City Mumbai Financial News

Real estate consultant JLL India on Thursday said sales in the first nine months of 2023 reached 1,96,227 units as against 1,61,575 units in the year-ago period. Only apartments are covered in the report while row houses, villas, and plotted developments are excluded. Mumbai includes Mumbai city, Mumbai suburbs, Thane and Navi Mumbai.

PE investments in Indian real estate declined by 44 per cent to USD 3.0 billion in 2023, the report added. Mumbai, NCR, and Bengaluru emerged as critical destinations for office investments. Mumbai led the PE investment trend at USD 1,685 million, followed by the National Capital Region (Delhi NCR) at USD 835 million.

Ratan Tata receives threat call, Mumbai Police tracks down suspect According to the order, it is likely that terrorist or anti-national elements might make use of drones, remote-controlled microlight aircraft, and paragliders to target VVIPs and endanger the life of the public at large, destroy public property and disturb law and order in the metropolis. The police have issued an order banning the flying of such objects except for aerial surveillance by cops or under specific permission in writing by the deputy commissioner of police (operations).

Covid is spiking again. Just how serious is it now? JN.1 Covid variant: 21 cases found in India, highest detected in THIS state Covid’s new strain JN.1 not a cause for immediate concern: Centre COVID-19: Mumbai leads with 8 out of 11 Maharashtra cases; virus tracking sought JN.1 (BA.2.86.1.1) variant emerged in late 2023 and is a descendant of the BA.2.86 lineage (Pirola) of SARS-CoV-2.

middle-class asset owners have begun writing their wills in late 30s or early 40s — an age bracket that doesn't necessarily spring to mind when one considers estate planning across generations. Successful individuals in this age bracket are increasingly seeking expertise and advice from lawyers and wealth management firms. The trend that began with the pandemic has now gained traction, with young professionals attaching as much importance to estate planning as they are to wealth creation. Mumbai-based virtual will writing and advisory firm, WillJini, has received about 7,000 queries in the last six months.

MUMBAI : The Reserve Bank of India’s new rule barring banks and non-banks from investing in alternative investment funds (AIFs) having downstream investments in debtor funds is impractical, risking a freeze on the AIF industry, said investors. According to RBI, debtor firms are those which have either borrowed or received investments from the same banks or NBFCs in the past 12 months. Investors believe ₹20,000-40,000 crore of assets under management will be affected if the banks and non-banks have to unwind their investments in 30 days or make 100% provisioning.

MUMBAI : The objective of aligning India’s inflation with the 4% target on a sustainable basis is far from assured, according to an article in the Reserve Bank of India (RBI)’s December bulletin. It also cautioned against, what it called a case of hypermetropia or far-sightedness, among some of its stakeholders. In the article titled State of the Economy, it said that softer retail inflation figures for September and October 2023, along with a prolonged pause in the monetary policy stance, resulted in an irrational long-sightedness.

NEW DELHI : Vedanta Group company Runaya is planning to enter the mine tailings treatment space, as it seeks to expand its portfolio, Naivedya Agarwal, co-founder and CEO, said. Tailings are basically the leftovers or by-product of the mining process, which need to be managed or disposed after the valuable mineral is separated from the ore. Runaya has already ventured into recovery of materials from zinc and started a facility for smelting zinc waste to recover minerals like nickel, cadmium, cobalt, lithium, Agarwal said in an interview.

logistics services provider Delhivery has operationalised its largest gateway in Bhiwandi, Maharashtra one of the biggest logistics hubs in the country, housing warehouses of Amazon, Flipkart, and Samsung. The new terminal consolidates Delhivery's existing operations in Bhiwandi and includes an automated hub, sortation, freight handling, and ecommerce returns operations. In the logistics industry, a gateway is the central point at which freight moving from one region to another is interchanged between transport vehicles heading into different directions.

Also Read: Swiggy ties up with Simpl to introduce 1-tap checkout ahead of Christmas and New Year As per the order, there are high chance that terrorist or anti-national elements might try to create chaos during the upcoming celebrations of Christmas and New Year. Also Read: New Year, New Wallet: 5 financial resolutions to keep yourself secure in 2024 They are likely to use drones, remote-controlled microlight aircraft, and paragliders to target VVIPs and endanger the life of the public at large, destroy public property, and disturb law and order in the metropolis, said the police order.

DreamSetGo, unveiled the first edition of its year-end sports wrap-up report — DreamSetGo’s Sports Travel Index 2023. In 2023, DreamSetGo facilitated over 7500+ sports travelers across 14 global sporting events, a 30% increase since the pandemic. This indicates an increased appetite amongst sports travel and luxury experiences, the company said.

Mumbai Duty-Free announced the launch of its White Glove Services on Wednesday. The services are tailored exclusively for its HNI customers and will offer dedicated assistance, allowing customers to explore a range of premium products covering high-end fashion, watches, confectionery, luggage, perfume, cigars, and alcohol available at Mumbai Duty-Free.

