City Mumbai Financial News

MUMBAI : Investors chasing listing-day gains made a killing on Tata Technologies Ltd, which debuted on the Street with the best gains in two years for an offer above ₹500 crore. The stock gained 162.85% from its issue price of ₹500 to close at ₹1,314.25 on Thursday, the highest since digital analytics firm Latent View Analytics Ltd listed at a 169% premium on 23 November 2021.

PVR Inox expects a strong fiscal fourth quarter for cinema exhibitors, driven by a strong lineup of movie releases, following a lacklustre third quarter marred by disappointing Hindi film performances and the ICC Men's Cricket World Cup. «Q4 will be better than Q3, which is very skewed towards Animal, Salaar, and Dunki. In Q4, we will have films coming out every two weeks, and they're nicely spread out,» PVR Inox executive director Sanjeev Bijli told ET. A slew of films is set to be released between January and March, including Hrithik Roshan's Fighter, Vijay Sethupathi's Merry Christmas, and Kareena Kapoor Khan's The Buckingham Murders. While Q3 failed to meet the company's expectations, it expects an improved performance in December due to Ranbir Kapoor's Animal, Shah Rukh Khan's Dunki, Prabhas' Salaar, and Vickey Kaushal's Sam Bahadur. «Q3 was somewhat muted as October and November did get impacted by the World Cup.

MUMBAI : The Shriram Group will need to shift its focus from its mainstay lending business to insurance amid tighter regulation and rising competition from banks, said R. Thyagarajan, who founded the financial conglomerate as a chit fund nearly half a century ago. Thyagarajan’s prognosis isn’t uniformly shared across the group, though.

MUMBAI : The Indian Institutes of Technology (IITs) are bracing for a sobering placement season. For the thousands of to-be engineers in the class of 2024, the number of hirings is likely to taper, even while salaries may not fall much. “This year, we added more companies, but there is a 20% dip among the regular recruiters since many say they had over-hired last year.

all-India House Price Index (HPI) moderated to 3.4 per cent in the July-September quarter of 2023-24 from 4.5 per cent in the year-ago period, according to data released by the Reserve Bank of India on Thursday. The RBI releases HPI-based on transaction-level data received from the registration authorities in 10 major cities.

Green Hydrogen and Green Energy Sector across the VGGS Roadshows and Delegation Visits. To incentivize investments in the green hydrogen domain, the Government of Gujarat has introduced a land allotment policy offering benefits to companies engaged in green hydrogen projects.

₹23.04 crores and it is entirely a fresh issue of 28.8 lakh shares. On the second day by 6.00 PM, Deepak Chemtex IPO was subscribed 89.23 times. The public issue subscribed 126.77 times in the retail category, 10.95 times in QIB, and 106.03 times in the NII category by November 30, 2023 .

Kapil Sharma took IndiGo airline to task on November 29 over flight delay, putting up a series of posts on X (formerly Twitter). In this posts, Sharma chastised the airline for «making passengers wait inside the ferry bus and not informing them about the reason for the delay» at Chennai airport. Sharma wrote, «Dear @IndiGo6E first you made us wait in the bus for 50 minz, and now your team is saying pilot is stuck in traffic, what? Really? we supposed to take off by 8 pm n it's 9:20, still there is no pilot in cockpit, do you think these 180 passengers will fly in indigo again?.» In another post, he wrote that airline had deboarded all the passengers saying they would be accommodated in another plane, but only after another security check at the terminal. «Now they r de boarding all the passengers n saying we will send you in another aircraft but again we have to go back to terminal for security check,» he wrote on his X timeline. He also put up a video where passengers could be seen deboarding. «People r suffering bcoz of you @IndiGo6E lying lying n lying, there r some old passengers on wheel chairs, not in a very good health condition. Shame on you,» he wrote. Indigo later issued a statement saying that the delay involving the Chennai-Mumbai flight was due to «operational reasons». «Flight 6E 5149 from Chennai to Mumbai on Nov 29 was delayed due to operational reasons.

Fashion group SMCP, owner of French fashion labels Sandro and Maje, said on Thursday it signed a deal with Reliance to expand into India and will join other high-end European brands opening stores in the Jio World Plaza mall in Mumbai. «There aren't a lot of accessible luxury fashion labels in India so we think it's time to be pioneering,» said SMCP CEO Isabelle Guichot, citing India's wealth and growing population of younger generations among reasons for entering the country. After years of testing the Indian market with outlets in luxury hotels, high-end European labels are seeking to expand their retail presence there to tap its strong economic growth and a rapid rise in the number of local millionaires. SMCP did not disclose the financial terms of its partnership with Reliance Brands, which will become the exclusive distributor in India of Sandro and Maje. Reliance plans to open around 10 stores selling the SMCP brands in the next three to five years, said Guichot, starting with the mall in Mumbai developed by Indian tycoon Mukesh Ambani. Reliance Brands, a subsidiary of Ambani's Reliance Retail Ventures, has partnership deals with dozens of high-end European and American labels, including Bottega Veneta, Burberry, Valentino and Tiffany.

