City Mumbai Financial News

MUMBAI : Equity benchmarks fell the most in four months on Friday, as investors booked profits in heavyweight Reliance Industries Ltd ahead of its earnings release, and sold off shares of Infosys Ltd and Hindustan Unilever Ltd that posted weak earnings the previous day. The Nifty 50 fell 1.17%, or 234.15 points, to 19745 points, while the Sensex corrected by 1.31% or 887.64 points to 66,684.26 points. The fall would have been steeper had it not been for banks, which bucked the trend with the 12-member Bank Nifty hitting a fresh 52-week high of 46369.50.

NEW DELHI/MUMBAI : Global anime brand Crunchyroll sees India as the second largest anime market in the world after the US and expects 60% of the global growth in the next few years in the category to come from the country. Crunchyroll, LLC is an independent joint venture between Sony Pictures Entertainment in US and Aniplex in Japan, a subsidiary of Sony Music Entertainment (Japan) Inc., both subsidiaries of Tokyo-based Sony Group Corp. “India is still a nascent market for us but we’re seeing really strong fandom for anime across the country, and not just in metros but also from tier-two and three towns.

DOMS approved an initial public offering (IPO), Italian pencil maker Fabbrica Italiana Lapis ed Affini SpA (Fila) which holds 51 per cent in DOMS said on Friday. Fila has committed to offer 90 million euros worth of DOMS shares for sale while still remaining the company's single largest shareholder post IPO. The listing is expected to close by the end of the year, Reuters reported citing the Italian pencil maker.

opposition alliance INDIA is likely to be held after August 15 in Mumbai, a leader of the bloc said Friday. An 11-member coordination committee is likely to be finalised in the Mumbai meeting, the third such after the Patna and Bengaluru meets.

DLF will enter the Mumbai property market with a project in Andheri West, the company announced on Friday. The company will develop around 2.5 million sq ft in the first phase of the project. “DLF Home Developers Limited (‘DHDL’), a wholly-owned subsidiary, has executed a securities subscription and shareholders’ agreement, pursuant to which its wholly- owned subsidiary — Pegeen Builders & Developers Private Limited would allot 9800 equity shares of face value of Rs 10 per share at par to Trident Buildtech Private Limited,” the company said in the regulatory filing.

Mumbai local Main line, Transharbour line and 4th corridor line trains are running on time. Only Harbour line trains are running 20-30 minutes late. Harbour line local train services between Mumbai and Navi Mumbai were hit on Friday afternoon as heavy rains caused waterlogging at Kurla.

The Central Railway in its 3:30 pm update said it all section trains are running while Harbour line trains are running 20-30 minutes late. The Central Railway also said that no long distance trains has been rescheduled as of yet.

Go First may resume scheduled flight operations on the availability of interim funding and approval of flight schedule by DGCA. Cash-strapped Go First, which had been flying for more than 17 years, stopped operations on May 3.

weather department issued a ‘red’ alert for four districts, Thane, Raigad, Pune, and Palghar, and forecasted heavy to very heavy rainfall in the regions till Saturday. The National Disaster Response Force (NDRF) and State Disaster Response Force (SDRF) is on high alert in all the regions and undertaking rescue operation wherever required. In view of the weather alerts, the administration in Thane and Palghar have also announced school holidays.

New Delhi: Extremely heavy rainfall will likely continue in Maharashtra till Saturday and decrease thereafter, India Meteorological Department (IMD) said on Friday. Heavy-to-very heavy rains are expected in Mumbai, Konkan, Goa and Gujarat on Friday and Saturday.

₹7,000 crore for the Mumbai Ahmedabad high-speed rail project.  With this Package, the company will execute 92 percent of the main line between Shilphata and Ahmedabad.  The project has been bagged for the construct the 135.45 km stretch MAHSR – C3 package which includes the construction of viaducts, stations, major river bridges, depots, tunnels, earth structures, stations, and other auxiliary works, L&T construction said in a BSE filing. Meanwhile, NHSRCL has already awarded contracts for the construction of Mumbai (BKC) station and 21 km of tunnels including a 7 km undersea tunnel works in Maharashtra.

