City Mumbai Financial News

MUMBAI : Bharti Airtel Ltd, India’s second largest telecom operator, reported a mixed set of first quarter numb-ers on Thursday, with revenue beating estimates even as profit came below expectations. The company reported a flat net profit of ₹1,612.5 crore in the first quarter of fiscal 2024 from ₹1,607 crore in the year ago. However, the company’s revenue from operations grew 14% to ₹37,440 crore compared to ₹32,804.6 crore in Q1 FY23.

MUMBAI : Billionaire Anil Agarwal-led Vedanta Ltd’s shares plunged 9% in intraday trade to ₹247.60 apiece on exchanges after S&P Global Ratings downgraded the parent firm Vedanta Resources Ltd’s credit outlook from stable to negative on Thursday when Twin Star Holdings Ltd, promoter of Vedanta, sold 15.4 crore shares worth ₹3,983.1 crore in the company to raise funds for repaying dues. While marquee investors including Societe Generale and Copthall Mauritius Investment Ltd bought 2.94 crore and 8.48 crore Vedanta shares from Twin Star at ₹258.5 apiece respectively, in a statement put out in Singapore, S&P Global Ratings downgraded Vedanta Resources citing increased funding risks. The rating agency has affirmed ‘B-’ long-term issuer credit rating for the London-based parent firm.

https://www.instagram.com/reel/Cuvdlr5LIfl/?utm_source=ig_web_copy_link&igshid=MzRlODBiNWFlZA== Ashwin Shah, Cofounder and CEO at RFL Academy, shares that at RFL, they provide hands on learning course through robotics and coding to K-12 students in India. Since 2016, RFL Academy, through its 6 robotics labs across Mumbai, Surat, Ahmedabad, Porbandar, Jamnagar and Rajkot, have taught 30000+ students.

Indian student who was working as an Uber Eats driver in Australia was killed after his bike collided with an SUV in Sydney, PTI reported, citing a local media report. The deceased, identified as Akshay Deepak Doultani, a Mumbai native who was pursuing a master's degree in Australia, died in a crash last week in New South Wales while working as a food delivery driver, the Australia Broadcasting Cooperation reported on Wednesday. Doultani received a scholarship for a master's degree in finance at Macquarie University and came to Australia in February.

Adani Enterprises today announced its Q1 results with net profit growth of 44% year-on-year at ₹674 crore for the quarter ending June 2023. The company's revenue fell 38% YoY.

New Delhi: Oil and Natural Gas Corp. Ltd. (ONGC) has inked a term contract with Bharat Petroleum Corp.

Nitin Desai was found dead, Maharashtra Deputy Chief Minister Devendra Fadnavis on Thursday said the role a private lending firm, from which Desai had taken loan, would be probed to know whether he was charged high interest and if he was under stress. Speaking in the state legislative assembly, Fadnavis who holds the home department, said legal aspects on how Desai's N D Studio at Karjat near Mumbai can be preserved or taken over by the government will be examined. Desai, the creator of lavish sets for films such as «Jodhaa Akbar» and «Lagaan» as well as the popular TV quiz show «Kaun Banega Crorepati», was found hanging at his studio on Wednesday.

NCR-based real estate company Adore has ventured into luxury real estate. The group has purchased 5.5 acres of land in Sector 76 in Faridabad from the Haryana government for Rs 124 crore. It will develop a luxury housing project with an aggregate saleable value of Rs 600 crore.

Kalyan Jewellers on Thursday announced that it will launch 11 new stores across the country in August expanding its footprint across destinations while India is seeing an increased shift towards organised jewellery market. With this expansion, the jewellery brand will mark the milestone of its 200th showroom launch globally.

Karan Adani, Director, Ambuja Cements, says: “ We keep looking at opportunities. If it comes at the right price which is very strategic, we will keep our options open.” Coming to Sanghi Industries, with its location advantage and unique marine infrastructure, Adani says “the idea is that we want to make its Kachchh plant the lowest cost clinker production plant in the country and the target is to manufacture clinker at around Rs 1,500-1,600 per tonne.”Ambuja Cements has acquired a majority stake in cement maker Sanghi Industries at an enterprise value of Rs 5,000 crore. Can you explain the logic behind this move?First of all, there are a lot of location advantages in this transaction.

