City Mumbai Financial News

ICC World Cup 2023: New Zealand defeated Sri Lanka by 5 wickets on Thursday to almost secure a berth in the first semi-finals against India at Wankhede Stadium, Mumbai on 15th November. The Kiwis virtually knocked out Pakistan from the top 4 race as the Babar Azam side needs some implausible victory against England to find a place in the semi-finals. As the semi-finals between India and New Zealand become imminent, users on social media shared some hilarious memes about the World Cup 2019 clash between the two teams.

MUMBAI : Direct-to-consumer (D2C) brand Sugar Cosmetics is looking to raise $100 million in a new funding round that will value the company at around $700-800 million, said three people with knowledge of the development. About 60-70% of this fundraise will happen through issuance of fresh equity and the rest through stake sales by existing investors, they said. The company is in talks with sovereign wealth funds and private equity funds to raise the amount.

The daughter of a retiree is looking to a major Canadian airline for answers after her father became ill on a recent 16-hour flight from India to Canada and died upon arrival.

TOI report around 80 licenses for selling crackers have been revoked. Permission to sell and burn green crackers will only be given if air quality on AQI index is registered below'200' level which seems unlikely in the current situation when air quality is over 400 mark. Gurugram district administration on September 28 issued an order imposing a ban on production, sale and storage of all types of firecrackers.

Apollo Hospitals, Enterprise, India's largest private healthcare provider on Thursday said it will be investing Rs Rs 3435 crore on expanding its bed capacity. Apollo said it will be adding 2300 beds across 8 locations to its network over the next three financial years. The capacity expansion will be met through internal accruals and debt financing, the company added. The new expansion will mainly come in West, East and North India, where Apollo is strengthening its foothold. Apollo is traditionally dominant in the South. As part of the expansion plan, the company announced a 250-bed new hospital in Pune expandable to 425 beds in 2 years at an overall cost of Rs 675 crores.

Airtel Thursday said it has expanded its 5G network to all 23 districts of West Bengal, which will bring the high-speed technology to its 1.6 million customers. This marks a significant milestone for Airtel as the company has achieved 5G coverage across all districts and union territories in the country within a year of the launch of the service, the company said.

Bajaj Hindusthan Sugar Ltd on Thursday reported a consolidated net loss of Rs 122.87 crore in the second quarter of this fiscal. Its net loss stood at Rs 162.37 crore in the year-ago period.

₹24,600 per month by 2022-end to ₹28,500 per month by September-end 2023. At Sarjapur Road, average monthly rents increased from ₹24,000 per month in 2022-end to ₹30,500 per month in September 2023". Also read: Tax implications for non-residents selling ancestral property in India Besides Bengaluru, housing rents have soared in other metropolitan cities including Hyderabad, Pune, Delhi and Mumbai.

Revenue from operations during the second quarter increased 28% year-on-year (YoY) to Rs 6,646 crore. It was Rs 5,211 crore in the in the last year quarter. EBITDA for the quarter (excluding the forex loss) jumped 19% YoY to Rs 3,880 crore in the July-September period. The domestic cargo volumes of the company jumped 13% YoY to 98.12 mmt, while the total cargo volumes rose 17% YoY to 101.22 mmt in the reporting quarter. Mundra Port handled cargo volumes to the tune of 44.44 mmt in the September quarter, up 14% YoY.

Mumbai-Pune Expressway today for six hours, from 11am to 5pm. As per a TOI report, this restriction is due to construction work being carried out by the Mumbai Railway Vikas Corporation Ltd on the Panvel-Karjat suburban rail corridor. Assistant Police Inspector Yogesh Bhosale told TOI that traffic will be diverted at the Panvel exit to travel along the old Mumbai-Pune highway (NH48) via Karanjade and reach Kalamboli circle before heading towards Mumbai.

