City Mumbai Financial News

Mumbai office market witnessed healthy leasing activity with 3.5 million square feet  (MSF) gross leasing volume (GLV) in third quarter, a 26.9% quarter-on-quarter growth.

Adani Energy Solutions on Monday said it has commissioned the Khargar-Vikhroli transmission line to supply an additional 1,000 MW of power to Mumbai city. «Kharghar Vikhroli Transmission Ltd (KVTL), which will enable additional power to be brought into Mumbai and thus enable in meeting the city's growing and future electricity demand, is commissioned,» a company statement said. Built by Adani Energy Solutions Ltd (earlier known as Adani Transmission Ltd) — the energy solution, transmission and distribution arm of the Adani group — the project is critical for Mumbai, as the existing capacity of the transmission corridor is not sufficient to carry further power into the city, it stated. Mumbai witnessed grid failure twice recently – on February 27, 2022, and October 12, 2020 — localities across the metropolis went dark for a considerable period, it noted. The Kharghar-Vikhroli line will bring an additional 1,000 MW of reliable power to Mumbai city as a solution to mitigate any such incidents in the future, it noted. With this project's commissioning, Mumbai gets a 400 KV grid within its municipal geography, bringing enhanced import capability within its electricity grid and improving reliability and stability, it stated. For consumers, it provides much more sustainability to commuting through bullet trains, metro rail and city railways, and also for commercial and residential establishments. The KVTL comprises approximately 74 circuit kilometres of 400 kV and 220 kV transmission lines, along with a 1,500 MVA 400kV Gas Insulated Substation (GIS) at Vikhroli, the first 400KV substation of its kind in Mumbai. Occupying approximately 9,500 sq m area, it has the most compact design when it comes to 400 KV substations.

Also read: Amid India-Canada row, Elon Musk accuses Canadian PM Justin Trudeau of ‘crushing free speech’ But a senior government official told Reuters that New Delhi has not instructed importers to refrain from purchases. Besides, an official with the Canadian Global Affairs Department said that Canada is also not taking any action that would directly affect trade with India.

This under-construction project from Lodha Group’s listed company Macrotech Developers had recently witnessed the country’s most expensive apartment deal with industrialist JP Taparia’s family picking up a triplex on the 26th, 27th and 28th floor of the tower for Rs 369 crore. Mumbai, the country’s largest and most expensive real estate market, has been setting new benchmarks with property transactions. Several large-ticket record-setting transactions involving industrialists, CXOs, actors, and sports personalities have been taking place in the country's commercial capital since the last few quarters. Among Bollywood personalities, luxury residential deals including that of Amitabh Bachchan, Ranveer Singh, Hrithik Roshan, Rani Mukherjee, Kartik Aryan, Alia Bhat and Disha Patani have created the buzz in the property market, ET has reported.

India vs England, ICC World Cup 2023 Warm-Up Match Highlights: Match called off, India to play next on 3 Oct Netherlands had faced Australia in their first warm-up match at the same venue on September 30 in a game marred by rain. While no result could be obtained, Australia scored 166 for the loss of 3 wickets in their 23 overs while Netherlands could score only 84 runs and lost 6 wickets before the match was eventually called off.

Pickleball tournament in Mumbai saw the highest number of participants at 470 and a record number of over 15 sponsors, including Skechers, Decathlon, Selkirk, Franklin, and Pickleball United. Pickleball, often described as a combination of tennis, ping-pong and badminton, has grown nearly 40% in the last three years — making it America's fastest-growing sport. A relatively new and emerging sport in India, it is gaining popularity across age brackets and among CEOs.

MUMBAI: How do you deal with unexpected financial events, such as medical emergencies or job loss? Most people are unprepared for such events and are eventually forced to dip into their savings. Some already have a financial plan in place to meet any exigencies and their life goals.

₹42,999 for one-way and ₹52,999 for return. Apart from this, Air India said that all-premium economy fares start from ₹79,999 for one way and ₹1,09,999 for return. It added that currently, Air India’s premium economy class is available to guests traveling on select routes: Bengaluru-San Francisco, Mumbai-San Francisco, and Mumbai-New York.

Congress leader Navjot Singh Sidhu on Sunday said the opposition INDIA bloc stands like a «tall mountain» and its grandeur will not be affected by a storm here and there. «Punjab must understand that this is an election to choose India's prime minister and not Punjab's chief minister,» he said in a post on 'X'.

₹1,18,199.17 per kilolitre (Kl), up 5.14% from ₹1,12,419.33 last month. Similarly, the price of jet fuel in Kolkata increased 4.65% to ₹1,26,697.08 per Kl. In other key cities of Mumbai and Chennai, jet fuel is now priced at ₹1,10,592.31 and ₹1,22,423.92 per Kl, according to data from the OMCs.

₹1,18,199.17 per kilolitre (kl), up 5.14% from ₹1,12,419.33 last month. Similarly, the price of jet fuel in Kolkata increased 4.65% to ₹1,26,697.08 per kl. In Mumbai and Chennai, jet fuel is now priced at ₹1,10,592.31 and ₹1,22,423.92 per kl, respectively, according to data from the OMCs.

(Exciting news! Mint is now on WhatsApp Channel. Subscribe today by clicking the link and stay updated with the latest financial insights! Click here!) This year marks the 350th anniversary of the coronation of Shivaji.