Union Bank of India on Thursday reported more than 100 per cent jump in net profit at Rs 3,236 crore in the June quarter, aided by a decline in bad loans and improvement in interest income. The Mumbai-based lender had posted a net profit of Rs 1,558 crore in the year-ago period. Total income in the first quarter of the current fiscal rose to Rs 27,381 crore from Rs 20,991 crore in the same period a year ago, Union Bank of India said in a regulatory filing.

Adani Group, Gautam Adani, has recently made headlines when he took a subtle jab at Hollywood director Danny Boyle in relation to his ambitious plans for transforming Mumbai's Dharavi into a modern city hub. In an open letter, Adani referenced Boyle's acclaimed 2008 film "Slumdog Millionaire" and expressed his optimism about the future of the revamped Dharavi, stating, «God willing, the likes of Danny Boyle will discover that the new Dharavi is producing millionaires without the slumdog prefix.» Boyle's «Slumdog Millionaire» garnered significant international recognition, after receiving eight Oscar Awards, including Best Picture, Best Director, and Best Adapted Screenplay.

monsoon rains across the state, a red alert has been issued in Pune, Raigad, Thane and Palghar districts today.  As per IMD bulletin yesterday, isolated heavy to very heavy rainfall very likely to continue over Mumbai during next two days. Isolated extremely heavy rainfall likely over Konkan & Goa, ghat areas of Madhya Maharashtra, Gujarat state on 20th and 21st July. As per a civic official, the island city received an average 100 mm rainfall in the last 24 hours ending on 8 am on Thursday.

Also read: Monsoon rains Highlights: Heavy to very heavy rainfall expected in Raigad, Mumbai in coming days, says IMD In response to heavy rains, the Chief Minister's Office in Telangana has announced two days of holidays, 21 and 22 July, for all government offices and educational institutions within the Greater Hyderabad Municipal Corporation (GHMC) limits. CM K Chandrashekhar Rao emphasised that essential services like medical facilities and milk supply will continue uninterrupted during this period.

MUMBAI : Billionaire banker Uday Kotak’s recent letter to Kotak Mahindra Bank (KMB) Ltd’s shareholders has displeased the Reserve Bank of India (RBI), which thinks the letter’s reference to “Arjuna’s eye" and other such mentions are a veiled criticism of the central bank governor Shaktikanta Das, a person aware of the matter said. Kotak, in his last shareholder letter as managing director of KMB before stepping down at the end of this year, expressed concerns about the impact of over-regulation on the entrepreneurial spirit of financial sector companies. “I feel the financial sector players risk becoming more robotic, curbing the entrepreneurial flair since the fear of making a mistake overrides the joy of creation and development," he said.

MUMBAI : Max Healthcare Institute Ltd’s petition seeking to prevent the sale of TPG-backed Care Hospitals to Blackstone Inc. has been dismissed by an arbitrator, three people with the knowledge of the deal said. On 16 March, Max signed a term sheet with Touch Healthcare to purchase Care Hospitals.

MUMBAI, BENGALURU : Media mogul Subhash Chandra is in talks with JC Flowers Asset Reconstruction Co. (ARC) to buy back his family’s shares in Dish TV India Ltd, marking another twist in the two-year-old battle between the minority investor and the promoter for control of India’s third-largest satellite TV operator. Chandra, 72, has also put forward a proposal to buy other assets, including shares in the educational company Zee Learn Ltd and three properties, including a bungalow built over 2.8 acres in central Delhi.

Fiat Chrysler Automobile's (FCA's) renewed motion to enjoin the Post-2020 Roxor and based on its analysis declined to apply the safe distance rule to this case as sought by FCA, Mahindra & Mahindra said in a regulatory filing. Accordingly, FCA's motion to enjoin the post-2020 ROXOR was denied, it added.

Bombay High Court on Thursday frowned on media reports pertaining to witnesses who will be summoned in the CBI probe against IRS officer Sameer Wankhede on charges of extortion and bribery in connection with the cruise ship drug bust case. The HC sought to know who was leaking such information. A division bench of Justices A S Gadkari and S G Dige said the media reports have said the information is from Central Bureau of Investigation sources.

The recent order of the Bombay High Court emphasises that granting a decree for specific performance is a discretionary decision that considers numerous factors, including the equitable principles of The Specific Relief Act.