City Mumbai Financial News

Indian tourists annually before the pandemic, South African Tourism anticipates a large resurgence in Indian travellers due to a new e-visa pilot programme. Neliswa Nkani, hub head for the Middle East, India, Southeast Asia, and Australasia (MEISA) for the tourism board, said the introduction of a direct flight by Air India could boost tourism, potentially transforming how Indians travel to South Africa. Nearly 100,000 Indians travelled to South Africa every year before the pandemic began in 2019.

MUMBAI : Banks are turning to cheaper certificates of deposit (CDs) to meet credit demand which has outpaced deposit growth, data showed. Led by public sector banks, lenders issued CDs worth ₹2.62 trillion between April and August this year against ₹2.5 trillion in the same period last year, data from Prime Database showed. CD issues rose from ₹25,813 crore in April to ₹72,785 crore in June, before moderating in July as liquidity turned surplus, and rose again in August.

MUMBAI : Several individuals across India are unable to access their bank accounts online for reasons ranging from defunct user credentials to account turning dormant, with the system of resuscitating it an arduous process, a survey has found. Community social media platform LocalCircles said after issues were reported by banking consumers over 18 months, it conducted a survey to understand the type and magnitude of difficulties faced by consumers.

Samhi Hotels on Wednesday said it has mopped up Rs 616.54 crore from anchor investors ahead of its initial share sale. The company has allocated 4,89,32,143 equity shares to 35 entities at an average price of Rs 126 apiece, according to a circular uploaded on the BSE website.SBI Mutual Fund (MF), Aditya Birla Sun Life MF, ICICI Prudential MF, Tata MF, Elara India Opportunities Fund, Singapore Government, Monetary Authority of Singapore, Societe Generale, Segantii India Mauritius, D E Shaw Valence International (SPV) LLC, Lion Global Asia Pacific Fund and Citigroup Global Markets Mauritius Pvt Ltd are among the anchor investors. On Monday, the Gurugram-based Samhi Hotels' fixed the price band for its Rs 1,370 crore-primary share sale that opens on Thursday at Rs 119-126 per share. The Initial Public Offering (IPO) comprises fresh issuance of equity shares worth up to Rs 1,200 crore and an Offer For Sale (OFS) of up to 1.35 crore shares.

Fyn on Wednesday said it has formed a strategic partnership with Euler Motors to procure 2,000 fast charging 3-wheeler EVs. The order will fuel the company's plans to expand to new geographies within the domestic market, including Mumbai, Delhi, and Coimbatore. Fyn also said it has secured funding from Malaysian energy group Petronas-backed Gentari for the entire order from Euler. Euler Motors is all set to deliver 2,000 units of its flagship electric three-wheeler HiLoad over the next 18 months, the company said in a statement. Gentari aims to establish a Vehicle-as-a-Service (VaaS) fleet in India, Malaysia and APAC to drive sustainable mobility switch and adoption, and is looking to have a 10 per cent market share of charging points and EVaaS across key markets in APAC, including India, Fyn said.

Wadia Group entity Bombay Dyeing & Manufacturing Company (BDMC) has approved the plan to sell around 22 acres land parcel along with its associated floor space index (FSI) to a subsidiary of Japanese realty developer Sumitomo Realty & Development Company for a total of Rs 5,200 crores. The entire transaction with Sumitomo will be completed in two phases including the first tranche of Rs 4,675 crore. The balance Rs 525 crore will be received upon completion of certain conditions by BDMC and execution and consummation of the definitive agreements for the second phase.

Mumbai (Maharashtra) [India], September 9: On the global observance of World Physiotherapy Day, HDB Financial Services (HDBFS), India’s leading NBFC takes the opportunity to acknowledge the hard work and dedication of truck drivers by organizing free physiotherapy camps for the community. The camps are organized under HDB’s flagship CSR Program – Transport Aarogyam Kendra (TAK).

₹5,200 crore in one of Mumbai's largest land deals to repay debt and fund future projects. The company in an exchange filing said its board of directors Wednesday approved the proposal to sell the land parcel of about 22 acres (along with the associated FSI) in Worli in 2 phases, for a total consideration of about ₹5,200 crores, subject to approval of its shareholders.

Welcome to the Reader’s Query segment of FE Money. Last week, Suvranu Gupta from Mumbai shared with us that he has only three years left before retirement but he wishes to start SIP of Rs 50,000 in mutual fund schemes. Gupta wanted guidance on the funds in which he should invest, how much amount he should invest such funds and for what duration.

99acres, an Indian real estate portal, has teamed up with Bollywood actor, Jackie Shroff to launch the #AndarKiBaat campaign. As per the company, this digital campaign aims to revolutionise the way people search for property, tapping into the quirky humor and persona of ‘Bhidu’ himself. In a three-minute video posted on his Instagram handle, Jackie Shroff, a resident of Khar, reacts to resident reviews of his locality, setting the stage for a laugh riot with nuggets of his classic wisdom throughout.

