City Mumbai Financial News

A US court has ordered a stay on the extradition of Tahawwur Rana to India. The Pakistani-origin Canadian businessman faces a trial for his involvement in the 2008 Mumbai terror attacks and has been linked to terrorist David Coleman Headley - one of the main conspirators behind the incident. The Biden administration had earlier urged a California court to deny the writ petition filed by Rana.

Shapoorji Pallonji Real Estate on Tuesday said it has signed Bollywood actor Shahid Kapoor and his wife Mira Kapoor as the brand ambassadors for one of its projects in Pune.

Glenmark Pharmaceuticals said it has entered into a pact with the US Department of Justice, Antitrust Division (DOJ) to resolve court proceedings related to the pricing of a drug. US-based Glenmark Pharmaceuticals Inc, a subsidiary of the company, has entered into a three-year deferred prosecution agreement with DOJ involving historical pricing practices by former employees relating to the generic drug pravastatin between 2013 and 2015, the Mumbai-based drug maker said in a regulatory filing. If the company adheres to the terms of the agreement, including the payment of USD 30 million, payable in six installments, the DOJ will dismiss the pending Superseding Indictment, it added. «Glenmark is committed to being a socially and ethically responsible company.

Reliance Jio, India’s telecom market leader, may launch its fixed wireless access (FWA) device offering – Jio AirFiber — for the consumer market in the festive quarter at an up to 20% discount from the current options in the market, industry executives and analysts said. This will be the first mainline effort by Jio to monetise 5G after the data top pack it introduced early this year. “We should hear the announcement during the upcoming AGM (annual general meeting). Traditionally, Jio has launched new products with big bang offers and this may be no different,” said a person in the know. Jio did not respond to queries sent on the matter by ET at press time. The telco is said to have started consumer trials across cities where its 5G rollout has completed and stabilised. It has also sent out devices to selected users, including employees, for testing in the home environment in preparation for the launch, those in the know added.

₹88 lakh to ₹1.84 crore ex-showroom. The 2023 Porsche Cayenne facelift and Cayenne Coupe facelift were officially introduced to the Indian market in July.

Indigo flight from Mumbai to Ranchi was diverted to Nagpur after a medical emergency on board, officials said. According to officials, a passenger on board the flight fell ill prompting the crew to divert the aircraft. The IndiGo flight — 6E 5093 — touched down at Nagpur. The passenger was offloaded and was rushed to a nearby hospital for further medical assistance, officials informed, adding, however, that he did not survive. «Unfortunately, the passenger did not survive.

Aeroflex Industries Ltd on Monday said it has collected close to Rs 104 crore from anchor investors ahead of its initial public offering (IPO). The company has decided to allocate 95.99 lakh equity shares to 15 funds at Rs 108 apiece, which is also the upper end of the price band, according to a circular uploaded on the BSE website. Societe Generale, Winro Commercial India Fund Ltd, Universal Sompo General Insurance Company Ltd, Nippon India Mutual Fund, WhiteOak Mutual Fund, Bank of India Mutual Fund and Invesco Mutual Fund are among the anchor investors. The IPO consists of a fresh issue of equity shares worth up to Rs 162 crore and an Offer for Sale (OFS) of up to 1.75 crore equity shares by promoter Sat Industries. At present, promoter and promoter group members own over 91 per cent stake in the company. The maiden public issue, a price band of Rs 102-108 a share, will open for subscription on August 22 and conclude on August 24.

Uzbekistan – has been maintaining stable economic growth and the re-election of President Shavkat Mirziyoyev has provided tremendous opportunities for prospective Indian investors in the resource rich country. Several sectors in Uzbekistan are open to foreign investments and India is one of the sought after partners. Regular flights between Delhi and Tashkent could further contribute to growth momentum of the Uzbek economy.

MUMBAI — Nuvama Wealth Management, the demerged wealth management business of Edelweiss Financial Services, hopes to get listed on the bourses by mid of September, said Ashish Kehair, MD & CEO, Nuvama Group. The company has filed the application for listing with the stock exchanges, and is currently in the process of obtaining the required approvals and clearances. “We anticipate the listing of NWML shares to take place between the end of August and mid-September 2023, subject to regulatory approvals,” Kehair said in an interview with ETMarkets. Edited excerpts:What’s the status of the demerger process as Edelweiss already has NCLT approval?The demerger process was successfully completed following the approval from National Company Law Tribunal (NCLT) on April 27, 2023, which came into effect on May 18, 2023.

