City Mumbai Financial News

Vande Bharat Express and the CSMT-Solapur Vande Bharat Express. Both the Vande Bharat trains are operated by the Central Railway. According to a release, the CSMT-Shirdi Sainagar Vande Bharat train will arrive at Thane station at 6:49 AM and depart at 6.51 AM.

MUMBAI : Brookfield India Real Estate Trust (BIRET) has raised over ₹2,305 crore through qualified institutional placement. The significant investor interest led to a 50% upsizing of the offer, the company said. The base size of the issue was around ₹1,500 crore.

MUMBAI : The Securities and Exchange Board of India (Sebi) on Wednesday deferred the implementation of its “fit and proper" person criteria for intermediaries, informing the Bombay High Court that it will not insist on compliance till 30 August. Sebi had given the intermediaries time till 2 August to comply with the circular.

ALSO READ: RPF jawan shoots 4 persons dead onboard Jaipur-Mumbai train; DRM assures ‘probe from all angles' "It is stated that there is a system of Periodical Medical Examination (PME) of Railway Protection Force constables, and in the last PME, no such medical ailment/ condition was detected. The treatment for the present medical ailment would have been taken on his level by Chetan Singh, and is not in his official records. He and his family have kept it a secret.

Mumbai: Indian banks are likely to post a lower return on assets, between 0.85 and 1%, in the next 24-30 months as net interest margins (NIMs) contract due to repricing of deposits, showed an analysis by McKinsey & Co. Return on assets (RoA) of the banking system, a measure of profitability in relation to assets, stood at 1.1% in FY23, up from -0.2% in FY18 and 0.9% in FY22. “If we take a 12-18 month view, we expect RoAs to fall.

Indian expats won big this week in the UAE, with the first one getting Dh20 million in prize money while the other won Dh1 million at the latest Mahzooz Draw in Dubai, reported Gulf News. Feeling absolutely thrilled and happy after winning the big prizes, both winners have also urged others to try their luck at the draw. The first winner is Sachin, who originally comes from the city of Mumbai and is currently working as a CAD technician for a private company.

₹2,300 crore through Qualified Institutional Placement (QIP) of Units. The firm further noted that the proceeds from the placement will be directed toward financing the announced acquisition of two large commercial assets from Brookfield Asset Management’s private real estate funds, it said in a stock regulatory filing.

Brookfield India Real Estate Trust has raised Rs 2,305 crore by selling units to institutional investors on private placement basis and will mainly use this fund for acquisition of two assets in Gurugram and Mumbai. In a regulatory filing, Brookprop Management Services Pvt Ltd, which is manager to Brookfield India REIT, informed that the issue committee has approved the allotment of 9,13,01,349 units to 64 successful eligible institutional investors, at the issue price of Rs 252.50 per unit. The names of investors were not disclosed.

Sula Vineyards share price slumped over 6% on Wednesday's trade after receiving an excise duty notice for ₹116 crore from the Maharashtra excise department on Tuesday. Sula Vineyards share price opened at intraday high of ₹496.65 apiece on BSE. The company stated in an exchange filing that the State Excise Revenue Minister has vacated the interim order granted pursuant to the decision dated September 19, 2019, issued by the State Excise Revenue Minister, Government of Maharashtra.

MUMBAI — Baroda BNP Paribas Mutual Fund is unperturbed by the rally in domestic equities and believes that mid-teen returns are likely over the next 1 year given the strong fundamentals. Asked about how the fund aims to generate alpha returns for its investors, Jitendra Sriram, a senior fund manager at the asset management firm, shared the “BMV” metric adopted by the company in its hybrid fund to achieve the same.

Mumbai city registered its wettest July ever on July 26 with the month so far witnessing a record 1557.8 mm of rainfall. Earlier, the record was set in July in 2020 when 1,502 mm of rainfall was logged by the IMD's Santacruz observatory (representative of Mumbai's suburbs), according to a report published by the news agency PTI.

