City Mumbai Financial News

Sun Pharmaceutical Industries Ltd aims to spend 7-8 per cent of its sales in the current fiscal on research and development activities as it looks to further strengthen its product portfolio across therapeutic segments, a senior company official said on Monday. Addressing shareholders during the Annual General Meeting (AGM), Managing Director Dilip Shanghvi said the company did well in all its geographies last fiscal, recording double-digit growth. «Our R&D spending is expected to be 7-8 per cent of sales in 2023-24 with an increasing share of spending in specialty (drug segment) R&D,» Shanghvi said. The Mumbai-based drug maker had reported a global consolidated revenue of Rs 433 billion in FY23. The Mumbai-based drug major spent about Rs 2,400 crore on R&D in 2022-23, which accounted for about 5.5 per cent of the sales as it continued to invest product pipeline for both global generics and specialty businesses.

RLD chief Jayant Chaudhary on Monday said parties would not be comfortable joining hands with the BJP which, he alleged, is «very effective» at steam-rolling dissenting voices. Singh, who is part of the opposition group INDIA, said he does not see any reason to change his approach heading towards the 2024 Lok Sabha polls. In an interview with PTI ahead of the crucial meeting of the Indian National Developmental Inclusive Alliance (INDIA) in Mumbai, the Rashtriya Lok Dal (RLD) leader also said the Congress has a «big role» going forward as it is a «well-understood brand» with many people across the country voting for the party for a long time. After the Mumbai meeting, there will be no more «conjecture» on Uttar Pradesh or the shape of the alliance and people will be more confident about INDIA, he said. Chaudhary hit back at Prime Minister Narendra Modi and the BJP for calling the 26-party opposition alliance 'Ghamandia', saying if any leader who has a majority and has had two terms attacks his opposition like this, «it betrays a lack of confidence, jittery nerves and also a basic undemocratic nature». «In a democracy, you will always have people who come and oppose you, ask questions, fight elections, they are not your sworn enemies that you give them names like that.

Rishabh Pant, who has been recovering from his last year's road accident injuries, on Monday, shared a glimpse of his workout routine with fans. Pant took to his official Instagram handle and posted a video clip in which he was seen diligently working out on an exercise bike, in order to regain his form and fitness. «Grip. Twist. Paddle. Good vibes only,» he wrote in the caption. Seeing Pant's recovery several people expressed their joy in the social media post's comment section. One of them was Australian cricketer David Warner, who led the Delhi Capitals during Pant's absence in IPL 2023. He lauded the young cricketer's efforts, expressing his delight by stating, «This makes me smile and very happy.»

Lok Sabha elections. "I have been maintaining it since the beginning that I have no desire for myself…I have no personal ambitions… Mujhe Kuch Nahi Chahiye (I don’t want anything –post). Somebody else could be given the responsibility (Convener post).

By Munsif Vengattil and Dhanya Skariachan

ICC 2023 ODI World Cup, set to take place in India this October-November. In an encouraging news for BCCI and ICC, tickets for non-India matches, released on the official ticketing platform BookMyShow at 8 pm on August 25, are selling like hotcakes.

The financial capital of India has recorded the sixth highest year-on-year growth in prime residential property prices among global cities in the April-June period of 2023. In the second quarter of 2023, the prices of prime residential properties rose by 5.2 per cent year-on-year in Mumbai.

Jio Financial Services will enter the insurance sector, said Mukesh Ambani at Reliance's 46th annual general meeting (AGM) on Monday. "JFS will enter the insurance segment to offer simple, yet smart, Life, General, and Health insurance products through a seamless digital interface, potentially partnering with global players. It will use predictive data analytics to co-create contextual products with partners and cater to customer requirements in a truly unique way," said the Reliance Chairman. JFS plans to democratise financial services for 1.42 billion Indians, giving them access to simple, affordable, innovative, and intuitive products and services, he said. Mukesh Ambani talked about the joint venture of Jio Financial Services with US-based BlackRock, the world’s largest asset manager. «BlackRock is the world’s largest asset management company, managing assets worth over USD 11 trillion with a stellar reputation and track record.

₹200 per kg since June, while those for onions, another staple in Indian cooking, have risen 80% in some areas like New Delhi. Food inflation for July hit a staggering 11.5%, far more than 4.6% in June and marking a three-year high. As purse strings tighten, the pain felt by India's clothing and shoe retail sector - worth an estimated $62 billion in 2022 according to Euromonitor International.

Man Infraconstruction’s (MICL) associate company Royal Netra Constructions has entered into an agreement to undertake one of the largest redevelopments with a total 1.7 million sq ft carpet area for sale in Mumbai’s western suburb Goregaon. MICL Group that holds 33.32% stake in Royal Netra Constructions expects the project spread over 10 acres to generate revenue worth around Rs 4,000 crore over the next five years, the company said in a regulatory filing. “The latest addition of the project will expand MICL Group’s real estate portfolio from 4.6 million sq ft to 6.3 million sq ft of carpet area. The project having total construction area of over 50 lakh sq ft is likely to be undertaken by Man Infraconstruction and is expected to be completed within 5 to 6 years,” said Manan P.