IPG Mediabrands, the media and marketing arm of the $11 billion American advertising firm Interpublic Group, sees India as the top priority market considering the transformational work happening here for both local and overseas clients, said its global CEO Eileen Kiernan. “The kind of transformation that we’re trying to drive out of India right now, it is our number one priority. India is now our number two talent business in the world, behind the United States,” she told ET. She said the company’s India unit has built a brilliant combination of scale and growth, along with a quality digital and tech talent base. “When we think about our future, we know we can rely on India for ongoing growth, but we see India as an incredibly strategic part of our vision for how we move forward,” said Kiernan. IPG Mediabrands is building a centre of excellence in Pune which will be the hub for serving advertising clients from around the world and will comprise 3,000 professionals in the next three years.

(This story originally appeared in on Nov 07, 2023)

Top 10 polluted cities in India In view of the deteriorating air quality in Mumbai, several new initiatives have been taken by authorities to reduce air pollution. Maharashtra Minister Deepak Kesarkar said initiatives like, 'cleaning up the roads with water', ' sprinkling water on construction sites', and 'fogging guns are being used to clean air'. Beyond stubble burning: Why is dealing with other 'consistent' sources of Delhi air pollution important He appealed to citizens not to burst firecrackers during Diwali and extended cooperation in improving Mumbai's poor air quality index.

fire at a shisha bar and restaurant in Bengaluru prompted the chef to jump off the building. This was captured in a horrific video; the chef remains in a coma. The building had not been inspected by the fire and emergency services department because it has no mandate to inspect buildings under 21 metres.

Vedanta Resources (VRL) bond investors demanded the company pay at least 75% of the principal and interest on the bonds maturing in January next year and 25% on those maturing in March 2025. For the remaining portion of the two bonds maturing in 2024 and 2025, investors want fresh notes valued at 1.3 of each existing bond. The proposal was sent by Cleary Gottlieb Steen & Hamilton LLP, a law firm, on behalf of the bondholders holding 25% of $1 billion bonds maturing in January 2024 and $1.2 billion in March 2025. The group said they together hold the blocking stake in each of the bonds.

Kaynes SemiCon, a 100% subsidiary of Kaynes Technology, is investing Rs 2,850 crore in a facility in Hyderabad for outsourced semiconductor assembly and testing (OSAT), with automatic test equipment (ATE) and a reliability testing line, chief executive Raghu Panicker said. The groundbreaking ceremony for the facility that will have 13 lines for OSAT, and one each for ATE and reliability testing was held recently.

Global Capability Centres (GCC) are bucking the broader industry’s hiring downtrend. This year, GCC hiring could climb up to 30% from last year, with four out of five facilities adding jobs, data accessed by ET showed. Fresher hiring by GCCs will mainly benefit premier institutes, experts said. This comes as the top Mumbai-listed IT services companies, otherwise among the leading absorbers of fresh engineering and management talent, have decided to skip the campuses.

MUMBAI : The Mumbai bench of the National Company Law Tribunal (NCLT) has directed the income tax department to refund ₹11.89 crore to insolvent travel firm Cox & Kings. “We direct the income tax department to refund the amount of ₹11.89 crore adjusted by them towards outstanding dues of the corporate debtor (Cox & Kings) within four weeks from the date of receipt of the order," said a bench led by Justice Lakshmi Gurung in an order issued on 1 November but uploaded on the official website on Tuesday.

Maharashtra government on Wednesday decided to acquire the iconic Air India building at Nariman Point in Mumbai for Rs 1,601 crore. The decision was taken at a meeting of the state cabinet in Mumbai. The meeting, chaired by Chief Minister Eknath Shinde, also decided to waive off around Rs 250 crore unrealised income and interest on the property, an official said.

The luxury housing segment in India, comprising units priced at Rs 4 crore and above, maintained strong sales momentum in the Jan-Sep’23 period, registering a 97% Y-o-Y increase, according to CBRE’s ‘India Market Monitor Q3 2023’ report.

real estate sector has risen significantly, with their investments steadily rising over the past five years, 'The NRI Real Estate Report 2023', by NoBroker.com showed. Between 2019 and 2020, NRIs constituted around 10 percent of the total real estate investments in India.