Kalpataru group company has raised ₹525 crore debt facilities from PAG, a global alternative investment firm, for a term of 3.5 years to complete the construction of its 10 residential towers in Mumbai suburb, said people aware of the development. Asia Pragati Strategic Investment Fund, managed by PAG, provided the debt facilities in two tranches in the form of non-convertible debentures (NCD). The funds were raised at an internal rate of return (IRR) of 18.75%, the people said. PAG provided debt facilities to Alder Residency, a wholly owned subsidiary of Abhiruchi Orchards, a wholly owned company of Kalpataru. PAG Asia and Kalpataru did not comment. In November, Asia Pragati Strategic Investment Fund invested ₹475 crore in secured unlisted bonds and another ₹49 crore in secured listed bonds.

company managed by cricketer Sachin Tendulkar and his wife Anjali Tendulkar has picked up two apartments through a lease agreement on Mount Mary Road in Mumbai’s Bandra suburb. While the exact tenure of the lease agreements is not known, the company will be paying rentals of Rs 10.83 lakh per month.

By Divya Chowdhury

EOW) of Mumbai Police on Wednesday questioned Shiv Sena (UBT) leader Aaditya Thackeray's friend Punyashali Parekh in connection with an alleged scam in the supply of remdesevir injections during the COVID-19 pandemic to the BMC. Parekh appeared before EOW officials in the afternoon, and was allowed to leave around 6.30 pm, five hours later, after his statement was recorded, said an official.

Telugu superstar Ram Charan paid a visit to Mumbai’s Mahalaxmi Temple on Wednesday. The ‘RRR’ actor was accompanied by his wife Upasana Konidela and daughter Klin Kara. The pair visited the temple to seek blessings as their daughter turned six months old.

Sony Pictures Networks has agreed to enter into negotiations to discuss a possible extension of the date to complete the merger deal with Zee Entertainment Enterprises. “The company is in receipt of a communication from CMEPL and BEPL that they will enter into good faith negotiations…with a view to discuss the extension of the date required to make the scheme effective by a reasonable period of time,” Zee Entertainment said in an exchange filing. The deadline to complete the merger announced 2 years back was December 21. CMEPL is an indirect wholly-owned subsidiary of Sony Group Corporation (SGC). BEPL is also an indirect wholly-owned subsidiary of SGC and a part of the SGC Group. Last week, Zee Entertainment had informed that the company has sought an extension from Sony Pictures to complete the merger deal. «SPNI is required to start those conversations but has not yet agreed to a deadline extension,» Sony Pictures had then said in a statement. «We look forward to hearing Zee’s proposals and how they plan to complete the remaining critical closing conditions,» it said. The proposed $10-billion merger of Zee Entertainment and Sony Pictures received regulatory approvals from the Competition Commission of India, bourses NSE and BSE, shareholders and creditors of the company. In August this year, the Mumbai Bench of the National Company Law Tribunal (NCLT) also gave a go-ahead to the merger of Zee Entertainment and Sony Pictures. As per the agreements, Zee Ent’s MD & CEO Punit Goenka has to lead the merger entity.

Delhivery Ltd on Wednesday said it has commenced operations at its largest trucking terminal in Bhiwandi, Maharashtra. This is the company's second mega facility after its facility in Tauru, Haryana that became operational in 2021. Built over 12,00,000 square feet of land area, the mega-gateway facility consolidates the company's multiple existing Bhiwandi operations and comprises an automated hub, sortation, freight handling, and e-commerce returns operations, Delhivery said in a statement. The facility's automation system is equipped to process over 32,000 shipments and 17,000 freight units per hour, it said. «Our expanded Bhiwandi gateway will enable us to increase capacity for Mumbai and the West Zone’s large and SME freight shippers while maintaining world-class service reliability and efficiency.

JN.1 COVID strain: Kerala sees spike in cases, WHO reassures efficacy of current vaccines. 10 things to know As of 8 am on Wednesday, the total nationwide Covid cases reached 341, with Kerala contributing 292 cases. Delhi and Gujarat reported 3 cases each, Karnataka recorded 9 cases, Telangana and Puducherry reported 4 cases each, and Tamil Nadu documented 13 cases.

Welspun One, an integrated fund and development management platform, will be investing over Rs 700 crore to develop an industrial and logistics hub spread across 55 acres within the Jawaharlal Nehru Port Authority (JNPA) Special Economic Zone (SEZ) in Navi Mumbai. For this, Welspun One has entered into a strategic collaboration with JNPA to jointly develop this project. The investment includes both land as well as construction cost. This marks the second deployment from Welspun Ones’ latest alternative investment fund that has a total corpus of Rs 2,000 crore.