City Mumbai Financial News

social media platforms over the weekend that they had cancelled plans to travel to the island nation. Some companies have, however, seen a surge in queries for Lakshadweep, they said. It comes in the wake of the row over derogatory remarks against India and Prime Minister Narendra Modi posted on X by three now-suspended junior Maldivian ministers after PM Modi’s posts promoting tourism in the Lakshadweep islands. “We haven’t seen any immediate cancellations for our flights, but since it’s a developing situation, we will be observing closely and will be monitoring the situation after a week,” Deepak Rajawat, chief commercial officer of Vistara, said in response to a query from ET. There are 58 weekly flights between India and the Maldives, operated by IndiGo, Vistara and Air India. IndiGo has seen no immediate cancellations or impact on forward sales, said people with knowledge of the matter. However, the airline did not respond to ET’s queries in this regard. Indigo has cancelled direct flights between Delhi and Male from January 17 as it has been forced to rejig its network due to the grounding of aircraft over issues with the Pratt & Whitney engines fitted in its 150 Airbus A320 aircraft.

detained for allegedly trying to enter the farmhouse of film actor Salman Khan in Panvel in neighbouring Raigad district and later allowed to go after questioning, a Navi Mumbai police official said on Monday. The incident took place on January 4 in the farmhouse situated in Waze village, he added.

Bharat Jodo Nyay Yatra. The Bharat Jodo Nyay Yatra of Congress leader Rahul Gandhi will be launched from Imphal on 14 January, and culminate on 20 March in Mumbai. However, Congress has on Monday informed that they are yet to receive “ground permission" from the Manipur government for launching the rally in Imphal.

IPO, which will be launched later this month. The SME IPO will include a fresh equity issue of 41 lakh shares. Beeline Capital Advisors is the book-running lead manager, and Skyline Financial Services is the registrar of the issue. The Mumbai-headquartered EPC contractor specialises in delivering full-scale project management, procurement support and comprehensive engineering services for various electrical infrastructure, instrumentation, and automation projects across India and abroad. Its services are applicable in several manufacturing industries, such as oil & gas, refinery, steel, cement, pharmaceuticals, textiles, hospitals, and health care, both domestically and internationally. Konstelec Engineers has a strong order book of over 50 major projects worth around Rs 565 crore in order value that are in various phases of implementation. The company’s ongoing projects include electrical, construction power work and instrumentation work for leading corporates such as JSW Vijayanagar Metallics Ltd, Rajasthan Refinery Project, HRRL Pachpadra, Mangalore Terminal Expansion Project, Karnataka State and Benue Cement Plant in Nigeria. The company counts leading corporate conglomerates, including Reliance Industries, Engineers India, JSW Steel, Indian Oil, BPCL, among others as its clientele. Majority of the funds raised will be used to meet the working capital expenses for procuring high-quality products for its long-term projects and to provide collateral security to various clients. «Our robust order book and long-standing client relationships demonstrate our dedication to delivering high-quality, safe and innovative solutions,» said Biharilal Ravilal Shah, chairman and managing director of Konstelec Engineers. In

₹45,000 crore investment to develop river cruise tourism, aiming to leverage India's inland waterways for economic growth. This investment includes ₹35,000 crore for cruise vessels and ₹10,000 crore for cruise terminal infrastructure by 2047, the ministry said in a statement. The decision, aimed at transforming India's inland waterways into dynamic commercial channels, was taken at the inaugural Inland Waterways Development Council (IWDC) meeting in Kolkata.

Sony Group Corp. is planning to call off the merger pact of its India unit with Zee Entertainment Enterprises Ltd., said people familiar with the matter, capping two years of drama and delay in creating a $10 billion media giant. The Japanese conglomerate is looking to cancel the deal due to a standoff over whether Zee’s Chief Executive Officer Punit Goenka, also its founder’s son, would lead the merged entity, the people said, asking not to be named as the information is not public. While the agreement signed in 2021 was that Goenka would lead the new company, Sony no longer wants him as CEO amid a regulatory probe, the people said. 

The real estate market in Bangalore has witnessed a significant boom in recent times. Among the several pockets of development, certain areas have outperformed over others, in terms of development and ensuing price increase. Among all the outliers, Sarjapur, nestled in the eastern part of the city, is emerging as a focal point of exponential growth over the past five years.