The man, Manohar Shukla, allegedly murdered his 28-year-old girlfriend, Naina Mahat, her Naigaon residence on August 9. Manohar's wife, Poornima, allegedly helped him in helping him stuff the body in a suitcase. According to police, the couple then traveled over 150 kilometers on a scooter, carrying the lifeless body of Naina in a suitcase. To further avoid suspicion, they also brought along their two-year-old daughter. The grim details of the murder came to light during the investigation into a missing person complaint lodged by the victim's sister in mid-August. Manohar Shukla was taken into custody from his residence in Vasai, while his wife, Poornima, was arrested later in connection with the case. During questioning, Manohar revealed that he had taken this extreme step because Naina Mahat, a hairstylist who occasionally worked in the film industry, had refused to withdraw two complaints filed against him in 2019, one for rape and another for assault.

double-decker buses will forever go off roads from September 15, while the open-deck buses will be pulled out on October 5," the spokesperson said as quoted by PTI. Following this, commuter groups and bus enthusiasts have urged BEST to preserve at least two of these iconic vehicles at its Anik depot-based museum and have written to the Maharashtra CM, tourism minister, and the BEST administration. Harshad Joshi, a bus enthusiast said, “As the new double-decker e-buses are air-conditioned, we will miss sitting in the front in the old buses and traveling with the breeze from the open windows on our faces." “In 1964, trams disappeared from the city roads forever.

IndiGo will soon wear a wrist gadget and use a ground device to detect fatigue and check their alertness level before and after their flights. The airline will start this experiment in collaboration with French aerospace conglomerate Thales group to collect data and use it to make flight patterns and roster which are reduces tiredness of their pilots, The airline will also on board a sleep researcher who will work on its fatigue management system, according to an internal memo reviewed by ET. “After six years of research, they have developed a fatigue detection model, offering detailed insights into demographic data, including routes, pairings, crew profiles, and more, going beyond traditional scheduling- models. “IndiGo will conduct a proof-of-concept trial for their technology-driven interface to assess pilot alertness levels over the next few months. Once completed, we will collectively evaluate the efficacy and accuracy of the data,” Ashim Mitra, senior vice president of Flight Operations wrote in a note to pilots. However IndiGo will continue the existing system where pilots can ask for removal from duty when they feel tired. Initially, the ground devices will be set up at large bases of IndiGo like Delhi, Mumbai, Bengaluru and Chennai where pilots will undergo a five minutes test.

Mumbai: IndiaFirst Life Insurance Company Limited (IndiaFirst Life) has introduced a novel offering -- IndiaFirst Life Guaranteed Single Premium Plan. This unique plan is designed to provide individuals with a seamless blend of financial protection and savings.

₹58,550 per 10 gm on Multi Commodity Exchange (MCX), and went on to hit an intraday high of 58,556, and a low of ₹58,533. Around 9.20 a.m., MCX Gold for October 5 delivery traded 0.15 per cent lower at ₹58540 per 10 grams. Silver price today opened at ₹71,750 per kg on MCX and went on to hit an intraday high of ₹71,750, and a low of ₹71,380.

IBM. Speaking at the flagship IBM Think conference in Mumbai, on Tuesday, Paul Burton, general manager, IBM Asia Pacific, and Sandip Patel, managing director, IBM India and South Asia, said that skill gaps and talent scarcity are also driving larger investments in artificial intelligence (AI) and automation.

Mint takes a closer look at the idea and the benefit it offers. An economic corridor, a term coined by the Asian Development Bank, is an integrated network of infrastructure—including rail, road, and port—within a defined geographical area that connect various economic hubs. They link centres of production with centres of consumption.

Reliance Retail Ltd, said. Prasad, however, did not share the timeline of the stores expansion plan. In July 2022, Reliance had signed long-term partnership agreement with Gap Inc., to launch the American fashion brand in India.

MUMBAI : Intas Pharmaceuticals Ltd is preparing a bid for Biogen Inc.’s biosimilar business in a transaction that could be valued at as much as $1 billion, two people familiar with the talks said. Ahmedabad-based Intas is being advised by Goldman Sachs Group Inc., one of the people said, adding that the company has submitted a non-binding bid and is seeking to put a binding one later this month. “This is still at an early stage," the second person said on condition of anonymity.

Christian Dior SE has leased nearly 3,320 sq ft retail space from Reliance Industries in its Jio World Plaza in Mumbai’s business district Bandra-Kurla Complex (BKC) for a term of 9.5 years The global brand already operates stores in key Indian cities including Mumbai, Delhi, and Bengaluru. Interestingly, Louis Vuitton that controls the brand Christian Dior also recently leased space at Jio World Plaza to set up its biggest store in India. The company has leased the space through its subsidiary Christian Dior Trading India at monthly rentals of Rs 21.56 lakh, or Rs 650 per sq ft based on minimum monthly guaranteed sum or net revenue share, whichever is higher, showed the documents accessed through FloorTap.com. The licensee Christian Dior Trading India will have a lock-in period of 36 months and the lease will be operational until May 2032. ET’s email query to Reliance Industries and Christian Dior Trading India remained unanswered. The agreement includes a clause to escalate rentals by 7.5% from 19th month till 42nd month and thereafter 15% every 36 months. Christian Dior Trading India has also paid a security deposit worth over Rs 1.39 crores and this will also witness an escalation of 15% every 36 months. Several global luxury brands have set their sights on the burgeoning Indian market and are either forming alliances or entering directly to get a bigger slice of it. India, being the fastest growing economy in the world, is expected to witness significant growth in the number of millionaires in the next few years.

MUMBAI : Small borrowers or those with loans of up to ₹2 lakh have started to utilise less of their sanctioned credit limits after December as interest rates rose, indicating a reluctance to take on additional debt. Calculations based on recent data released by the Reserve Bank of India (RBI) showed that from a utilisation of 67.3% in December, and 66.9% in March, it stood at 65.5% in June, even as their total credit limit grew in the same period. RBI defines ‘small borrowal account’ as one with a credit limit of up to ₹2 lakh, with holders of these accounts being individuals or entities with relatively small credit requirements.