City Mumbai Financial News

₹3,000 crore to boost Jio Cinema’s subscription and advertising revenues, according to the estimates of film trade experts. Earlier this year, Jio Studios announced a plan to create a repertoire of 100 movies and web originals to bolster the streaming platform’s standing and retain customer engagement after the end of the Indian Premier League (IPL) season.

Supreme Court on Friday refused to restrain the National Company Law Tribunal from deciding the insolvency resolution process of Reliance Capital. The committee of creditors of debt-ridden Reliance Capital had in June approved the bid of IndusInd International Holdings (IIH), an investment arm of the Hinduja Group, to take over the company. IndusInd’s resolution plan is yet to be approved by the NCLT’s Mumbai bench. A Supreme Court bench led by Justice Sanjiv Khanna, while rejecting Gujarat-based Torrent Investments’ plea for halting the proceedings at the NCLT, clarified that “we have not stayed the proceedings”. The clarification comes in the wake of Torrent moving an intervention application before the tribunal asking it to keep IIH’s resolution plan in “abeyance” and to restrain the lenders from declaring IIH as the successful resolution applicant till the Supreme Court decided its appeal. Torrent was the highest bidder for the company in the first round of auction.

Mumbai: Punit Goenka, former managing director & chief executive officer of Zee Entertainment Enterprises Ltd, on Friday moved the Securities Appellate Tribunal (SAT), challenging a recent confirmatory order issued by the markets regulator Securities and Exchange Board of India (Sebi). In its appeal before the tribunal, a senior counsel representing Goenka requested a stay on the effect and operation of the regulator’s order.

DGCA) has found lapses in internal safety audits of Air India and the regulator is probing the matter, according to officials. When contacted, an Air India spokesperson said that all airlines are subject to regular safety audits by regulators and other bodies. «Air India actively engages in such audits to continually assess and strengthen our processes,» the spokesperson said in a statement and added that the airline directly addresses any matters raised with the authority concerned. According to the inspection report submitted to the DGCA, the airline was supposed to carry out regular safety spot checks in various areas of operations such as cabin surveillance, cargo, ramp and load but during a random inspection of 13 safety points, the team found that the airline prepared false reports in all 13 cases. «Moreover, when cross-verified with CCTV, recordings, auditee statements, shift register documents, GD (General Declaration) list, passenger manifest etc, it is understood that all the aforesaid 13 spot checks shown to be carried out in stations Mumbai, Goa and Delhi were verified and were established to have not been actually performed,» the two-member team said in the 'Deficiency Reporting Form' (DRF).

Delhi from Mumbai, Chandigarh, and other cities in preparation for the upcoming G20 summit. Delhi itself is receiving a significant facelift in anticipation of the summit, scheduled to take place at the renovated Pragati Maidan on September 9-10. With delegations from more than 20 member countries and other invited guests converging on the city for this prestigious event, the demand for high-end vehicles has surged. Cab rental companies with impressive fleets of these luxury vehicles have been enlisted to cope with the immense demand.Iqbal Singh, an operator based in the city, shared that they have been procuring new cars with priority delivery in light of the summit's requirements. «The demand for luxury cars is incredibly high, and Delhi operators alone cannot meet it.

Maha Vikas Aghadi comprising the Shiv Sena (UBT), NCP and Congress has formed several committees to plan various aspects of the meeting of the opposition bloc INDIA on August 31 and September 1 in Mumbai. Sources on Friday said the committees, which include two leaders from each of the three parties, will take care of media, social media, accommodation, transport among other things. The Congress will handle media and publicity, while the Nationalist Congress Party will take care of transport. The Shiv Sena (UBT) will look after accommodation, they said, adding that more than 200 rooms have been booked in Grand Hyatt hotel, which will be the venue for the two day meet. The management is being supervised by Congress leaders Milind Deora, Naseem Khan and Varsha Gaikwad, while former Maharashtra chief minister and senior leader Ashok Chavan will be overall in charge of the organising committee, they said. Sources said MVA leaders will hold a press conference on August 30 to announce details of the INDIA meeting. Leaders from 28 opposition outfits, including Congress president Mallikarjun Kharge and MPs Sonia Gandhi and Rahul Gandhi, and chief ministers of six non-BJP-ruled states will participate in the third meeting of the bloc on August 31 and September 1. The INDIA bloc's first meeting was held in Patna in June, while the second one took place in Bengaluru in mid-July.

