City Mumbai Financial News

COP28 Summit, Adani Group Chairman Gautam Adani has today announced the group's "commitment to revolutionise the cement industry" through sustainable practices. In a post on social media site X (formerly known as Twitter), Adani said group companies Ambuja Cements and ACC are leading sustainable practices in the cement industry, adding that more than 90 percent of their production now recycles fly ash and slag. He further noted that the "significant shift" not only enhances the cement's environmental footprint, but also "marks a substantial step towards sustainability".

Stock market today: Hazoor Multi Projects share price witnessed sharp upside in early morning deals and hit 5 per cent upper circuit within few seconds of stock market's opening bell today. Hazoor Multi Projects share price today opened at ₹245.60 apiece levels on BSE and hit upper circuit.

Modi’s expected re-election next year is seen supporting capital expenditure, further boosting their allure. Modi’s government is spending billions of dollars on everything from roads and railways to defense, renewing interest in a sector that has for long been a straggler of India’s $4 trillion stock market. The S&P BSE PSU Index, a gauge that includes some of the nation’s largest power utilities, miners, oil refiners and engineering firms, has surged 44% thus far in 2023. That’s beaten the 14.5% advance in the S&P BSE Sensex Index by the most in two decades, data compiled by Bloomberg show. IMAGE “There is still room for further gains” as valuations are still low compared to non-state players, said Anita Gandhi, strategist at Arihant Capital Markets Ltd.

global capability centers (GCCs) in India established a base in a tier II city as companies sought to tap new talent markets, according to data from CBRE. In addition, GCCs across sizes and maturity levels are expanding and consolidating their footprint in India even as global technology demand remains cautious.

DLF Ltd’s Emporio mall in Delhi in 2025. Last week, France’s SMCP, the parent company of accessible luxury brands Sandro, Maje, Claudie Pierlot and Fursac, also announced its entry into the Indian market in partnership with Reliance Industries-owned Reliance Brands Ltd (RBL). In a sign of growing appetite for luxury goods in India, Emporio is looking to add new outlets and is in talks with multiple European brands.

MUMBAI : Equity assets of foreign portfolio investors (FPIs) hit a 22-month high at $674.66 billion in the fortnight ended 30 November, driven by a significant revival in their flows after a two-month hiatus, and a 7% rally from the lows of October-end. FPI assets stood at $686.95 billion in the fortnight ended 15 January, 2022.

NHSRCL), which is executing India's first bullet train project, will lease out about 580,000 square feet of space to offices, commercial development and retail outlets at the Sabarmati Multi Modal Transit Hub, said a senior executive. The property, currently in the final stages of the request for proposal process, is planned to be leased out to a single lessee for a period of 35 years, extendable to another 35 years. «We will have two towers, spread over a total area of 3.6 hectares and a super-built-up area of 579,980 sq ft.

Directorate of GST Intelligence (DGGI) over the secondment issue, sources in the know told ET. Secondment or deputation of expatriates is subject to GST if the expatriate employee is being reimbursed by the Indian company for the services provided to the company. As per the GST law the Indian company is deemed as the recipient of the service, and the services provided by the expatriate will be considered as a «supply of manpower» under the GST law. Thus the Indian company is liable to pay GST on the value of the deemed supply at the applicable rate.

Bil Energy System Ltd for liquidation as no viable revival plan was offered to the lenders of the BSE-listed firm that has failed to pay dues of about Rs 167 crore. As part of the process, the National Company Law Tribunal (NCLT) has also appointed G Madhusudhan Rao as the company’s liquidator, said people aware of the development. Last year in December, the Mumbai-based power sector equipment manufacturer was admitted under the corporate insolvency resolution process (CIRP) in an application filed by the State Bank of India after it defaulting on its dues of about Rs 167 crore. When the resolution professional of the company invited bidders, the company received interest from three potential applicants, including Aruna Kailash Shah, Mayank Goyal and Subhalakshmi Investment Advisory. However, the lenders felt that without having clarity on and taking possession of the assets of the bankrupt company, the proposed bidders would not be able to submit an effective resolution plan and, accordingly, on June 3, 2023, the lenders with 100% voting rights decided to initiate the liquidation process of Bil Energy System. The lenders noted that the company was not a going concern for three years before being admitted to CIRP, and that most of its assets are untraceable. “The absence of physical assets, machinery transfers without lender consent before the CIRP, the status of going concern at the insolvency commencement date, and the need for clear demarcation and physical possession of factory land are some of the pressing issues detrimental to getting any value,” said Kalpit Khandelwal, partner at the law firm Aekom Legal.

