City Mumbai Financial News

MUMBAI : Deloitte Haskins & Sells has decided to resign as the statutory auditor of Adani Ports and Special Economic Zone Ltd, a person directly aware of the development said, raising concerns about the company’s accounting practices yet again. A formal announcement of Deloitte Haskins’ resignation is expected soon, the person said, declining to be named, citing the sensitivity of the matter.

MUMBAI : Poonawalla Fincorp Ltd might look at private equity (PE) investments for achieving its business targets, the company’s chairman Adar Poonawalla, said in an interview. After selling its housing finance business to TPG earlier this year, the group has enough headroom to pursue both organic and inorganic growth, he said. The leverage at present is quite modest—remaining below two times, Poonawalla added.

NEW DELHI : After decades of integration, the global economy is seeing increasing fragmentation, making it one of the biggest challenges for multilateralism and addressing shared economic objectives, finance minister Nirmala Sitharaman said. Speaking at a G20 event in Mumbai, Sitharaman said that India’s presidency has so far ensured that geopolitical differences don’t supersede the core mandate of international cooperation.

MUMBAI/ NEW DELHI : Companies will no longer be able to collect vast amounts of employee data since it has the potential to become a “toxic asset" after the enactment of the personal data bill, said consultants and law firms advising corporates. Companies will have to take the consent of employees after explaining in granular detail why their data or that of a prospective candidate needs to be collected and how long it will be stored in the system.

Digi Yatra facility will be launched at six more airports, including at Mumbai and Kochi, in August. Currently, the facility is available at seven airports. It was first launched on December 1, 2022 at the airports in Delhi, Varanasi and Bengaluru.

Electric vehicle sales in the country are expected to hit the 10 lakh annual sales mark by the end of the decade, Tata Motors, which anticipates green vehicles to account for 50 per cent of its total sales by that period, said on Friday. The Mumbai-based auto major, which crossed 1 lakh cumulative EV sales milestone, currently gets 14-15 per cent of its overall sales from electric models on a quarterly basis. «Five years back, electric vehicles used to sell just 90 units a month. Today these sell 8,500 to 9,500 units a month, which is like 100 times more...five years back the industry had sold about 2,000 cars and we are talking about already an annualised run rate this year of more than one lakh units so it's a 50 times growth,» Tata Motors Passenger Vehicles Managing Director Shailesh Chandra told reporters. Chandra, who also heads the company's passenger electric mobility vertical, noted that with enhanced charging infrastructure and with other automakers also entering the EV space, the vertical is set for sustained growth.

Mumbai (Maharashtra) [India]: For Non-Resident Indians (NRIs), Indian real estate has recently become a compelling investment opportunity. The market offers attractive returns and long-term stability due to a booming economy, supportive government policies and a growing middle class. Let’s look at the few reasons, highlights, opportunities and benefits for NRI investors.

Tata CLiQ Palette recognises that every individual's beauty journey is unique; hence, with its state-of-the-art AI-enabled Beauty ID technology, it personalises every customer’s experience on the app to match their unique beauty needs. The brand went on to add another milestone by launching its first innovative omni-channel beauty retail experience at Nexus Seawood Mall in Navi Mumbai.The sale marks the onset of a week of unparalleled shopping excitement.

PTI, the central bank governor batted for an "expeditious completion" of quota review at the IMF in order to help distressed countries better. Shaktikanta Das made the pitch while addressing a seminar on the global economy organized by the Ministry of Finance and the Reserve Bank of India (RBI) in Mumbai. "A bigger and stronger IMF that is capable of managing the levels of country risks assumes crucial importance," Das said.

Adani Ports and SEZ and Adani Airport Holdings, the two Adani Group companies are in talks with merchant bankers to raise upto ₹1,500 crore each through local currency bonds, Reuters reported. These two companies are likely to be the first in Adani Group to tap the bond market as a part of the billionaire Gautam Adani led-ports-to-power conglomerate’s plan to raise ₹10,000 crore in FY24, the Reuters report added quoting a company official and bankers.