Indians were granted a total of 17,379 work visas last year, Federal Foreign Office of Germany said. Germany granted a total of 152,336 national work visas to foreigners in 2022, representing a significant increase compared to 2021. Out of the total visas issued to Indians, 8,613 work visas were granted by the German Consulate General in Bangalore. The second-highest number of work visas for Indians was granted by the German Consulate General in Mumbai (3,013), followed by the Consulate General in Chennai (2,483), the German Embassy in New Delhi (2,434), and the German Consulate in Kolkata (836). Turkish nationals are the second-largest beneficiaries of work visas issued by Germany followed by Bosnians, Kosovars, Russians, Albanians, and North Macedonians. This comes at a time when German cabinet on Wednesday passed a draft bill to ease the citizenship law, hoping a faster track to German nationality will attract skilled migrants to plug chronic labour shortages holding back Europe's biggest economy. Some experts caution that progress may be slow, noting parts of Germany's administrative machinery are already creaking under a big backlog of existing citizenship applications.

Indian Railways has announced special train services for Ganapati devotees this year. The Central and the Western Railways combined will be running 312 special trains. Of these 312 trains, Central Railways will be running 257 trains while the Western Railways will be running 55 special trains.

₹54,650 per 10 grams for 22 carats, and ₹59,600 per 10 grams for 24-carat in the spot market. Silver prices remained stable at ₹73849 per kg.

Artificial intelligence (AI) is one of the buzzwords of today. Its application has extended to various fields, including marketing and finance. From small to big businesses, everyone is looking at leveraging this technology. One of its most promising uses has been for data analysis and understanding consumers, which is now helping businesses in inventory management and supply chain. Predictive analytics uses AI and machine learning to predict trends and come up with business solutions.

COVID-19 pandemic. Ramakant Biradar will appear before the EOW for questioning today, August 25, according to a report published by the news agency ANI. (This is a developing story. More details are awaited.)

Reliance Industries announced on Thursday that it has entered into an understanding with The Oberoi Hotels and Resorts (Oberoi Group) to jointly manage three properties across India and the UK. The company said these properties include the upcoming Anant Vilas Hotel in Mumbai’s Bandra Kurla Complex (BKC), the Stoke Park in the UK, and another planned, unnamed hotel project in Gujarat. The company said Anant Vilas Hotel in Mumbai has been conceived as the first metro-centric property as part of the luxury ‘Vilas’ portfolio run by The Oberoi Group. Anant Vilas is located in the business district of Bandra Kurla Complex in Mumbai which is becoming a mixed use destination with business, hospitality, shopping, F&B, arts and culture, educational and residential uses. Stoke Park Limited, a subsidiary of Reliance Industries, owns sports and leisure facilities in Stoke Poges, Buckinghamshire.

Bandhan Bank has decided to build a corporate office in Mumbai while setting up a zonal office and government business centre in New Delhi as it plans to expand beyond the eastern region where it is dominant. The private sector lender has spent about ₹160 crore to buy a commercial space in the country's financial capital to build the corporate centre which will also house its treasury, managing director Chandra Shekhar Ghosh told ET. The centre is being built on a 40,000 sq ft area in Mumbai's Bandra Kurla Complex (BKC) and is likely to become ready in the fourth quarter of this fiscal, Ghosh said.The bank is also building a back office in Navi Mumbai in a rented 65,000 sq ft space, he said. Its New Delhi zonal office will be important for liaison with government departments for government business. Bandhan, which celebrated the completion of eight years in banking on August 23, is also on a branch expansion spree even as it is getting ready to expand digital offerings.

MUMBAI : Members of the central bank’s monetary policy committee (MPC) have reaffirmed their commitment to bring down inflation to the 4% target amid a sudden spike in vegetable prices, minutes of the MPC meeting released on Thursday showed. Earlier this month, MPC unanimously voted to keep repo rate unchanged at 6.5% for the third straight meeting. The members, however, did not signal the need for any rate action at this point unless food inflation gets generalized.