Actis and Mahindra Group’s real estate and infrastructure development arm Mahindra Lifespace Developers are together making a partial exit worth over Rs 120 crore from the latter’s subsidiary Mahindra Homes. The developer has approached the National Company Law Tribunal (NCLT) with an application to reduce its equity share capital and provide exit to both the entities. The tribunal has admitted the petition and fixed it for hearing in March. Mahindra Homes’ petition states that the company is generating steady cash flows and intends to continue its existing business operations.

Economic Advisory Council to the PM (EAC-PM) has proposed making the pre-litigation mediation for commercial cases voluntary, similar to civil cases, saying it will reduce the timeline of dispute resolution in such cases by three to five months and lower the legal costs that entrepreneurs have to bear. “Section 12A of the Commercial Courts Act, 2015, must be amended to make pre-litigation mediation for commercial cases voluntary,” Sanjeev Sanyal, member, EAC-PM said in his working paper co-authored with Apurv Kumar Mishra, a consultant at EAC-PM.

RBItrage. When it looked like their big-ticket borrowers like real-estate projects were going to default, some financiers took recourse to new funds tailor-made for them by Wall Street firms. Investors who pooled money were issued senior securities, earning them interest.

NEW DELHI : The National Financial Reporting Authority (NFRA) has debarred two partners of a Mumbai-based firm for alleged professional misconduct in auditing Devan Housing Finance Corp. Ltd’s FY18 accounts, as part of the watchdog’s efforts to improve audit quality. The regulator debarred a partner at Chaturvedi & Shah LLP for 10 years, and another for five years.

Mumbai, Maharashtra India – Business Wire IndiaRural-fintech Navadhan, today announced that it has raised 40 Cr (USD 5M) in its Pre-Series A round led by Prime Venture Partners. Existing investors, Varanium NexGen Fintech Fund and Gemba Capital also participated in the round.

MUMBAI : Online fantasy sports company Dream11 on Wednesday withdrew from the Bombay High Court its petition challenging notices related to alleged tax evasion amounting to Rs1,200 crore. Appearing on behalf of the Maharashtra government, advocate Jyoti Chavan informed a bench led by Justices GS Kulkarni and Jitendra Jain that the state goods and services tax (GST) authority had withdrawn its show cause notice on Dream11 since Central GST authorities were pursuing the matter before the Supreme Court. Chavan added that the Directorate General of GST (DGGST) would send a fresh show cause notice, which led to Dream11 withdrawing its petition.

The Maharashtra government in July formally awarded the 259-hectare Dharavi redevelopment project to a firm under the Adani Group. Thackeray will start his march from Dharavi to the office of Adani Group on December 16, according to an Indian Express report. He accused the state government of favouring the business conglomerate, Adani Group, by awarding the project.

ABFRL), on Wednesday announced a joint venture with high-end Parisian footwear brand Christian Louboutin, strengthening its play in India’s small but growing luxury goods market. This collaboration envisages the transfer of the current Indian business into a newly incorporated subsidiary of ABFRL where the partners will hold equal stake. The move follows ABFRL’s 2022 announcement to bring luxury department store chain Galeries Lafayette to India via large stores and a dedicated e-commerce platform.

Mahaparinirvan Din’ that is 67th death anniversary of Dr BR Ambedkar. Visitors in large numbers visited Chaitya Bhoomi in Dadar from Monday to Thursday to pay homage to Dr Ambedkar. of Mahaparinirvan Diwas.

(This story originally appeared in on Dec 06, 2023)

NCLAT) is scheduled to hear the plea of IDBI Bank seeking to initiate insolvency proceedings against Zee Entertainment on December 6 (today). The case was earlier brought up for hearing on November 8 and adjourned after the counsel appearing in the matter sought the deferment to complete pleadings, as per a PTI report. IDBI Bank has filed a challenge against the Mumbai bench's ruling at the National Company Law Tribunal (NCLT).

Winter Session of Parliament, Union Finance Minister Nirmala Sitharaman will present a statement, in both English and Hindi, outlining the Supplementary Demands for Grants, 2023-24 in the Rajya Sabha. As reported by ANI, “Discussion on short duration notice on the 'Economic Situation in the country', raised by Trinamool Congress MP Derek O'Brien on 5th December to be continued today in the Rajya Sabha." Also Read: Winter session 2023: Discussion to be raised on ‘economic situation in the country’ Meanwhile, Bharatiya Janata Party MP Sumer Solanki and Biju Janata Dal MP Niranjan Bishi will present a copy, available in both English and Hindi, of the Study Visit Report conducted by the Committee on the Welfare of Scheduled Castes and Scheduled Tribes to Havelock Island, Port Blair, Mahabalipuram, and Mumbai from August 24, 2023, to August 29, 2023, to the Rajya Sabha.