City Mumbai Financial News

Authum Investment & Infrastructure, the losing bidder in the takeover battle for the Srei twins, has appealed against the National Company Law Tribunal (NCLT) order approving the resolution plan of the National Asset Reconstruction Co (NARCL). Also, in a new twist, the Mumbai-based NBFC has increased its offer for the Kolkata-based companies by another Rs 450 crore, people familiar with the matter said.

MUMBAI : Promoters of the Adani group have generated ₹39,400 crore through stake dilutions in group companies since a damning report by US short-seller Hindenburg Research in January drove flagship Adani Enterprises Ltd to withdraw its ₹20,000 crore follow-on public offering. The group has denied the allegations. Market veterans believe this liquidity could be used as growth spending and to repay any near-term debt obligations of group companies if needed.

MUMBAI : The promoters of Adani Group on Wednesday raised around ₹9,000 crore by selling 8.1% of their holding in the energy-generation arm Adani Power Ltd, marking billionaire Gautam Adani’s largest equity capital-raising through a share sale in a single entity. After amassing stakes worth at least ₹26,445 crore ($3.18 billion) in multiple Adani group firms through secondary market transactions since March, India-born Rajiv Jain-led investment management firm GQG Partners Llp bought an additional stake worth over $1.1 billion from the promoters of Adani Power.

Air India and Vistara merger later this year, Tata group has asked some of Air India's Boeing 787 pilots to fly Vistara's B787 planes, said three people with knowledge of the matter. The move, they said, marks the first instance of integration of the group's airline businesses and is aimed at creating a common pool of resources to foster synergies. The pilots will only move once the merger gets an approval from the Competition Commission of India (CCI).

DELHI, BENGALURU : The Securities and Exchange Board of India (Sebi) has intensified its scrutiny on promoter classification of companies looking to go public, with the markets regulator’s observations prompting at least six companies in the past three months to include individuals or entities as promoters, according to three people familiar with the developments and filings reviewed by Mint. Questions were recently raised by securities lawyers and proxy advisory firms on founders of money-losing startups continuing to retain control of the companies even though they classified themselves as public shareholders.

Reliance Retail Ltd earlier this year. In FY22, Uniqlo India’s income surged 64% from a year ago to ₹391 crore, data sourced from financial intelligence platform Tofler showed. The retailer is yet to disclose its FY23 financials.

₹717.6 crore in a bulk deal, according exchange filings. GQG Partners alone bought almost 1% stake or 16.7 million shares in JSW Energy for ₹571.4 crore, while a bunch of other investors bought the remaining stake. The energy firm’s shares touched an intraday high of ₹369.90 apiece before closing 6% up at ₹368 apiece on the BSE.

MUMBAI : The operating environment for Indian banks has strengthened as economic risks associated with the covid-19 pandemic have ebbed, Fitch Ratings said in a note on Wednesday. It said a number of prudential indicators for the sector have also improved compared with pre-pandemic levels, though growing risk appetite in a relatively benign operating environment (OE) highlights importance of buffers against potential stress.

MUMBAI : Mumbai-based pen manufacturer Cello World Ltd has filed a draft red herring prospectus (DRHP) with capital market regulator Sebi to raise funds through an initial public offering (IPO), according to a regulatory filing. The IPO is a complete offer for sale (OFS), where promoters and other shareholders will sell shares of ₹5 face value totalling ₹1,750 crore. The offer includes a reservation of up to ₹10 crore for subscription by eligible employees.

banana have doubled from last week and are hovering around ₹100 per kg, as supplies from Tamil Nadu, the top producer of the fruit, have dwindled. Traders blamed middlemen for the price increase, saying that farmers were not getting the right prices for their produce. On the contrary, apple, the other important fruit in Indian households, may not see any upsurge in prices despite production reducing to about half due to heavy rains in Himachal Pradesh and Jammu & Kashmir.

India may not be a jigri dost with amounts to suspicions of planning to, or likely to, commit a cognisable offence, then, it would be best we stay indoors, or abroad. Two college students from Colaba were arrested this week before being released with a warning by Mumbai Police for — wait for it — using Pakistan's Independence Day on August 14 as their Instagram story status.

Mumbai, The demand for content creators and influencers witnessed a significant increase in July compared to the year-ago period, according to a report. Influencers and content creators now offer avenues for creative expression and far-reaching impact, according to the report by Indeed, which is based on job postings and job clicks on the platform from July 2022 to July 2023.

BJP, Maharashtra Navnirman Sena (MNS) chief Raj Thackeray on Wednesday said the saffron party should first build itself without breaking MLAs from other parties. Addressing his party workers in Panvel, on the outskirts of Mumbai, Thackeray also slammed the state government for potholed roads in different parts of Maharashtra.

Future Retail Ltd has approached the National Company Law Tribunal (NCLT), seeking a further extension till September 15 to complete the corporate insolvency resolution process (CIRP) of the debt-ridden firm. The RP of the company has moved an application before the Mumbai bench of NCLT to exclude a period of 29 days from CIRP of Future Retail Ltd, according to a regulatory filing. «The Resolution Professional of Future Retail Limited (FRL) has filed an application before National Company Law Tribunal, Mumbai seeking exclusion of a period of 29 days from CIRP of FRL, and consequent extension from August 17, 2023 to September 15, 2023 for concluding the CIRP of FRL,» it said. If approved, this would be a third extension for FRL which, according to some reports, is struggling to attract a buyer despite changes in the bid conditions. Last month, NCLT extended the deadline to August 17, 2023, after allowing the plea of FRL to exclude 33 days from the CIRP. In April, NCLT granted FRL an extension of 90 days till July 15, 2023, for concluding the CIRP.

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ALSO READ: ‘76 years after wresting our freedom’: Anand Mahindra on 77th Independence Day In his previous post, Mahindra mentioned an emotional connect between Indians and our Jawans. He even posted a video where a jawan returned to his home on vacation and how he was welcomed by his family members.

alliance ahead of the 2024 general elections. The INDIA bloc will hold a fresh meeting at the end of this month in Mumbai to discuss a seat sharing formula for the 2024 Lok Sabha elections.

Mumbai, August 15, 2023 – Danube Industries Limited (BSE Code: 540361), a frontrunner in the Indian IT hardware engineering sector, has surged into the spotlight with its remarkable June Quarter results that have not only exceeded expectations but have also set the stage for a promising future. With the stock currently trading at 15 rupees, the company has eyes set on a target of 90 rupees within the next six months, driven by exceptional financial performance and ambitious growth plans. The company's June Quarter report has taken the market by storm, unveiling a resounding success story.

₹269.4 crores, according to Red Herring Prospectus (RHP). EBITDA for the company was ₹54 crores, with a 20.05% EBITDA margin. The company's profit after tax for the fiscal year 2023 was ₹30.1 crores, with a PAT margin of 11.19%.

PTI citing a Bandra police station official, the customer, who is a bank executive, went to the restaurant located in suburban Bandra after shopping on Sunday night. As per the police, while having dinner, the customer found a dead baby rat in the chicken dish he had ordered.

New Delhi: Luggage maker VIP Industries Ltd. has announced the appointment of Neetu Kashiramka as the company’s managing director designate, effective August 15, following the resignation of Anindya Dutta, the company’s former managing director. Kashiramka will continue as the CFO with the company, while additionally taking over the responsibility of a managing director designate till 13 November.