MUMBAI : BPEA EQT on Thursday sold its entire 26.63% stake in Coforge Ltd (formerly NIIT Technologies) for ₹7,684 crore to multiple investors through bulk deals, leaving the software services firm without a promoter and the first of its kind to be entirely owned by public investors. The block deals in the software services firm boosted its stock by around 10% to ₹5,391 on Thursday, with the transactions drawing marquee investors such as SBI Mutual Fund, Aditya Birla Mutual Fund, Capital Group and Kotak Mahindra Group. Coforge is a professionally managed company, and hence, no identifiable promoter is a good thing, said an analyst.

Mint in an exclusive interview. “Earlier, the Indian airports were merely destination airports, but today we find a rising trend of people flying from one part of the world and come to Delhi, Mumbai, Hyderabad, and Kolkata, and take another onward flight without really exiting into any Indian city. That trend is increasing," Vinay Malhotra, head of global sales at IndiGo, said.

MUMBAI : Even as Zee Entertainment Enterprises Ltd (ZEEL) founder Subhash Chandra and his son Punit Goenka await clean chit from the market regulator over financial irregularities in the media house, the company itself is entangled in a series of legal disputes, including tax claims, regulatory filings showed. While Zee Entertainment proceeds with its planned merger with the Indian arm of Japan’s media behemoth Sony Group Corp’s entertainment division, the filings showed that Zee is dealing with at least a dozen lawsuits, involving cases filed by the Income Tax department, the Commissioner of Service Tax, the Director General of GST Intelligence, and several lenders.

What are some of the major projects in the pipeline? We are right now working on five more projects. Two of these data centre parks are coming up in Mumbai (Powai and Chandiwali). Both these projects are two buildings each with about 67 MW of IT power each.

Mumbai: On 15 September, it will be 15 years since Lehman Brothers—the fourth largest investment bank in the world—declared bankruptcy. To control the economic aftermath of the bankruptcy and stop many other financial institutions from getting into trouble, the US Federal Reserve, along with other central banks of the rich world, decided to print money and flood their financial systems with it. This was originally supposed to be a temporary measure to rescue the financial institutions.

Construction tech startup Bettamint has tied up with Prestige Group’s construction arm K2K Infrastructure and Brigade REAP to manage informal workers at the construction sites of projects. The company, currently operational in Bangalore, is planning to expand to Mumbai, Pune and Delhi-NCR regions. Over the next two years, Bettamint aims to invest a significant amount in three phases, initiating operations in several cities, starting with Bangalore in Karnataka, and gradually expanding its reach to cover the whole of South India before pan India expansion. The platform comes equipped with recruitment, identity verification, onboarding features; supported by attendance, communication, field notes, compliance, payroll and payment capabilities. “Bettamint leverages technology to address industry-wide challenges including labour shortages, low productivity, high attrition and unpredictable quality. We want to solve this problem in an inclusive way where we empower millions of informal construction workers by enhancing their skills, reach, employability, earnings and quality of life, transforming individual workers to highly engaged, actively contributing, well incentivised participants in the project,” said Kezya De Braganca, founder of Bettamint. Bettamint offers builders an interface to digitise their workforce operations while also getting the benefits of increased productivity, improved quality, reduced attrition and enhanced project timelines. «Our mission has always been to raise the bar for industry standards and to prioritise the wellbeing and skill development of our workers.

Reliance Industries to co-manage three hospitality projects with The Oberoi Hotels and Resorts (Oberoi), the company announced on Thursday. These include the upcoming Anant Vilas Hotel in Mumbai’s Bandra Kurla Complex (BKC), the Stoke Park in the UK, and another planned project in Gujarat. As part of the luxury ‘Vilas’ portfolio run by Oberoi, Mumbai Anant Vilas has been conceived as the first metro-centric property being located in Bandra Kurla Complex which is denoted to be the bustling business district. The said location is fast becoming a mixed use destination with business, hospitality, shopping, F&B, arts and culture, educational and residential uses. «Anant Vilas seeks to augment the hotel footprint of the business district with an iconic experience for the discerning visitors,» the company said in a joint release.