₹21-crore IPO. Revenues of this Mumbai-based content creator for TV channels and streaming platforms have surged at an average annual rate of 65% in the last three years to ₹48 crore in 2022-23. Similar growth buoyancy is seen among the top 10 constituents of the BSE SME IPO index, as on 31 August.

₹209 from 1 October. The hike of ₹209 has come after two successive reduction of ₹250 (Approx) in August and September this year. In Delhi, the commercial gas cylinder price has been increased to ₹1,731.50/kg from ₹1,522.50/kg.

September performance in terms of property registrations and stamp duty revenue collections, as robust demand boosted sales momentum despite higher mortgage rates and real estate prices. The country’s largest and most expensive realty market saw registration of over 10,602 properties during the month, up 23% from a year ago, while revenue collection through stamp duty charges rose 53% on-year to contribute over Rs 1,124 crore to the state’s exchequer, showed data from Maharashtra’s inspector general of registration. Real estate developers and industry experts are of the view that the momentum in property sales will continue in the upcoming festive season. «The robust response from homebuyers during the month of Ganesh Utsav indicates the positive sentiments towards home ownership despite higher mortgage rates,” said Sandeep Runwal, president, NAREDCO Maharashtra and MD at Runwal Developers. “Based on the current enquiry levels, we can certainly see a strong sales momentum in the upcoming festive season starting with Navratri.» Of the total properties registered in the month, 82% were residential apartments while commercial and other segments constituted the remaining 18%. «The Mumbai residential market continues to display remarkable resilience, consistently surpassing the 10,000-property mark,” said Shishir Baijal, CMD, Knight Frank India.

A M Naik stepped down as the chairman of L&T Group on Saturday. He handed over the reins of the USD 23 billion conglomerate to S N Subrahmanyan at an event in Mumbai. Naik, 81, will now be the chairman of the employees trust. He will focus on increasing many philanthropic initiatives that he has been undertaking for the past few years, according to a statement. India Post unveiled a postage stamp on Naik on the occasion. Naik's attention going forward will be on his philanthropic initiatives, including the Naik Charitable Trust which focuses on education and skill-building of the underprivileged, and the Nirali Memorial Medical Trust dedicated to facilitating super speciality healthcare at subsidised cost. Naik joined the company in 1965 as a junior engineer and went on to become its Group Chairman. In the nearly three decades in leadership roles, Naik helped the company grow to its present size and stature, the statement said.

₹5,000 to ₹10,000, reported Times of India. The action has come as a response to local taxi drivers complaints regarding the use of private vehicle by commercial carpooling apps. According to the Transport Department, private vehicles with a white registration plate for commercial purposes are illegal, according to Times of India.Moreover, their vehicle’s registration certificate can also get suspended for six months, Additional Commissioner (Enforcement) of the Transport Department Malikarjun C told TOI.

LIC Housing Finance has taken symbolic possession of a Churchgate property in Mumbai whose guarantor was Essel Group Chairman Subhash Chandra for non-payment of dues. In a newspaper advertisement published on Saturday, LIC Housing Finance said it had issued a demand notice calling upon the borrower Vasant Sagar Properties, PAN India Infraprojects with guarantor Subhash Chandra to repay the aggregate amount of Rs 570 crore. LIC Housing Finance said that the borrowers and guarantors have failed to repay the amount and the company has taken symbolic possession of the assets under the SARFESI Act on September 28. The borrowers and guarantors in particular and public in general are cautioned not to deal with the properties and any dealings with the properties will be to the charge of LIC Housing Finance for an amount of Rs 570 crore. The property in question is a plot in Backbay Reclamation Estate, Churchgate in Mumbai.

Vedanta, which faces bond redemptions exceeding $3 billion over the next 18 months at its UK-based holding company, Friday said it would demerge into six listed companies to undergird the valuations of its revenue streams as diverse as mining, energy, and non-ferrous metals. Mumbai-listed Vedanta, which produces copper, aluminium, iron ore and crude oil, and is a subsidiary of the London-based Vedanta Resources (VRL), said the exercise was aimed at building a simplified corporate structure that would appeal to focused investors. Separate listed companies for each vertical should boost the valuations of revenue streams that typically have slightly different business cycles and competitive dynamics despite sharing the broader industry classification of commodities and natural resources. To be sure, the demergers require regulatory and shareholder approvals. Through this move, billionaire Anil Agarwal-led Vedanta will carve out five new listed companies with existing investors getting one share each in the newly listed companies for every share owned in Mumbai-listed Vedanta.

World Cup, India Inc is warming up to bring cricket fever to the workplace. Companies including Godrej & Boyce, Physics Wallah, Urban Company, Shiprocket, The Sleep Company, Simpl, VideoVerse and TheMathCompany have plans to screen matches, with some going beyond to organise World Cup-themed contests, reward employees with passes to some matches, and curate special menus on match days, among other initiatives.

MUMBAI : Billionaire Anil Agarwal’s Vedanta Group unveiled a complete overhaul of its Indian metals, mining, and energy conglomerate, Vedanta Ltd, involving the demerger of its businesses into six independent companies, with a plan to list five of them by FY25. With the restructuring, Agarwal aims to create independent “pure play" companies to unlock value by drawing substantial investments for the expansion and growth of these businesses.