₹40 lakh per day. Also Read: Delhi: 4 arrested for defrauding US nationals of over $20 million. Details here According to the Deputy Commissioner of Police (DCP), the call center was employing software tools such as VICIdial and eyeBeam.

covid-19 pandemic and legal complexities raised by various stakeholders. In October 2020, the Murari Lal Jalan-Kalrock Capital consortium emerged victorious in the bid, earning approval from the Committee of Creditors (CoC) and the NCLT. Their revival plan involves injecting ₹475 crore within the first two years and raising ₹125 crore through the sale of non-core assets by the end of the first year.

SoftBank Group Corp. will take a group of its Indian startup founders to Silicon Valley next month for an artificial intelligence tour as the Japanese investor steps up efforts to infuse its portfolio companies with the technology. The investor is helping portfolio companies adopt AI and has been setting up meetings for the founders it backs with the leading players in the field, said Sumer Juneja, managing partner overseeing Europe, Middle East, Africa and India investments at SoftBank’s Vision Fund, in an interview in Mumbai.

Income Tax Department has received information about certain transactions reported by you in Form 60/61 relating to F.Y. 2021-22. It is requested that if you are not in occupation of a PAN number, the same may be applied in Form 49A immediately or else, the PAN Number should be submitted to the Reporting Entity within 15 days from the campaign execution date. -Income Tax Department.” This is an SMS many taxpayers have received recently from the Income Tax department. The income tax department’s official Twitter handle confirmed the sending of the SMS by tweeting: “This is a genuine SMS/Email from the Income Tax Department. Recipients of this SMS/Email may pl note: In case you do not possess a PAN, you are requested to obtain PAN and report PAN to the Reporting Entity(RE).....” Read on to find out what is Form 60 and why the tax department has been sending this SMS to taxpayers.

₹12 crore. As per a report by NDTV, the incident transpired on a highway in Nuh, Haryana, on Tuesday. The speeding Rolls-Royce, occupied by Malu and two others, collided with an oil tanker on the Delhi-Mumbai expressway in Nuh.

MUMBAI : Late-stage technology investor SoftBank Investment Advisers has made more than $5.5 billion in exits from its Indian portfolio since it began operations in November 2018 in Mumbai, said Sumer Juneja, the firm’s managing partner. Of the total, about $1.5 billion was booked in the last 12-18 months, said Juneja, also the firm’s head for Europe, Middle East and Africa. Another $1.5 billion is liquid and in tradable equities, he said in an interview.

China have resulted in India's steel exports falling by a third, but local producers will have a limited impact given robust sales in the domestic markets, experts said. Domestic demand will also help in keeping the price of the alloy stable in the country, they said. China’s steel exports, including to India, have seen a sharp jump in recent months. Its shipments to India, for instance, hit a multi-year high in the June quarter. Chinese mills are also reported to be undercutting other steel producers in terms of prices. This, in turn, has had an impact on exports by Indian steel companies, with countries in the Middle East and Vietnam buying more steel from China. India exported 780,000 tonnes of finished steel and billets a month on average between January and July, as against an average of 1.08 million tonnes a year earlier, data from market intelligence platform SteelMint show.

MUMBAI : A single market participant took a derivatives position worth an estimated ₹600 crore in Adani Enterprises Ltd (AEL), flagship of the Adani Group and a Nifty 50 stock, just days before India’s markets regulator submitted its status report on the Adani probe to the Supreme Court on 25 August. While it’s not known whether the position is a hedge or a punt, market experts said such positions are normally taken in anticipation of a sharp price move based on an event. Designated ‘Client 1’ by National Stock Exchange (NSE), the participant initiated a position of 2.24 million shares, or 3.04% of AEL’s marketwide position limit (MWPL) of 73.7 million shares on 22 August.

Indian students are now studying in Australia. “There are no direct flights from Mumbai.

Directorate General of Civil Aviation has found that Tata Sons-owned Air India made forged reports of spot checks that it did not actually carry out. The audit report, seen by ET, says the airline fabricated reports of 13 checks at three stations. “After cross verification with CCTV // footage//, it was understood that 13 spot checks shown to be carried out at Delhi, Mumbai and Goa were established to have not been carried out. However, reports were subsequently falsified when the DGCA asked for it,” the civil aviation regulator said in the audit report. Still, the reports were accepted by two top officials of the airline, the DGCA said.

Indian Super League champions Mohun Bagan Super Giant came up with a fine performance to outplay Mumbai City FC 3-1 in the fourth quarterfinal of the Durand Cup here on Sunday. For Mohun Bagan, the goal-scorers were Jason Cummings, Manvir Singh and Anwar Ali, whereas Jorge Pereyra Diaz scored the consolation goal for Mumbai.