City Mumbai Financial News

New Delhi has gotten a makeover ahead of this week’s summit of the Group of 20 nations

MUMBAI : Self-regulation is the way to regulate fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. Speaking at the Global Fintech Fest on Tuesday, Sankar said that fintech companies are not strictly financial entities and, therefore, the current model of regulation may not apply to these companies.

Leela Palaces, Hotels and Resorts business, after the initial deal, which involved an investment of ₹4,500 crore, Ankur Gupta managing partner and head of real estate for the APAC region at Brookfield Asset Management told ET in an exclusive interview. This is the largest ever foreign investment in the Indian hospitality sector. Gupta said the hotel chain is expected to post its best performance in the last three decades in the current year with 'strong' profit margins.

NEW DELHI, MUMBAI : For Rahul Sharma, 40, an ardent Indian cricket fan living in Singapore, the eager excitement of watching Team India’s performance at the ICC Men’s Cricket World Cup 2023 in his home country has slowly turned into frustration. Despite having booked flights to India for himself and his family months in advance, his quest to secure tickets, especially for the coveted India matches from BookMyShow, the Indian cricket board’s official ticketing partner, has been fruitless. All he has managed to pick up so far: Tickets for two non-India matches, leaving him still in pursuit of prized India match tickets.

₹112,419.33 per kilolitre, marking a 14.12% increase from August’s ₹98,508.26. The same trend was observed in other major cities like Mumbai, Kolkata and Chennai. This recent surge in airline fuel prices is the highest seen since December 2022.

Hindi cinema has lost all originality. Another factor for some, put simply, is that there is far too much of Arijit Singh on offer today. To be sure, the voice behind multiple hits over the past few years (including recent chartbusters like Apna Bana Le and Kesariya) is popular and has an army of fans across the globe.

MUMBAI : High networth investor (HNI) and retail inflows into midcap and small cap stocks have helped these constituents steal the thunder from large-caps in the latest market rally from March to date. The Nifty Smallcap 100 index has surged 40.53% while the Nifty Midcap 100 has risen 35% from 20 March through 5 September.

MUMBAI : Global cooperation is essential to tackle cryptocurrencies and other threats emanating from the cyber space, finance minister Nirmala Sitharaman said on Tuesday, outlining a topic that is set to be a key Indian focus at a Group of 20 summit in New Delhi this weekend. “As much as you build firewalls, there are more and more newer ways in which attacks are being made. Crypto (is a) threat as well as an opportunity," Sitharaman said at a Global Fintech Fest here.

Fresh graduates will also be hired for call centre jobs, it said. Currently, Access Healthcare has 22,272 employees at its six centres in the country — Chennai, Coimbatore, Mumbai, Pune, Noida, and Thiruvananthapuram. The new recruitments are for all centres, it added. «This expansion underscores our commitment to leading the healthcare sector into a future defined by technological excellence,» Access Healthcare Founder and Vice Chairman Vardhman Jain said. Every hire is a strategic stakeholder in the company's vision, and the professionals will get opportunities to learn, develop, and grow in their careers, he added.

Unified Payments Interface (UPI) has the potential to scale almost ten times and reach a couple of billion transactions a day by 2030, National Payments Corporation of India (NPCI) chief executive officer Dilip Asbe said on Tuesday. Asbe’s comments come as UPI transactions in the country hit the 10-billion mark in August.

Zika virus has been found in Mumbai, the Brihanmumbai Municipal Corporation (BMC) said on Tuesday. The first case was reported on August 23.

Global Fintech Fest 2023: Union Finance Minister Nirmala Sitharaman said on Tuesday that India’s financial ecosystem has made a giant stride. Delivering the inaugural address of Global Fintech Fest 2023 in Mumbai, FM said, “There was a time when conventional financial activities were the backbone of the financial ecosystem but today Fintech has become a more robust and dynamic financial inclusion tool." 

Vikas Gupta and Aswath Venkataraman from WestBridge Capital, Ecoworld, Bengaluru, have clinched the winner position in a corporate quiz organized on India’s glorious past, vibrant present and promising future. Commercial real estate developer and operators, Brookfield Properties conducted the quiz across Bengaluru, Chennai, Delhi, Gurugram, Kolkata, Mumbai and Noida for employees at its tenant companies across these cities.

