City Mumbai Financial News

casino operator Delta Corp plunged 18% on Monday on news the company and its subsidiaries got tax notices for ₹16,800 crore from the Directorate General of GST (Goods and Services Tax) Intelligence. The development spooked investors as the claims were over four times the company's market value of ₹3,829 crore on Monday. The stock hit a 52-week low of ₹140.20 before closing at ₹143.

Digital India (DIA) Bill is ready, and will be released for consultation soon, a top official told ET. The Bill, which will replace the 23-year-old IT Act, is likely to be tabled in the Parliament during the later part of the winter session, the official said. “The draft of the Digital India Bill is almost ready; it will be released soon,” said the official. Once the industry and stakeholder consultations are completed, the final draft of the Bill will be tabled in the Parliament.

Kishore Biyani, founder of the Future Group has challenged the forensic audit process and the report submitted by accounting firm BDO India LLP and its lender Bank of India at the Bombay High Court. On Monday, Future Retail said in the stock exchange announcement that Biyani has filed a writ petition against the company, its forensic auditor BDO India and its lender Bank of India. Biyani approached the court through the law firm Naik Naik & Co on September 15 and the division bench of Justice Sunil B. Shukre and Justice Firdosh Phiroze Pooniwalla will hear the matter on September 31. The development comes after Future Retail’s lender Bank of India last month asked the distressed company as well as its promoters Kishore Biyani and Rakesh Biyani to submit their response on a forensic audit report. The lender had appointed BDO India as the forensic auditor to conduct the forensic audit of Future Retail’s account.

MUMBAI : After a year of costly extensions, MCX, India’s largest commodity derivatives exchange, is preparing to part ways with 63 Moons Technologies Ltd, its former anchor shareholder. The separation involves a crucial technology platform necessary for running its operations, including trading, clearing and settlements.

JP Morgan said it expects India’s weight to reach a tenth of the GBI-EM Global Diversified index.

Bombay High Court against the forensic audit process of the company. Earlier in August this year, Kishore Biyani and his brother Rakesh Biyani were asked by Bank of India to respond to findings made in the forensic audit report by BDO, a forensic auditor appointed by the leading financial creditor of Future Retail Ltd (FRL). The forensic auditor had submitted its report on August 9, 2023, and Bank of India sought representation/submissions from the company over the credit facilities availed by Biyani, which was replied by the resolution professional on August 28, 2023, FRL said in a regulatory filing. «Kishore Biyani — Director of the Company, has filed a writ petition before High Court, Bombay, inter alia challenging the Forensic Audit process, including the Forensic Audit Report dated August 09, 2023, submitted to BOI by BDO India,» FRL said. Bank of India is the lead creditor of FRL, and CIRP was initiated against the retailer on its plea. The deadline to complete the CIRP of FRL was September 15.

Exciting news! Mint is now on WhatsApp Channels . Subscribe today by clicking the link and stay updated with the latest financial insights! Click here! Brandon Stanton who launched "Humans of New York" in 2010, sharing interviews with city residents alongside their photos. It was a runaway success and three years later, Karishma Mehta started "Humans of Bombay" in her home city of Mumbai, which now has 2.7 million followers on Instagram.

flexible office space in India are seeing demand outstrip supply as companies expand rapidly and adopt hybrid work models to offer better work-life balance. In recent transactions, companies including Microsoft, EY, DE Shaw India, Coforge, Shell, Groww, and Air India have leased substantial office space through managed office providers to facilitate operational expansion. In the period spanning Q1 to Q2, Google acquired 4,000 seats in Bengaluru, while Mastercard leased 1,000 seats in Navi Mumbai and EY secured 2,400 seats in Pune. “The adoption of enterprise seats closely aligns with the widespread acceptance and adoption of the managed space and the overall flex model,” said Neetish Sarda, founder of Smartworks, a managed workspace provider. “We have around 8 million sq ft of space under management and are in the process of closing another million square feet spread across multiple geographies.

Sharad Pawar's meeting with Gautam Adin Ahmedabad, NCP MLA Jayant Patil said that there is no need to mix up two different things. «There is no need for objection to it, it was just one project where Sharad Pawar went and inaugurated it. Sharad Pawar has always supported the decisions taken in meetings of the INDIA alliance and there is no need to mix two things,» said Patil. Patil said there should be no controversy over it as keeping the invitation of Gautam Adani and the INDIA bloc are two separate things.

Ana Rodriguez. India accounts for 11% of Lladro's global sales. The company generates 69% of its business from heritage concept (high porcelain, classic sculptures, home and licences), 21% from new concept (design sculptures, scent and jewellery), and 10% from lighting. Lladro will also have an «important» investment plan for developing online sales in the country next year, besides launching more mono-brand stores in the country, according to Rodriguez. With the new boutique, Lladro now has eight own-brand stores in India in markets such as New Delhi, Gurugram, Mumbai, Bengaluru, Hyderabad, Chennai and Kolkata. «For us, India is not only a key market but a very strategic market,» Rodriguez told ET.

