City Mumbai Financial News

Jet Airways Naresh Goyal to the Enforcement Directorate's (ED) custody till September 14 in a money laundering case. Earlier in the day, Goyal asked the court for admission to a private hospital. Goyal was remanded to ED custody till September 11. ED arrested Naresh Goyal for allegedly defrauding Canara Bank of Rs 538 crore based on an FIR registered by the Central Bureau of Investigation (CBI) earlier in May this year. Jet Airways (India) Limited, Naresh Goyal, his wife Anita Naresh Goyal, Gaurang Ananda Shetty and unknown Public Servant(s) and Private Person(s) were named as accused in the FIR. «CGM of Canara Bank, Recovery & Legal Section in Mumbai, has submitted regarding alleged offences of cheating, criminal conspiracy, criminal breach of trust and criminal misconduct committed by M/s Jet Airways (India) Ltd., Naresh Jagdishrai Goyal, Anita Naresh Goyal, Gaurang Ananda Shetty and unknown public servants and others causing wrongful loss of Rs 538.62 crores to Canara Bank,» the FIR read. «Forensic Audit conducted in the accounts of Jet Airways (India) Ltd revealed fraudulent features like diversion and siphoning of funds,» it further read. Canara Bank had filed a complaint in May against the airline, Goyal, his wife and a former airline director for «causing wrongful loss» to the lender. Goyal founded Jet Airways in 1992 but shut down operations in April 2019 after running out of cash.

New Delhi: Air India on Monday said that it has deployed specially trained service assurance officers at 16 major Indian airports to offer on-ground assistance, aimed at elevating airport experience by providing personalised and hassle-free on-ground services to Air India to its passengers. “Flying is a wonderful experience, and we want our guests to enjoy it in the most seamless ways possible.

₹900 crore. The funds will be used for research and development, particularly artificial intelligence and to scale its SaaS offerings, including the launch of new products, the Mumbai-based company stated.

SAMHI Hotels will open on Thursday, September 14, for subscription and closes on Monday, September 18. The public issue of face value of Rs 1 per equity share comprises a fresh issuance of equity shares worth Rs 1200 crore and an Offer for Sale (OFS) of up to 13.50 million equity shares. SAMHI Hotels has fixed the price band at Rs 119 to Rs 126 per equity share for its maiden public offer. Investors can bid for a minimum of 119 equity shares and in multiples of 119 equity shares thereafter. Ahead of the IPO, Madhuri Madhsudan Kela, along with Nuvama Crossover Opportunities Fund and TIMF Holdings have picked up stake in Gurugram-based SAMHI for a total consideration of Rs 130 crore from Blue Chandra Pte Ltd. As per disclosures made by SAMHI last week, selling shareholder, Blue Chandra Pte.

A man was arrested for sexually harassing his female co-passenger on Mumbai-Guwahati Indigo flight. He was travelling on budget carrier flight to Guwahati.

Maratha community which will be foolproof and stands legal scrutiny but it won't take any hasty decision, Chief Minister Eknath Shinde said on Monday ahead of the all-party meeting. Deputy Chief Minister Devendra Fadnavis said the government will try for broad consensus on how to move forward on issues raised by Marathas and other communities at the meeting. «The state government wants to give the Maratha community a reservation that will be foolproof and which will pass legal test.

Small-cap stock under ₹50: IRB Infrastructure Developers shares have been in uptrend after ushering in financial year 2023-24. After bottoming out at around ₹22.50 apiece levels on NSE at the end of March 2023, this toll management company's stock has remained an ideal buy on dips stock for positional investors. In near six months, this small-cap stock below ₹50 has rise to the tune of 55 per cent whereas in last one month, it has risen around 35 per cent.

JLL India. Real estate consultant JLL India on Monday released its report 'India Retail: Evolving to a new dawn' that highlighted the operational retail real estate space in shopping malls stood at 89 million square feet. The operational retail stock as of H1 2023 in the top seven cities (Delhi-NCR, Mumbai, Pune, Bengaluru, Kolkata, Chennai, and Hyderabad) stands at 89 million square feet as of June-end this year. Out of the total retail stocks in malls, Delhi NCR has the maximum 28 million square feet, followed by Mumbai with 17 million square feet and Bengaluru 14 million square feet. «The physical retail space segment has an expected supply pipeline of over 38 million sq ft of retail developments between H2 2023 and 2027, across the top seven cities,» JLL said.