India-Maldives row, full service carrier Vistara on Monday said it will monitor the demand for flights between the two countries as the «situation is evolving right now». Vistara operates one flight each daily from Mumbai and Delhi to Male. Airline's Chief Commercial Officer Deepak Rajawat said it has not cancelled anything as of now and will monitor the demand for flights. «The situation is very evolving right now… we will have to monitor in a week or so,» he said at a briefing in response to queries about the Maldives situation. Air India, IndiGo and SpiceJet also operate flights to the Maldives. There were no comments from the three airlines on the current situation. India has conveyed its strong concerns to Maldives over remarks posted on social media against Prime Minister Narendra Modi by a number of ministers of that country. The disparaging remarks by the ministers have drawn flak in India, with many celebrities urging people on X to explore domestic tourist destinations instead of going to the Maldives. There were also posts on social media claiming that some Indians are cancelling their scheduled trip to the Maldives in view of the row. On Sunday, the government of the Maldives suspended three deputy ministers for derogatory social media posts against Modi. The three deputy ministers criticised Modi for his post on 'X' following his visit to Lakshadweep, inferring that it was an attempt to project the Union Territory as an alternative tourist destination to the Maldives.

NEW DELHI , BENGALURU : The Adani Group is looking to take its airports business global beginning with the Far East and Southeast Asia, a top executive aware of the development said. The expansion would be part of the second phase of the airport plans of the group, which entered the sector in 2020. “The new strategy will run parallel to the domestic expansion strategy through acquisition of airports being divested by the government, and also looking at bidding for greenfield airports," the executive said on the condition of anonymity.

Insurtech startup Riskcovry has raised around $4.5 million in a bridge round of funding led by Dubai-based business-to-business fund Morphosis Venture Capital. Indian financial services player IIFL also participated in this round. The round has a small secondary component which offered liquidity to some of its employees and exit to early investors.

esports teams including S8UL, Revenant Esports, GodLike Esports, Enigma Gaming, Global Esports etc. are deliberating to cap the salaries of players at Rs 2.5 lakh per month as player poaching is hurting the team play at tournaments. Owners of as many as 15 esports organisations met last month to deliberate that dolling out high salary packages in a race to grab the top performing players is pushing many organisations in the red.

Lok Sabha polls, Prime Minister Narendra Modi is likely to visit all the major states at least once before February 5. Sources said Modi will make two visits to large states while he would visit a few of the smaller states once. The PM's tour has already started with visit to southern states. Modi visited Tamil Nadu, Lakshadweep and Kerala last week.

MUMBAI : Domestically, the backdrop is that of an impending general election, and, traditionally, an incumbent government cannot present a full Union budget in such a year. Whereas, globally, the setting is that of a debate on debt and sustainability amid falling growth. But that shouldn’t necessarily be the context for the upcoming budget.

MUMBAI : Foreign portfolio investment (FPI) net inflows into Indian equities and debt in 2023-24 have reached a nine-year high, showed data from the National Securities Depository Ltd (NSDL). At ₹2.68 trillion, this is just ₹9,625 crore away from 2014-15’s record net inflows of ₹2.77 trillion. In monthly average terms, foreign portfolio investors have invested net ₹29,780 crore in Indian equities and debt this fiscal.

₹2,500 and ₹10,000. Parents or guardian can invest in a minor’s MF account through their own banks. However, the redemption proceeds will only be transferred to the minor’s bank account.

CHENNAI : Billionaire Mukesh Ambani on Sunday said his firm Reliance Industries in partnership with Canada's Brookfield will open a data centre in Chennai next week, marking entry into the fast-growing market. Reliance had in July last year invested about ₹378 crore to enter an existing joint venture, where Brookfield Infrastructure and US-based realty estate investment trust Digital Realty were already partners.

NCP leader and Maharashtra Deputy Chief Minister Ajit Pawar on Sunday took a veiled jibe at his uncle Sharad Pawar over his age, saying some people are not ready to retire even though they are in their 80s. «Employees of Maharashtra government retire at the age of 58. Most people normally stop their active professional life after turning 75.

PFRDA) has requested for increased tax exemption on employer contributions to employees' pensions in order to align it with provident fund. The employer's contribution to provident fund is deductible up to 12 percent of the salary (basic + dearness allowance) up to the maximum limit of ₹7.5 lakh. Interest on this contribution is tax-exempt.

before the match which led to all the confusion. The secretary continued the defiant tone and claimed that the President of the cricket body doesn't have the authority to select the final team. “We have picked the team on merit and that is the right team.

MUMBAI : The National Company Law Appellate Tribunal has dismissed an appeal by non-bank financier Authum Investment and Infrastructure challenging a bankruptcy tribunal order that had rejected its objections to a resolution plan for two Srei companies. The National Company Law Tribunal had in August approved a resolution plan submitted by National Asset Reconstruction Co. Ltd (NARCL) for Srei Infrastructure Finance Ltd (SIFL) and Srei Equipment Finance Ltd (SEFL).

Mukesh Ambani on Sunday said his firm Reliance Industries in partnership with Canada's Brookfield will open a data centre in Chennai next week, marking entry into the fast-growing market. Reliance had in July last year invested about Rs 378 crore to enter an existing joint venture, where Brookfield Infrastructure and US-based realty estate investment trust Digital Realty were already partners.