Britannia Industries have weakened of late as concerns over rural sales growth and troubles at group company Go First Airlines weighed down investor sentiment. The stock fell 4.2% in the past month to ₹4,818 on Tuesday as against the 0.6% advance in the Nifty FMCG Index. «There is an apprehension that sales may be impacted with slower recovery in rural areas than expected,» said Nirvi Ashar, fundamental research analyst at Religare Broking.

Taparia Tools, a Mumbai-based engineering company, after it announced a dividend of ₹77.50 apiece recently. The pay out was considered exceptional given that the stock was at around ₹12 at that time. As many rushed to punch in the buy orders, they realised that the stock is hardly traded and lacks sellers.

Debashree Dutta of Shardul Amarchand Mangaldas & Co (SAM & Co) and Roopali Singh of AZB & Partners are joining law firm Vritti Law Partners for its Mumbai and New Delhi office respectively as co-founders of the firm. Founded by Shameek Chaudhuri and Arvind Ramesh in Mumbai at the beginning of the year, Vritti Law Partners will have its New Delhi office that will be headed by Roopali Singh. An alumnus of the ILS Law College Pune and the University of Oxford, Dutta started her career with ICICI Bank as a manager legal in the year 2007. Subsequently, she moved to the law firm AZB & Partners in 2011 and later joined SAM & Co as Partner for Banking, Finance and Project Finance practice. “This opportunity of collaborating with driven colleagues to build a nimble, transparent and client-centric firm from the ground up is both invigorating and empowering,” said Dutta. “Together, we embark on an exciting entrepreneurial journey, leaving behind the safety net of a large law firm, to explore new horizons and create a dynamic practice that aligns with our shared vision.” An alumnus of the Faculty of Law from the University of Delhi, Singh started her career with Dua Associates in 2004. In 2013 she joined AZB & Partners, where she rose to become Senior Partner in the firm’s litigation and dispute resolution practice.

Mumbai: B2B e-commerce platform Moglix is in talks with both existing and new investors to secure a secondary round worth $30-35 million. A substantial portion of it will be an employee stock option buyback, said two people aware of the development. The secondary is estimated to be at 15-20% discount to the company’s primary valuation of $2.6 billion.

MUMBAI : The hike in a benchmark interest rate by the US Federal Reserve seems to have spooked Foreign Portfolio Investors (FPIs) who were punting and hedging on Indian index derivatives near record high levels. From holding most bullish positions in index futures (Nifty and Bank Nifty) contracts in four years last month, FPIs sharply cut their positions to a fraction after last Wednesday’s rate hike by the Fed. Their squaring off of leveraged bets was largely responsible for the Nifty correction from a record high of 19991.85 on 20 July to 19753.8 on 31 July because to close out a long position the FPI has to sell the contract, which adds to the overall selling pressure.

Chetan Singh told me that he was innocent and that he has no knowledge about the firing. The court has granted police custody till August 7," advocate Surendra Landge said on Tuesday. The police submitted in court that the accused is not cooperating with the investigative agencies.

e-commerce industry is likely to create 7,00,000 gig jobs in the second half of this year as businesses are recruiting temporary workers to ensure best customer experience during the festive period, according to a TeamLease report. The country's e-commerce companies are gearing up to meet consumer demands during the annual shopping frenzy in the run-up to the festive season, and this surge is projected to generate almost 7,00,000 gig jobs in the second half of 2023, the staffing company said in its report on Tuesday.

A Railway Protection Force constable gunned down his senior colleague and three other train passengers on Monday before being nabbed by GRP and RPF. The incident took place on board the moving Jaipur-Mumbai Central Express near Palghar railway station in Maharashtra. And according to his colleague, the accused - Chetan Singh - had complained that he was feeling unwell and appeared to be ‘in no mood to listen’ to his colleagues after being told to complete his shift.

Borivali court on Tuesday and has been sent to RPF custody till 7 August. A video is also doing rounds on social media where an RPF constable claimed as being Chetan Singh can be seen standing beside a dead body justifying the killings.

Nirmala Sitharaman said the government has decided to allow companies to list at the International Financial Services Center (IFSC) GIFT City to start with before expending this to other countries. Generally, companies incorporated and operating in a country are listed on local stock markets. However, some new-age companies require sophisticated investors who are willing to take big risks.