Awfis Space solution has added 11 new properties totaling 8,000 seats across major markets in South India as it looks to strengthen its foothold in the growing flexible and managed office space in the country. The firm has signed prime properties across Bengaluru, Hyderabad, Chennai, and Kochi with the region contributing around around 45% of the company's portfolio. Amit Ramani, CEO and Founder, Awfis, said, «The region presents numerous opportunities through its expanding real estate landscape. This expansion aligns with our strategic approach to target emerging business hubs, offering an enhanced workspace experience through our diverse range of products and services.

real estate assets through the Real Estate Investment Trusts (REITs) has infused higher transparency in transaction and management structures of these assets and realtors are now aiming to develop investment grade assets with single ownership structure. The developers have started appreciating that retail is a specialized asset class that constantly requires upgradation of tenant mix and the property with focus on parameters such as zoning and mall management to ensure monetization of the asset. Indian retail-led real estate is expected to witness a supply of over 38 million sq ft between the second half of 2023 and 2027. Of the existing retail real estate stock across the top seven cities of India, around 44 million sq ft of retail assets offer a potential to be listed as a REIT and of these, more than half are in Mumbai and NCR-Delhi region, showed data from JLL India. “India’s retail sector is on an elevated growth curve where the focus is on creating an innovative built environment, greater connections with the consumers, and curating physical storefronts in untapped regions of the country including tier II and III cities,” said Rahul Arora, Head of Office Leasing Advisory and Retail Services, India, JLL. Following the success of three office properties-led REITs, India’s public markets saw the launch of the first retail assets-led REIT, Nexus Select Trust, earlier this year.

In yet another incident of in-flight sexual harassment, a male passenger allegedly groped a female co-passenger during a late-night flight from Mumbai to Guwahati. The incident took place on IndiGo flight 6E-5319, which departed Mumbai just after 9 p.m. and arrived at its destination 15 minutes past midnight. The female passenger, who had an aisle seat, had lowered the armrests and had fallen asleep after the cabin lights were dimmed.

Maharashtra deputy chief minister Ajit Pawar Sunday said an all-party meeting has been convened in Mumbai on Monday to discuss the Maratha quota issue, reported PTI. Several people from the Maratha community were rich but many were poor and needed help, Ajit Pawar said while addressing a rally in Kolhapur nearly 380 km from Mumbai. "While giving the reservation to the Maratha community, it must be ensured that Other Backward Classes are not affected.

Motilal Oswal Financial Services (MOFSL) has acquired an entire standalone commercial tower with 12 upper floors spread over nearly 1,10,000 sq ft in the financial hub of Ahmedabad from Claris Life Sciences to support its growth and expansion plan. The property spread over 0.56 acres will house Motilal Oswal Tower, which is the company's third such property after its independent commercial towers in Mumbai and Bengaluru. The company has acquired the brownfield project on Ahmedabad's Sindhu Bhavan Road in bare shell condition. The financial services major will now take the construction ahead and expects to complete the project latest by September 2024. «We have our offices spread over various locations in Gujarat,» Motilal Oswal, group MD & CEO, Motilal Oswal Financial Services, told ET.

Real estate developer Sumadhura Infracon plans to invest around ₹5,000 crore to more than double its residential and commercial portfolio over the next three years, its chairman told ET. The company recently purchased 45 acres of land along Bengaluru's Outer Ring Road to construct a commercial facility. In 2023, it plans to build three million square feet of new homes and develop two million square feet of land. «Most of the project funding will be through internal accruals. We also enjoy good relationships with all the financial institutions.

Glenmark Pharmaceuticals aims to grow its revenues by 10-11 per cent with a focus on free cash generation to reduce debt in the current financial year, according to Chairman and Managing Director Glenn Saldanha. The Mumbai-based drug major is also looking at enhancing EBITDA margins while expanding presence in various therapeutic segments like oncology and dermatology. «For the new financial year, we aim to grow by 10-11 per cent in revenues, expand our EBITDA margin to 19-20 per cent, and continue to focus on enhancing free cash generation for further debt reduction,» Saldanha said in the company's Annual Report for FY23.

Nationalist Congress Party founder Sharad Pawar on Sunday hinted that he might not be keen to take back the rebel NCP leaders, asserting that new faces in the party should be backed. He was addressing a gathering at Mumbai's Y B Chavan Centre. The NCP suffered a huge jolt in July after its key figure and Sharad Pawar's nephew Ajit Pawar and eight senior leaders joined the ruling dispensation of Eknath Shinde-led Shiv Sena and the BJP by taking oath as ministers. «Some people ask me what is to be done if those who have joined the government try to come back.