Also read: Monsoon Tracker: IMD predicts extremely heavy rains in Odisha today; orange alert issued in these states. See forecast On August 4, moderate rain is predicted in most places in the districts of Konkan-Goa, and light to moderate rain in several places in Madhya Maharashtra, and a few places in Marathwada.

Lucknow airport, a woman and her husband found themselves in legal trouble after a confrontation with a ground staff member of Akasa Air, which resulted in a physical altercation. The couple, who arrived late for their flight, were denied boarding, which led to a fit of anger from the woman, resulting in her physically assaulting a female staff member by slapping her. The incident occurred on Sunday evening, just before QP 1525 was about to depart for Mumbai.

trial court decision to make certain directors and promoters of three brokerage entities as accused in the Rs 5,600 crore National Spot Exchange Scam (NSEL). The Economic Offences Wing (EOW) of the Mumbai police in its plea contended that the Maharashtra Protection of Interest of Depositors (MPID) court’s order was “...arbitrary, erroneous and de hors (without) the principles of criminal law” and should be set aside.

MUMBAI : Anil Agarwal’s Twin Star Holdings Ltd, a promoter entity of Vedanta Ltd, aims to sell a 4.3% stake in the Indian mining company for ₹4,136 crore as part of the billionaire’s plan to reduce debts and transform his Vedanta group into a pure-play green energy and non-ferrous business. According to the terms of a deal brokered by JP Morgan India Pvt. Ltd, Twin Star Holdings will sell 160 million shares in Vedanta to institutional investors at a minimum of ₹258.50 each, a 5% discount to Wednesday’s closing price of ₹272.15 on National Stock Exchange of India Ltd.

MUMBAI : India’s top publicly traded companies saw a 70% surge in sexual harassment complaints during FY23 from the previous year, a Mint analysis of data from their annual reports showed. While the rise in cases highlights a worrying trend, it also suggests increased awareness about sexual harassment and the availability of platforms to report complaints.

MUMBAI : Indian investors turned poorer by ₹3.5 trillion on Wednesday as foreign portfolio investors (FPIs) sold shares to meet redemption pressures in developed markets spooked by Fitch Ratings’ downgrade of US credit ratings. Benchmark indices Nifty and Sensex ended over 1% lower each at 19,526.55 and 65,782.78. FPIs sold shares worth a provisional ₹1,877.84 crore on Wednesday, even as domestic institutions sold shares worth a meagre ₹2.2 crore.

₹200 crore in project outlay for Fly91. Its early investors include Rajeev Chitrabhanu, founder of advisory-led investment platform Magnetic. “Coming out of covid, I was the first person to believe in the potential of regional aviation, with the Udaan scheme and committed capital as an investor and advisor.

Mumbai: Indian banks are poised to see a decline in their return on assets (RoA) over the next 24-30 months, with an estimated range of 0.8% to 1%, as net interest margins contract owing to repricing of deposits, an analysis by McKinsey & Co revealed on Wednesday. The RoA of the banking system, a metric reflecting profitability relative to assets, is witnessing a positive trajectory in recent years, rising from -0.2% in FY18 and 0.9% in FY22 to 1.1% in FY23. “If we take a 12-18 month view, we expect RoAs to fall," said Peeyush Dalmia, senior partner, McKinsey.

₹7,000 crore in this financial year, a more than 16% rise from the previous year, said Anil Sardana, the company’s managing director and chief executive, in an interview. The company is planning to increase its capital expenditure outlay by about 10% every year, he added. “We are sitting with a huge order book.

₹55 crore over the next two years in the app to offer accessible, inclusive mental health support to people and provide a solution to help end the stigma of mental health. The made-in-India app, Shetty said, will democratize mental health treatment in India and worldwide. “I have seen the dedication of Manun since he launched Veda and when he came up with the idea to launch an app to make it affordable and accessible to people, my first question to him was how can I help? This app is a significant step in supporting people with mental health tools and online therapy so they can thrive in all aspects of their lives.

Bollywood actor Dilip Kumar's family has entered into an agreement with realty developer Ashar Group to develop a luxury residential project on the Pali Hill plot that housed the superstar's bungalow. The new project, spread over nearly half an acre of land parcel in Mumbai's Bandra suburb, will also house a museum dedicated to the actor's life journey and key milestones.