native product introduced by the payments giant, which aims to go beyond distribution and create a credit ecosystem on the platform.

Subscribe to enjoy similar stories. MUMBAI : It has been over a year since the Securities and Exchange Board of India (Sebi) intervened to promote discipline in the country’s booming derivatives market, yet retail investors continue to wade into high-risk futures and options (F&O) trading.

Subscribe to enjoy similar stories. MUMBAI: Listed bonds in India are poised to claw back market share from unlisted issuances as participation from domestic mutual funds and global investors pushes companies towards more transparent mechanisms of fund raising. Market participants expect more bonds to be listed on Indian exchanges in 2026 and beyond.

Tata Consultancy Services Ltd (TCS), India's largest software services company, has won a mega deal valued at more than $1 billion revenues over 10 years from Telefónica UK, the British arm of Spanish telecom giant Telefónica, ending a nearly two-year drought in bagging such large deals.Telefónica UK runs the O2 brand of mobile phone services in the UK.Mumbai-based TCS will offer application and infrastructure work as part of this contract, much of which is new work for the company, said two executives privy to the development requesting that they remain unidentified in this story. A formal announcement is expected in the coming weeks.This is the fourth $1-billion deal, all in the UK, under managing director and chief executive officer (CEO) K.

Subscribe to enjoy similar stories. MUMBAI : Gajendra Singh Shekhawat, India's Union minister for tourism and culture, on 15 December informed the Lok Sabha, through written replies, of the government's initiatives to promote homestays, especially in tribal areas. Mint explains what these policies are and why the government is keen on homestays.

Subscribe to enjoy similar stories. MUMBAI : Even amid a broader market sell-off, which saw foreign portfolio investors (FPIs) pull a net ₹3,765 crore from Indian equities in November, one sector stood out: telecommunications. The outflow came after FPIs turned net buyers in October, snapping a three-month selling streak.

Subscribe to enjoy similar stories. MUMBAI : A growing disconnect between monetary policy signals and bond market pricing is forcing state-owned borrowers to step back from planned fundraisings.

Subscribe to enjoy similar stories. Mumbai: Foreign banks might have "lost the plot" about two decades ago to make it big in India, losing ground to local private banks, but HSBC India's chief executive, Hitendra Dave, now wants to use a recent approval to open new branches to regain some of that ground. In January, the bank got a Reserve Bank of India (RBI) go-ahead to open 20 branches across cities such as Lucknow, Amritsar, Bhopal, Bhubaneswar, and Dehradun among others.

Subscribe to enjoy similar stories. The Securities and Exchange Board of India (Sebi) and the Association of Mutual Funds in India (Amfi) are in talks to make the Specialized Investment Fund (SIF) exam easier and more relevant, said three people aware of the discussions. The discussions are centred around easing the National Institute of Securities Markets’ NISM XIII (derivatives) exam, which is mandatory for obtaining a license to distribute SIFs.

Subscribe to enjoy similar stories. BENGALURU : Bollywood celebrities are known for investing in residential properties. Now, they are chasing India’s office boom.

Subscribe to enjoy similar stories. MUMBAI : Acko, a digital insurtech platform backed by private equity firms General Atlantic and Multiples Alternate Asset Management, among others, has begun preparations for an initial public offering to raise $300-400 million, according to two people close to the development. “The company is in discussions with bankers, and the talks are still preliminary.

Subscribe to enjoy similar stories. MUMBAI : ArcelorMittal Nippon Steel India Ltd (AMNS India) has set an ambitious expansion roadmap for the rest of the decade, targeting 25-26 million tonnes of steelmaking capacity by 2030, its chief executive Dilip Oommen said in an interview. “By 2030, we will have at least 25-26 million tonnes.

Subscribe to enjoy similar stories. In her ongoing solo, The Geometry of Ash, at Mumbai’s Chemould Prescott Road, artist Anju Dodiya evokes a post-apocalyptic landscape—one featuring fragments and residue in the aftermath of loss and destruction. But there are also gestures of hope in the form of women reading or relishing a moment of respite before a traumatic event.

Subscribe to enjoy similar stories. MUMBAI : Institutional Investor Advisory Services India Ltd (IiAS) has faulted IndiGo’s promoter and managing director (M), Rahul Bhatia, for not leading from the front when the airline is facing its most challenging operational episode, even as the influential proxy advisory firm has sought a review of the current board structure, which allows Bhatia to nominate half of the board.