City Mumbai Financial News

MUMBAI — Brigade Enterprises, the Bengaluru-headquartered company that was primarily in the real estate business has ventured into leasing hotels, offices, malls, etc. in the last few years.Currently, the company has 7.4 million sq ft of leasable office space and 1.31 million sq ft of leasable retail space.

₹815.95 against the previous close of ₹828.05 and fell 5.45 per cent to the level of ₹782.90 on BSE. As Mint reported, Glenmark Pharmaceuticals announced on Thursday (September 21) that it would sell a 75 per cent stake in its subsidiary unit Glenmark Life Sciences, to Nirma for ₹615 per share for an aggregate consideration of ₹5.651.75 crore. The Mumbai-based drugmaker will continue to own a 7.84 per cent stake in Glenmark Life Sciences with the stake reduction.

₹58,730 per 10 gm on Multi Commodity Exchange (MCX), and went on to hit an intraday high of 58,778, and a low of ₹58,729. Around 9.20 a.m., MCX Gold for October 5 delivery traded 0.08 per cent lower at ₹58776 per 10 grams.

₹625.10 against the previous close of ₹627.10 and slipped 2.3 per cent to the level of ₹612.75. On Thursday (September 21), the company said Nirma had agreed to buy a 75 per cent stake in it for ₹5,651.5 crore in a deal that values the company at ₹7,535.4 crore. Mint reported first on 15 August that the cement-to-detergent maker was the sole bidder for the stake put on the block by parent Glenmark Pharmaceuticals Ltd, which is selling shares to Nirma at ₹615 apiece.

Apple Store in Delhi and Mumbai and other retail stores are unboxing locally made iPhone 15 and iPhone 15 Plus models, a first for the company since it started manufacturing iPhones in India in 2017. Industry executives said the entire local demand for the base and plus models will be served by India-made iPhones. The locally made units have also been exported to other regions. All four in the iPhone 15 series, launched earlier this month, went on sale Friday, with customers queuing up in hundreds since early morning at the stores.

Mukesh Ambani's broadcasting unit Viacom18 is set to sign a lease deal with Blackstone-owned Nucleus Office Parks for its new headquarters in Mumbai, spread over 400,000 square feet, six sources familiar with the matter said. Viacom, which runs TV channels and digital streaming platform JioCinema, competes with the likes of Walt Disney in India. Its new headquarters will be spread across roughly eight floors spread across the «One International Center» complex in Mumbai's business district of Lower Parel. «It is a marquee deal in terms of area.

MUMBAI : Moonlighting has waned in the tech services sector as a subdued job market, fewer freelance gigs and back-to-office policies shrink opportunities for employees keen to make a quick buck on the side. The change also marks a reversal of fortunes in the tech sector, where it had become a serious concern during the peak of the pandemic-fuelled boom. IT firms fretted that the trend would affect productivity, create conflicts of interest and cause data breaches.

MUMBAI : HDFC Asset Management Co. Ltd, or HDFC AMC, has secured the Reserve Bank of India’s (RBI’s) approval to raise its stake to 9.5% in five private lenders, signalling growing investor interest in private lenders and a potential bullish trend. India’s third-largest asset manager was granted regulatory approval to raise stakes in Karur Vysya Bank Ltd, DCB Bank Ltd, Equitas Small Finance Bank Ltd, Federal Bank Ltd, and City Union Bank, the lenders said in separate exchange fillings.

MUMBAI : Indian stocks extended their decline to a third straight day, dropping nearly 1% following the US Federal Reserve’s hawkish stance on interest rates. The expectation of prolonged elevated rates in the US has deepened concerns about a global slowdown, making equity markets jittery worldwide. The National Stock Exchange’s benchmark Nifty index, which has lost 1.45% in the past two sessions, ended 0.8% lower at 19,742.35 on Thursday.

₹18 lakh for breach of contract and ₹21 crore per pilot for damages to its reputation. A bench led by Justice S.M.

MUMBAI, NEW DELHI : Concerned about the decline in foreign direct investment (FDI) ahead of next year’s national elections, government officials met with alternative investment funds, startup founders and fund managers last week to identify and iron out operational challenges impeding capital inflows into India, people present in these meetings said. During the meeting with the department for promotion of industry and internal trade (DPIIT) officials, industry participants highlighted tax authorities’ reluctance to understand the valuation and revenue mismatch in high-growth startups.

MUMBAI : Nirma Ltd has agreed to buy 75% of Glenmark Life Sciences Ltd for ₹5,651.5 crore in a deal that values the latter at ₹7,535.4 crore. Mint reported first on 15 August that the cement-to-detergent maker was the sole bidder for the stake put on the block by parent Glenmark Pharmaceuticals Ltd, which is selling shares to Nirma at ₹615 apiece. Glenmark Pharma will continue to own 7.84% of Glenmark Life Sciences.