IndiGo Airlines flight on the way from Mumbai to Ranchi had to make an unscheduled landing at Babasaheb Ambedkar International Airport in Nagpur. The emergency landing followed a grave medical situation involving a the 62-year-old male passenger, identified as Mr. D Tiwari, who was pronounced dead upon arrival at a government medical college, reported HT.

MUMBAI: Power Grid Corporation is likely to raise up to 1,900 crore next week through the issuance of 10-year bonds, which will have an annual redemption structure for investors. The bond issue is likely to have a base size of 500 crore and a greenshoe option of 1,400 crore, sources said.

MUMBAI: State-run Mahanagar Telephone Nigam is likely to issue government guaranteed bonds to raise funds worth up to 1,200 crore, sources said.Bidding for the bond sale is likely to take place on August 23.

US court has ordered a stay on the extradition of Pakistani-origin Canadian businessman Tahawwur Rana, to India where he is facing a trial for his involvement in the 2008 Mumbai terror attack. Rana has appealed before the Ninth Circuit Court against the order by a US District Court in the Central District of California that denied the writ of habeas corpus. District Judge Dale S.

MUMBAI : The onion crisis in India could intensify further as the Agricultural Produce Market Committee (APMC) constituents in Nashik, home to the largest onion market in Asia, have declared an indefinite strike, two days after the Centre imposed a 40% export tax to pre-empt a price spike, following skyrocketing tomato prices on low supply. Retail prices of onion have risen from ₹25-30 a kilogramme (kg) to ₹35-40 kg in parts of Mumbai over the past week and could rise further if the strike spreads to other onion-producing centres of Maharashtra as supply would be hit and due to hoarding by some large traders, according to a Mumbai-based exporter.

edtech investments into two separate segments each with their own dedicated leadership team, the firm said on Monday. The decision by the firm that has invested more than $6 billion in India comes after its portfolio globally, which includes India’s Swiggy and Byju’s, has grown significantly. “These segments began as early-stage investments that have been diligently grown into world-class portfolios," the statement said.

covid-19 pandemic. Artix seeks to cater to this new cohort to drive the future art market, with its annual art fairs. It is expected to travel to Mumbai, Hyderabad, Bengaluru, and Kolkata to further its ambitions.

MUMBAI : Kempas Trade and Investment Ltd, a promoter entity of Adani Group’s listed flagship Adani Enterprises Ltd, on Monday, said the entity has bought a 2.22% stake in the company from open market between 7 August and 18 August, according to regulatory filings. The stake purchase could be worth ₹6,348.12 crore according to the volume weighted average price of Adani Enterprises during that period. With latest purchase, Kempas Trade and Investment’s promoter stake in AEL has risen to 69.87% from 67.65%.

MUMBAI : Rating agency Care Ratings has downgraded the rating of Poonawalla Housing Finance by three notches, citing divestment by the promoter group. Care has downgraded ratings on long-term bank facilities, non-convertible debentures of Poonawalla Housing Finance from Care AAA to Care AA-. In a report issued on 18 August, Care Ratings said the rating downgrade has been due to “disassociation with Cyrus Poonawalla Group post the sale of 99% stake in the HFC (housing finance company) to private equity player TPG’s affiliate Perseus." On 27 July, TPG announced completing its acquisition of a 99.02% equity stake in Poonawalla Housing Finance Ltd, from Poonawalla Fincorp Ltd.

MUMBAI : Kempas Trade and Investment Ltd, a promoter entity of Adani Group’s listed flagship Adani Enterprises Ltd., on Monday, said the entity has bought a 2.22% stake in the company from open market between 7 August and 18 August, according to regulatory filings. The stake purchase could be worth Rs. 6,348.12 crore according to the volume weighted average price of Adani Enterprises during the said period.

Supreme Court on Monday reserved its order on the bail plea of former Mumbai Police officer Pradeep Sharma, who was arrested in connection with the Antilia bomb scare case and the killing of businessman Mansukh Hiran. On February 25, 2021, an explosives-laden SUV was found near industrialist Mukesh Ambani's residence 'Antilia' in south Mumbai. Businessman Hiran, who was in possession of the SUV, was found dead in a creek in neighbouring Thane on March 5, 2021.

Mithun Sacheti founded online jewellery selling platform CaratLane in 2008 along with Srinivasa Gopalan. On Saturday, he scored one of the most successful exits by an Indian consumer internet entrepreneur when he sold his 27% stake to watchmaker Titan for Rs 4,621 crore. Sacheti, 44, first brought the Tata group company in as a shareholder in 2016, when an existing investor, New York-based investment fund Tiger Global, sold its 62% stake in CaratLane to Titan in a deal that valued the startup at Rs 536 crore.