City Mumbai Financial News

MUMBAI : At a time when investing in capacity expansion is seen as a strategy for long-term revenue growth, Steel Authority of India Ltd’s (SAIL) expansion plans appear to have made investors anxious. The worry is that the steelmaker’s expansion plans would lead to significantly higher capital expenditure (capex) thus keeping debt high in the coming years. This could explain why SAIL’s shares have underperformed so far in 2023, gaining 10% compared to 14% rise in the Nifty 500 index.

MUMBAI : After nearly two decades, a company from the Tata group stable is gearing up for its stock market debut. This itself is enough to stir excitement. Enter Tata Technologies Ltd, the initial public offering (IPO) of which opens for subscription today.

MUMBAI : The initial public offering (IPO) of state-owned Indian Renewable Energy Development Agency Ltd (Ireda) opened on Tuesday and attracted investors across categories, reflecting the rising prospects for renewable energy financing in the Indian market. Overall, the IPO was subscribed 1.96 times, with bids received for a total of 921 million shares against the 471 million shares on offer. The response suggests that investors are confident of Ireda’s prospects as India’s largest green financing non-banking financial company (NBFC).

According to the business solutions provider Quess Corp, about 65 per cent of the aggregate demand emerged from Development, ERP, Automotive Design, Testing, and Administration skills.

Cost of Living LIVE November 21: 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.

NEW DELHI : Purple Style Labs, the parent of luxury fashion omni-channel platform Pernia’s Pop-Up Shop, has secured an $8-million (about ₹66.6 crore) Series-D round led by Sanket Parekh of the Pidilite family office, with participation from Signet, the family office of Harish Shah, Hira Group’s family office and other investors. Existing investors also participated, including Singularity Growth Opportunities Fund I, Neelesh Bhatnagar of NB Ventures, fashion designer Masaba Gupta, and the former partners of Premji Invest, Rahul Garg and Atul Gupta. The company was valued at $352 million for the fundraising.

MUMBAI : Religare Enterprises Ltd’s (REL) board on Monday refuted the allegations against its chairperson Rashmi Saluja asserting that granting of the employee stock options (Esops) from REL’s subsidiary Care Health Insurance Ltd, complied with the regulations of the insurance watchdog. The Burman family, which seeks to take over REL via an open offer, claimed last week that Saluja’s annual remuneration of ₹150 crore is excessive. The open offer was announced on 25 September.

₹66.6 crore) in a series-D funding round led by Sanket Parekh of the Pidilite family office. The funding had been raised at a valuation of $352 million, said Purple Style, the parent company of Pernia’s Pop-Up Shop, a luxury fashion omnichannel platform. The round also saw participation from Signet (Harish Shah’s family office), Hira Group’s family office and other investors.

Mumbai | Australia defeated India to win the ICC Men’s Cricket World Cup, yielding a windfall for punters who had wagered against the host country’s unbeaten streak until the final.

World Cup that started with questions over the future of 50-over one-day internationals ended with doubts still being expressed about their worth outside the context of a showpiece event. Australia's six-wicket win over India in front of a 92,000 crowd at Ahmedabad's Narendra Modi Stadium may have been a disappointingly one-sided final for home and neutral fans. But the memory of several more dramatic contests earlier in the tournament was still vivid, with Afghanistan overwhelming defending champions England by 69 runs and non-Test nation the Netherlands defeating eventual semi-finalists South Africa. One of the plus points of an ODI is that it allows a team to stage the kind of epic comeback more often associated with a Test match, while still producing a result in a day. And while the high velocity, smash-and-grab Twenty20 game may be increasingly important to the finances of players and national boards alike, as evidenced by the lucrative Indian Premier League, it rarely produces drama to compete with cricket's longer formats. Nowhere was this more evident at this World Cup than during Australia's remarkable pool play victory over Afghanistan when, on the brink of defeat at 91-7 chasing 292, a staggering double century from Glenn Maxwell secured an extraordinary three-wicket win. Pat Cummins, who kept Maxwell company during an unbroken stand of 202 in that memorable match at Mumbai's Wankhede Stadium, admitted to mixed emotions after leading Australia to a record-extending sixth World Cup title. «It's hard to say.