Jindal Power Ltd Thursday filed an appeal before the National Company Law Appellate Tribunal seeking to be considered as an applicant for the acquisition of insolvent Tuticorin Coal Terminal Pvt Ltd. Challenging an order of the National Company Law Tribunal's Mumbai bench, which had held the company ineligible for participation in the resolution process, Jindal Power argued that another company, Seapol, was allowed to file a resolution plan despite its name not appearing in the final list of prospective resolution applicant prepared by the committee of creditors. Jindal Power requested that the same rights be extended to the company that were given to Seapol, as the final list was prepared three years ago. The NCLAT asked the resolution professional of Tuticorin Coal Terminal to file an affidavit putting the facts of the case on record and listed the matter for October 5.

National Highway Authority of India (NHAI) inaugurated a 244 km stretch of Delhi-Mumbai Expressway between Jhabua of Madhya Pradesh to Modak of Rajashtan, near Jhalawar, on Wednesday i.e September 20, 2023. The new stretch of the expressway is passing through Madhya Pradesh covering several districts in the western region. This new road connectivity for the state passing through Jhabua, Mandsaur and Ratlam districts in Madhya Pradesh, connecting major cities, including Garoth, Jaora, Ratlam, and Thandla will open a direct conduit to New Delhi, the national capital and, Mumbai, the financial capital of the nation, the Times of India reported.

Adani Group on Thursday bagged two contracts worth Rs 13,888 crore from a state-owned discom to install smart meters. A total of six tenders were awarded by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to install smart meters, of which two have been bagged by the Adani Group, according to an official communique from the discom seen by PTI. The diversified group, which has a sizeable presence in the power sector and had recently won a Rs 1,000 crore contract to install smart meters in the area serviced by BEST Undertaking in Mumbai, will act as an advanced metering infrastructure service provider for smart prepaid metering in MSEDCL, it said. The two zones awarded to Adani include Bhandup, Kalyan and Konkan having 63.44 lakh meters, and Baramati and Pune having 52.45 lakh meters, it said. Letter of Awards have been issued to the successful firms, as per the communique. Officials from Adani Group were not immediately available for comment. The group's transmission arm Adani Energy Solutions, which was earlier known as Adani Transmission, is active in the smart meter segment. According to sources in the know, with these wins, Adani Group will emerge as the largest smart meter supplier in the country, commanding a 30 per cent share of the market.

New Delhi: India’s largest airline IndiGo has signed a codeshare partnership with UK flag carrier British Airways InterGlobe Aviation-promoted IndiGo currently has codeshare partnerships with Turkish Airlines, Qatar Airways, Qantas, Virgin Atlantic, KLM, American Airlines, and Air France. Under a codeshare agreement, airlines agree to sell seats in each other's flights in order to provide their respective customers a wider network. With this codeshare partnership with IndiGo, British Airways will now be able to add three additional routes to their existing network, including Rajkot to London Heathrow via Mumbai, Vadodara to London Heathrow via Mumbai and Thiruvananthapuram to London Heathrow via Mumbai.

Glenmark Pharmaceuticals announced on Thursday, September 21, that it would sell a 75 per cent stake in its subsidiary unit Glenmark Life Sciences, to Nirma for ₹615 per share for an aggregate consideration of ₹5.651.75 crore. The Mumbai-based drugmaker will continue to own a 7.84 per cent stake in Glenmark Life Sciences with the stake reduction.

Candlelight Concerts to India, kicking off with performances in tribute to Taylor Swift’s greatest hits, Vivaldi’s Four Seasons, British bands Queen and Coldplay, as well as the Japanese composer Joe Hisaishi. The expansion into the region comes on the heels of the experience’s success, having delighted audiences in more than 150 cities worldwide, including New York, London, Madrid, Singapore and Tokyo.Audiences who would like to be the first to know about the local venues and music programs kicking off the series can sign up on each city’s page at feverup.com.

Valiant Organics Ltd settled with capital markets regulator Sebi a case concerning flouting of alleged disclosure rules by paying Rs 10 lakh as the settlement amount.

Big Billion Days 2023 Sale on the platform. The sale is often considered a high time revenue generation chance for the e-commerce platform and potential customers in India also wait for it. As per the track record, interested buyers can expect bank offers, discounts, cashbacks and price cuts in broadly all categories.

Actor Akhil Mishra, who is best known for his role in Aamir Khan-starrer "3 Idiots", died on Thursday at the age of 67 a day after he fell at his residence in Mumbai on Wednesday evening, his publicist announced. The publicist also said that Akhil Mishra had blood pressure issues and he succumbed to his injuries after the accident in the kitchen of his residence. In a statement, the publicist said, "He was on a chair in the kitchen trying to do something when he fell down and hurt his head and back.