LandCraft Retail has leased a commercial property owned by actor Salman Khan on Linking Road in Mumbai at a rental of ₹1 crore per month to open a new gourmet store, replacing Food Hall owned by debt-ridden Future Group. The new chain — Food Square — will compete with RP Sanjiv Goenka-owned Nature's Basket and Reliance Freshpik. «We are farmer-entrepreneurs-founders ourselves, running large-scale aquaponics and sustainable soil-based farms in different parts of Maharashtra for more than five years,» said Mayank Gupta, managing director and co-founder of Food Square. He added that the current valuation of the Indian gourmet food market at $1.3 billion with an annual compounded growth rate of 20% «makes it a promising arena». Salman Khan had bought the Linking Road property for nearly ₹120 crore a decade ago to build a commercial premise.Future Retail had leased the space in 2017 for five years at a monthly rental of ₹80 lakh, which was renewed last year for ₹90 lakh.

immigration facility at the Puducherry port, regional oil spill response centres in five states and removing submarine oil and gas pipelines in Mumbai are among the requests from state maritime boards that are being considered by the Centre. Most state government-controlled maritime boards want improved support for their ports along with better facilities to help them gain more cargo and passenger volumes. “Calls for financial incentive to encourage shift of cargo from road or rail to coastal shipping also figure on the list of demands,” a top government official aware of such requests told ET. Meanwhile, the Centre has flagged some concerns.

Bismillah Khan's house in Varanasi was demolished in 2020 to make way for a commercial complex. A year before, RK Studios in Mumbai, set up by Raj Kapoor in 1950 and where so many iconic movies were shot, was also razed. Joining this 'graveyard of invisibles' now is cricket legend Vijaya Hazare's bungalow, Pushpakoot, in Vadodara, set to be demolished. There is a need to genuinely sit down and think about how we collectively value, recognise and preserve buildings and structures that embody our culture.

NEW DELHI, MUMBAI : The race to dominate the electric vehicle (EV) market has triggered a dash for talent, as automakers and others in the ecosystem seek out experienced professionals to develop capabilities in green mobility. Industry executives said that companies are trying to attract and retain professionals skilled in battery management systems, fuel cells and core engineering with pay hikes, retention bonuses and counter-offers. Leading Indian automakers are introducing new EV models, and startups are coming up with innovative electric mobility solutions, even as the government works to reduce carbon emissions.

MUMBAI : Akasa Air, India’s newest airline, is considering raising as much as $400 million, valuing the carrier at $1 billion, two people familiar with the development said. However, this could lead to a dilution of the stake held by the family of late billionaire investor Rakesh Jhunjhunwala, they said. “The fundraising will be done in multiple tranches, with an increasing valuation of up to $1 billion from around $650 million now.

₹92-122 per kg in farm gates of Kolkata, Bengaluru and Delhi this month, and retail prices ruled at ₹250-260 a kg, according to spot trading data. In July and August, farm gate chicken prices hovered around ₹90-100 per kg and retail prices were quoted at ₹180-210 per kg. Similarly, egg prices in Delhi, Kolkata, Mumbai and Bengaluru inched up to ₹540 per 100 pieces in wholesale markets, and ₹650 at retail outlets in September.

Celebi India may invest around USD 80 million in the business in the next four years as it eyes more airports besides enhancing cargo capacity, a top company executive has said. The company, which offers ground handling services and cargo operations, also plans to switch to an all-electric fleet across the airports it renders services at present, according to Murali Ramachandran, President for India & S-E Asia at Celebi Aviation Holdings, said. The company currently has the mandate to provide ground handling services at nine airports — Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Cochin, Ahmedabad, Mopa (Goa) and Kannur — and handle cargo operations at Delhi airport through a joint venture with Delhi International Airport Ltd (DIAL). «Celebi has already invested around USD 250 million (since its entry in the Indian market in 2007).

healthcare is the road map for a "healthy India". He said India has moved from a sectoral and segmented approach to health service delivery to a comprehensive need-based healthcare service and is now seen as a role model in crisis management and preventive healthcare. The minister of state in the Prime Minister's office was speaking at the launch of Jammu and Kashmir's first ever state-of-the-art cancer care facility affiliated to Tata Memorial Centre (TMC), Mumbai in the new block of Government Medical College Kathua. «India has taken a lead in the production of vaccines for the prevention of malignancies like cervavac — the country's first quadrivalent human papillomavirus vaccine to fight cervical cancer.

ONGC) has signed an agreement to sell crude oil it produces from Mumbai offshore fields to HPCL — the second such agreement in as many months, as India's top oil and gas producer prefers term contracts over auctions where refiners hammer deep discounts. In a post on X, formerly known as Twitter, ONGC said it has inked 'term agreement with HPCL for sale of crude oil from Mumbai offshore.' While it did not give details, sources aware of the matter said the pact for sale of about 4.5 million tonnes per annum of crude oil to Hindustan Petroleum Corporation Ltd's (HPCL) Mumbai refinery. «This is the second term agreement sealed for sale of Mumbai Offshore crude oil post marketing freedom,» ONGC said. Last month, ONGC had signed a similar pact to sell 4 million tonnes per annum plus an optional 0.5 million tonnes of crude oil to Bharat Petroleum Corporation Ltd (BPCL), which too has a refinery to convert the crude oil into fuels like petrol and diesel at Mumbai. ONGC produces 13-14 million tonnes per annum of crude oil from its fields in the Arabian Sea, off the Mumbai coast. In June last year, the government abolished a rule that said oil from blocks awarded prior to 1999 must be sold to government-nominated customers, mostly state refiners.

Amit Shah on Saturday said the co-operative sector was «not irrelevant», but it was hurt by political interference in the past. The Narendra Modi government's decision to de-link it from the agriculture ministry gave the sector a tremendous boost, he said. Shah, who also handles the co-operation portfolio alongside the home ministry, was delivering the Laxmanrao Inamdar Memorial Lecture at Mumbai University. Co-operation is a human-centric model where people with minimum capital can contribute to the economy by coming together and compete with those who have access to more funds, he said. He also said that the Modi government brought into mainstream some 60 crore people who did not have bank accounts and were part of the informal economy. The cooperative movement must absorb modern technologies, he said, adding that «mass production and production by masses» is required.