DLF share price rose over 2% to touch a new 52-week high on Tuesday's session after the real estate giant was reported to have a pipeline of residential project launches worth close to ₹20,000 crore planned throughout the nation for this fiscal, according to moneycontrol's news report. DLF share price opened at intraday low of ₹514.05 apiece on BSE and touched an intraday high of ₹525.75. Aakash Ohri, joint managing director and chief business officer at DLF, told Moneycontrol that the company has a residential launch pipeline worth close to ₹20,000 crore that is spread out among Gurugram, Panchkula, Chennai, and Mumbai.

India’s Finance Minister Nirmala Sitharaman confirmed that discussions are underway on global crypto regulations ahead of the G20 summit. 

Reserve Bank of India’s (RBI) Governor Shaktikanta Das has touted Central Bank Digital Currencies (CBDCs) as a solution to 'high cost, low speed' cross-border payments. 

₹ 59,347per 10 gm on Multi Commodity Exchange (MCX), and went on to hit an intraday high of 59,384, and a low of ₹59,336. Around 9.10 a.m., MCX Gold for October 5 delivery traded 0.05% per cent lower at ₹59364 per 10 grams.

Mirae Asset has acquired a pre-leased and income-producing warehousing property spread over 11 acres in Bhiwandi near Mumbai from property and logistics developer BGR Constructions LLP, furthering its investments into logistics and industrial real estate in India. The company’s India arm, Mirae Asset Investment Managers (India), has made this acquisition of a logistics facility in BGR Logistics Park with over 500,000 sq ft leasable area through a category II alternative investment fund (AIF), Mirae Asset Credit Opportunities Fund, for around Rs 175 crore. “This acquisition is in line with our strategy to acquire core assets in tier-1 cities. We will continue to evaluate and invest in such grade-A assets across major warehousing hubs as we expand our presence in India,” Hakim Ronak, head-real estate investments, Mirae Asset Investment Managers (India), told ET. This is Mirae Asset’s second such transaction in the last six months and with this, it now owns around 800,000 sq ft warehousing space with a total investment of over Rs 300 crore in Bhiwandi alone. Prior to this, Mirae Asset had acquired another pre-leased and income-producing warehousing property spread over 10 acres in Bhiwandi with 300,000 sq ft leasable area. “This park provides a competitive edge in terms of its location.

Drug major Cipla on Monday said its unit has inked a pact to acquire South Africa-based Actor Pharma. Cipla South Africa, a wholly-owned subsidiary of the Mumbai-based drug major, has inked a binding term sheet with Actor Holdings (Pty) Ltd to acquire 100 per cent of the issued ordinary shares of Actor Pharma, the drug major said in a regulatory filing. This development underpins Cipla's commitment and investment in its over-the-counter (OTC) business and supports its journey to be a leading healthcare player in South Africa, he added.

Adani Logistics, Sajjan Jindal-owned JSW Jaigarh Port, TVS Group, and Welspun Group have shown interest in bidding for Renaissance Indus Infra, a warehouse and industrial park developer undergoing insolvency process, said people aware of the development. Two special-purpose vehicles floated by promoter Mayur Suchak's Renaissance Group are undergoing insolvency. These are Renaissance Indus Infra which is involved in warehousing and industrial development in or around Bhiwandi, Mumbai and Renaissance Urban Infra which is engaged in the business of infrastructure developments and creation of industrial smart cities. IIFL Facilities Services; Authum Investment and Infrastructure, which recently acquired assets of Reliance Home Finance and Reliance Commercial Finance; and JC Flowers Asset Reconstruction Company, which acquired Yes Bank's ₹48,000 crore distressed assets portfolio, also submitted expressions of interest (EoI), said one of the persons cited above. Clearwater Capital Partners Singapore Fund and Catalyst Trusteeship are the only two creditors for the Renaissance Group's SPVs admitted for corporate insolvency. Ares SSG Capital is the sole bondholder for which Catalyst is the debenture trustee. The lenders are working on group resolution although both cases were admitted separately by the National Company Law Tribunal.

MUMBAI : Investors could witness the Sensex rising by around 10% in the run-up to the general elections in 2024 in anticipation of a decisive win for the Bharatiya Janata Party (BJP) led government and could swing in a +5% to – 40% wide range, depending upon the outcome of the polls. This is the nub of a research report dated 3 September by global brokerage Morgan Stanley. The Sensex closed at 65387.16 on 1 September and a 10% base case implies 71926 through May, assuming the election dates are not advanced.