MUMBAI : To strengthen its foothold in Japan’s gaming market, Indian digital entertainment and technology firm JetSynthesys has entered into a strategic tie-up with Tokyo Stock Exchange-listed Digital Hearts Holdings (DHH). As part of a comprehensive deal aimed at mutual growth and global expansion, DHH will invest an undisclosed sum in JetSynthesys Japan, besides establishing a 50:50 joint venture in India. The venture will capitalize on the strengths of both entities, with DHH contributing expertise in quality assurance, customer support, and marketing, while JetSynthesys draws on its technology prowess and digital entertainment capabilities.

MUMBAI : The Reserve Bank of India (RBI) purchased nine tonnes of gold in the September quarter, contributing to the 337 tonnes purchased by global central banks, and underscoring the importance of gold as a diversifier of its total reserves. With the latest quarterly buying, India’s official gold reserves stood at 806.7 tonnes as of September end, placing it at No. 10 in the pecking order, according to miner’s lobby World Gold Council (WGC).

MUMBAI : Information technology (IT) stocks seem to be garnering renewed interest with the Nifty IT index rising 6% so far in November. The better-than-expected October US CPI inflation data has raised hopes that the US Federal Reserve’s rate hiking cycle is nearing its end. If this hope materialises then it should come as a boost especially to the banking, financial services, and insurance (BFSI) sector—a key revenue generator for Indian IT companies.

MUMBAI : The Bharat Heavy Electricals Ltd (BHEL) stock has zoomed 77% so far in 2023. The government’s capex thrust has come as a shot in the arm for capital goods stocks lately. But in the case of BHEL, a robust order inflow outlook mainly for its thermal power segment, is fuelling optimism among investors.

Shinde on Sunday used a music analogy to describe the current state of politics as «besur sur» (not in tune). Shinde, who heads a coalition government comprising Shiv Sena, BJP, and NCP (Ajit Pawar faction), performed bhoomi pujan of Bharat Ratna Lata Mangeshkar Sangeet Vidyalaya in his home turf Thane and also inaugurated various civic projects. «The world had witnessed a Lata Mangeshkar era wherein she mesmerised the people with her rich repertoire of songs,» he said.

ICC Men's Cricket World Cup 2023 Final between India and Australia at Ahmedabad's Narendra Modi Stadium on 19 November is underway, and the stadium is filled with a sea of blue, as spectators and cricket fans across India arrive expecting the Men in Blue will defeat the Australians and lift the Cricket World Cup. The buzz for the the match was complemented by world-renowned Surya Kiran, the aerobatic team of the Indian Air Force.

By Dr Mukesh Aghi

Filmmaker Sanjay Gadhvi of Dhoom fame died at his Mumbai home on Sunday, November 19. His daughter Sanjina Gadhvi shared the news as reported by PTI. He was 56 and would have celebrated his 57th birthday in three days.

ODI World Cup 2023 Final between India and Australia at Narendra Modi Stadium on Sunday, fervent prayers, aarti, and havans were conducted across India as fans sought divine intervention for a triumphant outcome for the Men in Blue. In Prayagraj, members of the transgender community joined in prayer for the victory of the 'Men in Blue' in the highly anticipated Final against the five-time World Cup champions, Australia, as reported by ANI. Simultaneously, a 'hawan' took place at Mumbai's Madhavbaug Temple, where cricket enthusiasts fervently prayed for the success of Rohit Sharma-led India against the formidable Aussies.

Mercedes and Audi have dispatched record units this festive season as the demand for high-end cars continues to grow in the country. Driven by brisk sales throughout the year, the luxury car industry in India is hopeful of achieving its best-ever performance this year. In an interaction with PTI, Mercedes-Benz India Managing Director Santosh Iyer said the festive season this year from Onam to Diwali has been better than last years', owing to multiple new launches, an attractive portfolio and also strong customer sentiment.

World Cup 2023 at the Narendra Modi Stadium in Ahmedabad on November 19. Ahead of the mega encounter, all eyes are set on the predicted playing XI of both sides, the pitch report and where the match could be watched live. The India vs Australia final will be a day-night match, with a reserve day listed on November 20 if the match cannot be played or completed on November 19.