City Mumbai Financial News

04.08 / 18:37

COST Lowe's show cover SBI posts record profit on lower provisions, strong other income

MUMBAI : India’s largest lender State Bank of India (SBI) on Friday reported a net profit of ₹16,884 crore for the three months through June, more than double of last year, led by a surge in other income and lower provisions to cover bad loans. For the state-owned bank, the June quarter profit was its highest ever, beating the Bloomberg estimate of ₹15,032 crore. The substantial annual increase in other income was on a low base, a result of mark-to-market (MTM) loss in Q1 of FY23.

04.08 / 18:19

FIVE Art film Suicide FIR registered against Edelweiss Group chairman, four others in Nitin Desai suicide case

Raigad police in Maharashtra on Friday registered an offence against five persons including Edelweiss Group chairman Rashesh Shah for alleged abetment of art director Nitin Desai's suicide. A First Information Report was registered under Indian Penal Code sections 306 (abetment of suicide) and 34 (common intention) at Khalapur police station based on a complaint filed by Desai's wife Neha Desai, an official said.

04.08 / 18:15

Provident Aviat Airlines Boeing electronic blues Air cargo in flux after covid, war: Blue Dart

NEW DELHI : The air freight sector is navigating a transition at a time the world is recovering from the covid pandemic and the intensified Russia-Ukraine conflict, Blue Dart Express Ltd managing director Balfour Manuel said. Unpredictable demand from the US and Europe, compounded by domestic disturbances, has posed difficulties for India’s air cargo sector, Manuel said in an interview, adding the company’s outlook remains buoyant for a bounceback in freight volumes. “Air cargo trade from India is facing challenges due to demand fluctuations from the US and Europe, along with certain domestic disruptions.

04.08 / 17:56

Manufacturing Mobile stage SC dismisses Oppo appeal against Delhi HC verdict

MUMBAI : The Supreme Court on Friday dismissed a petition by Guangdong Oppo Mobile challenging a Delhi Court order that directed the Chinese smartphone maker to deposit 23% of the amount paid towards “royalty"under a 2018 licensing pact for alleged infringement of the Finnish company’s (Nokia) three standard essential patents in cellular technology. While the top court allowed Oppo three weeks to comply with the high court order, it held that there was no justification to intervene at this stage. India comprises 23% of Oppo’s global sales.

04.08 / 17:55

UPS Target Platform electronic More perks for electronics store staff this festive season

MUMBAI/NEW DELHI : Foreign holidays, gold coins, travel vouchers, and cash incentives are some of the perks consumer electronic brands and retailers are offering store promoters and retail staff this festive season to accelerate sales. “We are doubling the incentives for our staff and also the brand promoters who work in the store. The brands are also expected to roll out higher incentives this festive season which can range from electronic goods to holiday packages," said Nikunj Patel, president of All India Mobile Retailers Association (AIMRA), Gujarat.

04.08 / 17:55

UPS Target Action Mobile show stage stake Won’t raise stake in RBL Bank without strategic value: M&M

NEW DELHI : Mahindra & Mahindra Ltd’s decision to buy a 3.53% stake in private lender RBL Bank Ltd for ₹417 crore is not a sign of wavering capital allocation discipline, Anish Shah, managing director and chief executive of the Mumbai-based automaker said on Friday. Explaining the rationale behind the surprise move, Shah said the company will make targeted investments to drive returns and focus on execution to “show outperformance", unlike in the past where the execution of its capital allocation actions wasn’t “strong enough". He, however, added that M&M doesn’t have any plan to enter the banking business or raise its stake unless there is a “compelling strategic reason in the future".

04.08 / 14:45

awards open NOT Bombay High Court judge resigns in open court, says 'could not compromise on self-respect'

Bombay High Court judge Justice Rohit Deo resigned in an open court on Friday. The judge cited personal reasons for his resignation. At the high court in Nagpur, Justice Deo also said that he could not compromise on self-respect, PTI reported.

04.08 / 14:27

UPS Booking Fallout NOC stage country Pakistan lose a controversial yet strong administrator as Ijaz Butt passes away

Pakistan cricket lost one of its most controversial, colourful and strong administrators when the indomitable Ijaz Butt passed away in his hometown, Lahore, due to health issues. The history of Pakistan cricket will remain incomplete without discussing the tenure of Butt, who passed away on Wednesday, aged 85. He played eight Tests for Pakistan and held several key administrative positions.

04.08 / 10:21

UPS Provident Art Dreams voice Hours before death, Nitin Desai prayed at Karjat studio temple; police recover 11 voice notes, director named 4 individuals & 1 firm

Nitin Desai was found dead at his studio in Maharashtra’s Raigad district, the police have revealed the sequence of events leading up to the art director’s death by suicide. News agency PTI, quoting investigating officials, reported that the 58-year-old creative genius had visited his studio in Karjat in the early hours of Wednesday and offered prayers at the temple there. He then visited the mega floor of the building along with his attendant.

04.08 / 09:47

Progressive Manufacturing show concert rock Jewellery India has the potential to become the world’s market in jewellery: Titan’s CK Venkataraman

jewellery and has potential to become the market for the world, CK Venkataraman, MD, Titan Company, said that all the circumstances are in the country’s favour. “It is what the industry can shape into.