ONGC) on Sunday said there was no damage to either farmers or fishermen due to last week’s minor oil spill near Uran in Mumbai. «In the morning hours of September 8, 2023, a minor quantity of oil leaked from one of the crude oil storage tanks at ONGC Uran Plant. Due to heavy rains, the leaked oil entered the stormwater drain channel,» ONGC said in a press statement, adding that as the quantity of oil leakage from the plant area was minimal, the leaked oil got trapped between rocks on the beach with only traces reaching the shoreline. «Immediately, the Oil Spill Response (OSR) team from ONGC was deployed to avoid the ingress of oil into the sea and cleaning of the shoreline commenced on war footing.” Undersea pipelines bring crude oil from ONGC’s fields in the Arabian Sea to Uran before transferring it to refineries for processing.

Mumbai: The frictionless credit initiative being piloted by the Reserve Bank is helping lenders slash their customer acquisition cost by a whopping 70 per cent, while for borrowers the saving is 6 per cent of the loan amount, a senior central bank official has said. The pilot started with an all-digital KCC (kisan credit card) lending, developed by the RBI Innovation Hub on the public tech platform, in Tamil Nadu and Madhya Pradesh this April. The pilot has been extended to four more states — Maharashtra, Uttar Pradesh, Karnataka, Gujarat (for dairy farmers) from August 17 this year. The pilot launch of the public tech platform for frictionless credit to farmers has helped reduce operational costs for lenders by more than 70 per cent, while for the farmer, the saving is 6 per cent of the loan amount, Ajay Kumar Choudhary, an executive director and head of the fintech department at the RBI, said here over the weekend while addressing the three-day global fintech festival. Moreover, there is massive savings in opportunity cost, as earlier a farmer had to make six to eight weekly rounds to the bank which has come down to a maximum of 0 minutes now, Choudhary said.

Ayodhya's much-anticipated Maryada Purushottam Shriram International Airport is gearing up to establish direct air connectivity with the national capital, Delhi, and three other major cities across India. As per a TOI repor, Airport director Vinod Kumar said that the initial phase of operations at the Ayodhya airport is set to commence this November, with direct flights connecting the sacred city to Delhi, Mumbai, Bengaluru, and Hyderabad. Ayodhya district magistrate Nitish Kumar shared insights into the airport's construction, revealing that it is being executed in three meticulously planned phases. The project has successfully acquired an expansive 821 acres of land to facilitate this ambitious endeavor. In the first phase of development, the construction of the runway has been completed, boasting the capacity to accommodate aircraft operations seamlessly under diverse weather conditions, day and night.

Puneet Chhatwal, MD & CEO, IHCL, says “the lasting impact of the G20 and the B20 that happened recently is far higher than just a few days of completely sold-out rooms. Of course, it helps, because that makes September a very extraordinary month, so that definitely is a positive tailwind for all of us and the good thing. Chhatwal further says: “But if we take a step back and do not look at only these one-off events, what we are witnessing in the last 16-18 months is that demand is outpacing supply. Supply is going to remain constrained. So, if the demand continues to outpace supply, the occupancy levels will be higher along with out ability to charge, which means the average rates will keep increasing.”Let us talk about the iconic hospitality that Taj is extending to thousands of dignitaries who have come to India to attend the G20 summit. What is your preparation? How excited are you and what is the hard work behind the scenes? This G20 presidency started almost a year ago and Taj has been at the forefront. The first few meetings of the Sherpa of G20, the kick off itself started at the Taj in Havelock in Andamans. The second one was on the terrace of Lake Palace in Udaipur, followed by Taj Mahal Palace in Mumbai, in The Chambers Lawns and that has been going on, whether it is Kumarakom or very recently almost 10 days ago we had the B20 meeting of the ministers at the Taj Rambagh Palace, followed by the two-day meeting at the Taj Palace in Delhi.

Narendra Modi and his Japanese counterpart Fumio Kishida on Saturday held wide-ranging discussions on investment climate in India, status of Mumbai-Ahmedabad bullet train and India-Japan-Bangladesh trilateral as part of their bilateral Indo-Pacific partnership. Modi and Kishida met here after the Session 1 of the Day 1 of G20 Summit in what was their third meeting so far this year. «Held productive talks with PM @kishida230. We took stock of India-Japan bilateral ties and the ground covered during India's G20 Presidency and the Japan's G7 Presidency.