Mumbai-Jaipur Superfast Express train killing four people including his senior ASI Tika Ram Meena. The court remanded him judicial custody as no further remand was sought by the Government Railway Police (GRP), which is probing the case. It also denied permission to the probe agency to perform brain mapping, polygraph, and narco-analysis tests on Singh, PTI reported.

“As per inputs received from ministry of power, preliminary studies carried out for nine cities having 4 million plus population, namely Delhi, Mumbai, Pune, Ahmedabad, Surat, Bengaluru, Chennai, Hyderabad and Kolkata indicate a requirement of 18,000 nos. of Public EV Charging Stations by the year 2030,” Pandey said. According to a statewise breakup, as of July, Maharashtra had the highest number of EV charging stations followed by Delhi and then Karnataka.

Anil Agarwal, the founder and CEO of Vedanta Resources, had an intriguing encounter with Hollywood star Ryan Reynolds. During their meeting, Reynolds showed genuine interest in understanding "Nand Ghar," Vedanta's flagship program aimed at supporting children and women. Agarwal recognized a surprising alignment in their values after their conversation.

Adani group are in talks with merchant bankers to raise as much as Rs 1,500 crore ($181 million) each through local currency bonds as part of the ports-to-power conglomerate's aim to raise 100 billion rupees this financial year, a company official and three bankers said. The plans are part of the Adani group's tentative return to the local bond markets after a hiatus since January when U.S. short-seller Hindenberg Research raised governance concerns that led to a selloff in the group companies' stocks.

MUMBAI: ICICI Direct expects the Nifty to touch 20,700 by Diwali and by 21,400 by March 2024. The targets imply an upside of 5.9% to 9.5% from Nifty’s Thursday closing of 19,543.

MUMBAI: The Securtities Appellate Tribunal (SAT) has partly set aside the Securtities and Exchange Board of India’s (Sebi) order directing the National Stock Exchange(NSE) to disgorge 62.6 crore in the dark- fibre case. The tribunal has quashed Sebi’s direction barring NSE’s former CEO Chitra Ramkrishna from holding any position in stock exchanges or listed companies for three years and three other former officials — Ravi Varanasi, Nagendra Kumar SRVS and Deviprasad Singh for two years.

benchmarks, including those for government bond valuation. The framework will cover the administration of all benchmarks related to foreign exchange, interest rates, money markets and government securities, the RBI said in its statement on developmental and regulatory policies.

MUMBAI: The Insurance Regulatory and Development Authority of India has taken the first step towards introduction of risk based capital framework and wants insurers to assess potential impact on the capital needs of insurers if the new rules are implemented.

MUMBAI : The Monetary Policy Committee (MPC), as widely expected, maintained status quo on policy actions, voting unanimously to hold the repo rate at 6.5%. The stance remained “focused on withdrawal of accommodation", with one dissent. On liquidity management, the instrumentality of the 10% incremental cash reserve ratio (CRR) was a bit of a surprise.

MUMBAI : The Reserve Bank of India (RBI) on Thursday said it would set rules to enhance transparency in interest rate and tenor resets for floating loans, an outcome of home-loan repayment periods being extended to as long as 50 years in certain cases. After RBI started raising the repo rate in May last year, home-loan borrowers, most of whose loans are pegged to external benchmarks like the repo rate, had to substantially increase their monthly repayments or extend their repayment tenor or a combination of both. As Mint reported in March, these extended loan tenors resulted in certain borrowers being obligated to make payments well into their 70s and 80s.

₹1,00,000 on The Tapindu Urban Co-operative Bank Limited, Patna for non-compliance with the directions issued by RBI on ‘Exposure Norms and Statutory / Other Restrictions – UCBs’. The bank had failed to comply with RBI directions on prudential inter-bank exposure norms at the gross level.