Cost of Living LIVE Updates November 30: 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.

Mumbai: Subscribers to the National Pension Scheme (NPS) can now choose separate pension managers for three asset classes—equity, government security, and corporate bonds, as per an update provided by the Pension Fund Regulatory and Development Authority. The option, however, has not been extended to alternative assets.

bankruptcy court in Mumbai has rejected an application filed against Indamer Mjets Airport Service Pvt Ltd to admit the company under the Corporate Insolvency Resolution Process (CIRP). New Delhi-based Dezire Group had approached the tribunal after the company defaulted on its alleged dues of over Rs 1.57 crore.

MUMBAI : Lenders to Go First plan to scout for litigation finance to bring home up to ₹12,000 crore tied up in various lawsuits, two people aware of the development said, as the bankrupt airline stares at likely liquidation. The amount includes an arbitration award that it won against engine maker Pratt & Whitney at the Singapore International Arbitration Centre (SIAC) earlier this year, as well as several other lawsuits under way.

MUMBAI : Robust domestic buying as well as short-covering by foreign institutional investors (FIIs) ahead of the assembly election results on 3 December propelled BSE’s market capitalization to $3.99 trillion on Wednesday, well past the government’s nominal gross domestic product (GDP) forecast of $3.62 trillion for the current fiscal (FY24). The Nifty 50 index reclaimed the 20,000-mark after a span of two months.

cotton farmers to the global level, it said on Wednesday. “We are trying to gradually raise the productivity of Indian cotton farmers from the average 450 kg per hectare to global levels of 1,500-2,200 kg per hectare,” said Rachna Shah, textile secretary. The evaluation of the study, which started last year and covers 15,000 farmers across ten major textile-producing states, will be available in January 2024. The ministry noted that it will be featuring more such innovations at the 81st Plenary Meeting of the International Cotton Advisory Committee (ICAC), which will be held in Mumbai from December 2-7. The ministry pointed out that the focus for the conference hosted by India, after nearly eight years, will be on local innovations and cutting-edge technologies which can have global implications for the cotton value chain. The ministry also plans to launch India’s premium cotton, “Kasturi cotton”, at the inter-governmental event featuring participants from 28 member countries and seven invitee countries. “ICAC will be a platform to present Kasturi cotton before the global audience.

MUMBAI (Reuters) — Prosus (OTC:PROSF) NV, an investor in once-hot Indian education firm Byju's said on Wednesday it is valuing the firm at under $3 billion, 86% less than its peak valuation of $22 billion last year, as the company has struggled with governance and cash flow problems.

Mumbai, 29th November 2023: One of Asia’s largest integrated learning, skilling & workforce development majors upGrad moved to the widely accepted IndAS accounting standard in line with its longer-term listing plans. While Gross Revenue came in at INR 1530 Crore - adjusted for IndAS upGrad recorded a revenue of INR 1,194 Crore for FY23, a 96% jump from the previous financial year of INR 608 Crore.

Hinduja Group came under an Income Tax survey on November 29, news agency PTI reported. The survey operation was carried out in the said entities located in Mumbai and some other cities, the report said citing official sources. The income tax survey operation is reportedly part of a tax evasion investigation. Under the income tax law for survey operations, only office premises were covered, reports said. An email sent by PTI to the Hinduja Group did not elicit an immediate response. According to sources cited by PTI, the income tax department action is also connected to provisions of the General Anti-Avoidance Rules (GAAR). Hinduja Group owns IndusInd Bank, Hinduja Leyland Finance and Hinduja Bank (Switzerland). The group is currently diversifying and is readying plans to make forays into new tech, digital and fintech. According to the group, this is part of its new phase of growth.

Hinduja Global Solutions (HGS) in Mumbai, as per an ANI report. Besides this, a survey is also underway on Ashok Hinduja, Chairman of the Hinduja Group of companies. More details are awaited.

Cost of Living LIVE Updates November 29: 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.

Bharat Heavy Electricals (BHEL), a leading engineering and manufacturing company in the energy and infrastructure sectors, gained sharply in Wednesday's trade on multiple positive developments. The Ministry of Defence on Tuesday signed a contract with the company for the procurement of 16 upgraded Super Rapid Gun Mount (SRGM) along with associated equipment and accessories for the Indian Navy under the ‘buy’ (Indian) category at a total cost of ₹2,956.89 crore.