City Mumbai Financial News

Navadhan has raised $5 million (Rs 40 crore) in its pre-series A round of funding led by Prime Venture Partners. Existing investors Gemba Capital and Varanium NexGen Fintech Fund also participated in the round. Founded in 2019 by senior financial services and banking executives, the Mumbai-based company had previously raised around $2.8 million over two seed rounds.

MUMBAI : The Sleep Company, an omnichannel leader in the comfort-tech business, has raised ₹184 crore in Series C from existing investors Premji Invest and Fireside Ventures. The company, which provides both sleep and seating technology, will use the funding to grow its offline presence, expand in other regions and widen its product basket, the founders said in an interview. This is the second funding round in 12 months from the same set of investors.

T20 international encounters between the India-Women and England-Women teams. England have totally dominated exchanges, losing only seven of the 27 matches with India.

While Bengaluru-based Prestige has recently opened a 125,000 sq ft mall housing only restaurants and cinema, it is planning a 500,000 sq ft mall on a similar concept. Delhi-based Omaxe Group is developing a mall in New Delhi's Chandni Chowk area where 70% of the space will be dedicated to restaurants; another listed developer Signature Global already runs a food-only mall in Ghaziabad.

NEW DELHI : India’s nascent real-money gaming industry is going through a phase of consolidation, with larger firms looking at smaller startups that may help improve the former’s net user base, and in the long run, revenue. Industry stakeholders such as Mumbai-based unicorn Games24x7, as well as publicly-listed gaming firm Nazara Technologies, are among those that believe that consolidation across the industry is inevitable—but finding offers with the right valuation poses a challenge. In an interview with Mint, Sudhir Kamath, chief operating officer of Nazara, said the company will make strategic acquisitions in the long run, as and when it finds the right opportunities.

MUMBAI : Yields on short term money market instruments are beginning to inch up again with rates on one-year commercial paper (CP) touching a high of 8%. Liquidity deficit, non-banking finance companies looking to raise short term money post the Reserve Bank’s decision to increase risk weights on loans to these companies are some of the factors behind the increase in CP yields. “There is a a general upward movement in money market yields.

MUMBAI : In an indication of the Indian market’s outperformance compared to other emerging markets (EMs), the MSCI India index traded at a premium of 141.08% to MSCI Emerging Markets (EM) index, the highest in 11 months, on 4 December. The premium is also nearing its record high of 145.67% achieved on 31 October 2022. Analysts expect this premium to test its previous peak, following Tuesday’s surge in the Nifty and Sensex to new highs, driven by provisional foreign portfolio investment (FPI) flows of ₹5,223.51 crore.

Zomato is scouting for algorithm engineers at IIT campuses. High frequency trading companies are looking for statistical process control experts with high scores in quant. Consulting companies want associate product managers.

Cost of Living LIVE Updates December 5: The cost of living is basically the amount of money one needs to survive in a given place – and one's most essential needs such as food, water, housing, taxes, cost of commute, healthcare, etc. The high rate of inflation has pushed up the cost of living across the globe, burning a hole in the common man's pocket.

Borosil demerger 2023: Shares of Borosil Ltd will be in focus today as the stock is trading ex-spin off today. As per the information available on BSE website, Borosil shares are trading ex-spin off today for demerger of Borosil Scientific Ltd.

ANI. Meanwhile, Congress President Mallikarjun Kharge has reached out to his alliance partners, extending invitations for a meet. Following the Mumbai meeting, Nationalist Congress Party (Sharad Pawar faction) leader Supriya Sule hinted that the next assembly would take place in the national capital, ANI reported.