04.08 / 07:49

COST Lowe's Action Mumbai NOT Mumbai: BEST bus strike intensifies, commuters suffer with over 1,300 buses not leaving depot today

Tata Motors have joined the strike on Thursday," BEST has hired buses on a wet lease model, which means that the private operators are responsible for vehicle ownership, maintenance, fuel and driver costs. The protesting drivers complain that they have not received adequate salary hikes in the last three years, which has made it difficult for them to manage their household expenses.

04.08 / 01:19

UPS Aware BoM likely to raise up to Rs 1,000 crore via tier-2 bonds

MUMBAI Bank of Maharashtra is likely to raise up to 1,000 crore worth of funds through the issuance of tier-2 bonds next week, strengthening its operational finances after having concluded an equity sale to select bulk investors two months ago, reports Bhaskar Dutta. “They are looking at a base issue of 200 crore and a greenshoe option of 800 crore.

04.08 / 00:59

Blockchain UPS Platform performer social Future crypto startups With trading community turning lukewarm, crypto startups look to rebuild for the future

crypto startups, who are looking to expand the scope of their operations to a bouquet of offerings that include gaming, social applications, decentralised financial services and more. Nischal Shetty, the founder of crypto trading platform WazirX, is busy building Shardeum, a blockchain-based protocol that can scale up exponentially to simultaneously support multiple transactions of various kinds, including micro payments and trade finance dealings. Shardeum can support 200 transactions or more per second, Shetty told ET.

04.08 / 00:59

UPS IPO Provident Manufacturing Mobile Innova IPOs Companies line up IPOs to raise around Rs 8,000 cr in August

IPOs) are lined up to raise nearly ₹8,000 crore in August, according to investment bankers.Companies such as SBFC Finance, Concord Biotech, Jupiter LifeLine Hospitals, TVS Supply Chain Solutions, Balaji Speciality Chemicals, Yatra Online, Innova Captab, Aeroflex Industries, Rishabh Instruments, and Vishnu Prakash R Punglia are likely to launch their maiden public issue this month. The ₹1,551 crore public issue of Ahmedabad-based pharmaceutical firm Concord Biotech will open today for public subscription, while the ₹1,025 crore Mumbai-based non-banking finance company SBFC Finance public issue opened on Wednesday. The mood in the primary market is better now with a strong secondary market, according to bankers.

03.08 / 19:25

Twitter When a worm wriggles back to life after 46,000 freezing years in Siberia

Once a computer scientist, Dilip D’Souza now lives in Mumbai and writes for his dinners. His Twitter handle is @DeathEndsFun.

03.08 / 18:57

Citi Tesla country social Latin open Auto parts maker Vimercati to open $200 million plant in Mexico, state governor says

By Brendan O'Boyle

03.08 / 18:45

COST Lowe's Aware Manufacturing Landmark Strategy Enterprise Adani plans $4-5 bn cement bet after Sanghi acquisition

MUMBAI : Adani Group will invest $4 billion-$5 billion to expand its cement capacity to over 100 million tonnes in two years, two people aware of the matter said, on a day the conglomerate made yet another acquisition. On Thursday, Ambuja Cements Ltd, part of Adani Cement, announced the purchase of 57% promoter stake in cement maker Sanghi Industries Ltd at an enterprise value of ₹5,000 crore.

03.08 / 18:45

Lowe's NIFTY SENSEX Fitch MSCI Stocks extend losses as FPIs continue the selling spree

MUMBAI : Benchmark indices closed in the red for the third straight session on selling by foreign portfolio investors (FPIs), despite global brokerage Morgan Stanley upgrading India’s sovereign rating to overweight, citing economic resilience. However, domestic funds’ buying in the last 45 minutes of trading contained the losses by the day’s end. The FPI selling, in the wake of a Fitch Ratings’ downgrade of US credit ratings on Tuesday, contributed to the rupee weakening to 82.73 to the dollar.

03.08 / 18:45

UPS Provident Aware Manufacturing Platform PwC KKR KKR may bid for Zydus family’s clinical research biz Cliantha

MUMBAI : KKR & Co. is weighing a bid for Cliantha Research, the clinical research organization (CRO) owned by Pankaj Patel and family, the promoters of Zydus Lifesciences Ltd, two people familiar with the development said. The asking price for the asset is said to be in the range of $200 million, Mint reported in May.

03.08 / 17:39

UPS Waters Extreme Southern show ‘August rainfall could be below normal’

Edited excerpts: How do you see the monsoon behaving in August? There is a level of uncertainty in prediction and distribution has got distorted. For example, North India is still excess of 26%, more than South and Central, though it should be the other way round. Average precipitation in North India is relatively lower, whereas East India gets the highest average rainfall as compared to the other regions.

03.08 / 16:51

Art Cooper Entertainment awards film Nitin Desai Death Case: Edelweiss ARC issues statement on insolvency proceedings against art director's company

Edelweiss ARC on Thursday issued a statement regarding insolvency proceedings against art director Nitin Desai's company, ND's Art World Private Limited. The investment and financial services company said, «We are deeply saddened by the demise of Shri Nitin Desai and express our deepest condolences to his family as they navigate through this difficult time.» The company in its statement also said that Desai's company had total outstanding dues of Rs 252 crore. Regarding this development, The NCLT's Mumbai bench, in its judgement, ordered an 'initiation of Corporate Insolvency Resolution Process' against Nitin Desai's company, ND's Art World Private Limited, on July 25, 2023.

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