JSW Infrastructure said Monday that it will acquire a majority stake in PNP Maritime Services (PNP Port) from Shapoorji Pallonji (SP) Group for a cash payment of ₹270 crore. PNP Port operates multi-purpose jetties at Shahbaj, Raigad district of Maharashtra, about 20 nautical miles from Mumbai Anchorage. JSW Dharamtar Port, a wholly-owned subsidiary of JSW Infrastructure, has signed an agreement to purchase 50% of PNP Maritime Services, which is held by SP Port Maintenance, a Shapoorji Pallonji group company. The acquisition values PNP Maritime Services Port at an enterprise value of around ₹700 crore, the company said in a press statement. The 5 million tonnes per annum (MTPA) is about 20 nautical miles or 37 kilometres from Mumbai Anchorage. The company said that the PNP Port is expected to strengthen its position to provide hub-and-spoke model logistics services to its customers, which can potentially save substantial costs. JSW Infrastructure intends to upgrade the PNP Port facilities and expand its capacity from current 5 MTPA to 19 MTPA in a phased manner. «The acquisition of PNP Port is a strategic asset for JSW Infrastructure.

NEW DELHI : Albeit small, India has long been seen as a promising market for luxury goods. But the market has been a challenge to navigate for many companies looking to enter.

JSW Infrastructure will acquire controlling stake in PNP Port, a unit of Shapoorji Pallonji Group, for Rs 270 crore. The deal values PNP Port at an enterprise value of around Rs 700 crore with a current capacity of 5 million tonnes per annum (MTPA) and potential to expand to 19 MTPA. A JSW statement said that PNP Port is operating multi-purpose jetties at Shahabad in Raigad district of Maharashtra, which is about 20 nautical miles from Mumbai Anchorage.

MHADA from the existing 18% to 12% annually. The decision comes into effect following the directions issued by Maharashtra's Deputy Chief Minister Devendra Fadnavis. The minister had recently, at a NAREDCO conference, voiced concern over the level of interest charged by the state government's housing body from realty developers and had stated the need to lower the same to bring it at par with that of the Municipal Corporation of Greater Mumbai (MCGM). As per the instructions issued by Fadnavis and directives given by Minister of Housing Development Atul Save, MHADA's Vice President & CEO Sanjeev Jaiswal had asked the officers concerned to review and take necessary action in this matter.

₹700 crore. Currently, the port has a capacity of 5 million tonnes per annum (MTPA), with potential expansion to 19 MTPA. JSW Infrastructure intends to enhance and upgrade the facilities and capacity of PNP Port from 5 MTPA to 19 MTPA in a phased manner," the company said in a statement.

Securities Appellate Tribunal (SAT) on Monday set aside the penalty imposed by Sebi on Reliance Industries Ltd's Chairman Mukesh Ambani and two other entities in a case related to alleged manipulative trading in the shares of erstwhile Reliance Petroleum Ltd (RPL) back in November 2007. The ruling has come after all the entities appealed before the tribunal against the order passed by the Securities and Exchange Board of India (Sebi) in January 2021. In January 2021, Sebi imposed a Rs 25 crore fine on Reliance Industries Ltd(RIL), Rs 15 crore on Ambani, who is the company's Chairman and Managing Director, Rs 20 crore on Navi Mumbai SEZ Pvt Ltd and Rs 10 crore on Mumbai SEZ Ltd in RPL case.

Mint, David Weinberg, COO of Skechers USA, said the company is committed to strengthening its presence in India as one of the top brands. Skechers' solid financial foundation allows for flexible investments in response to market needs, he said. “As far as the amount (is concerned), we as a company never preset the amount we're going to invest.

Amazon Managed Blockchain (AMB) Access now supports the Polygon proof-of-stake (PoS) mainnet and the Mumbai testnet in public preview.

MUMBAI : The Securities Appellate Tribunal has quashed the market regulator’s 2021 order against Reliance Industries Ltd managing director Mukesh Ambani, Navi Mumbai SEZ, and Mumbai SEZ in a case related to alleged manipulative trades in Reliance Petroleum Ltd shares. In January 2021, the Securities and Exchange Board of India imposed a penalty of Rs25 crore on Reliance Industries and Rs15 crore on Ambani. It had also asked Navi Mumbai SEZ to pay a penalty of Rs20 crore.

Mumbai: PPFAS Mutual Fund has stopped accepting investments from non-resident Indians based in the US and Canada, said chief executive officer Neil Parikh, at the fund house’s annual unitholders meeting recently. Parikh said this was because asset management companies are barred from marketing their fund in those countries.