City Mumbai Financial News

Innovation and advancement have been a necessity for almost every industry out there, and software development companies are making sure to bring all those necessary changes for almost every business out there. Software development professionals of IT companies are taking advantage of advanced technologies like Artificial Intelligence, Machine Learning, Blockchain, and various others to make businesses and the world better and more innovative.

Arjun Mohan, according to multiple sources aware of the matter. These people said he is heading the international business unit at the firm but may get additional responsibilities as well. While confirming that he is working with the company, Mohan, however, said he has not joined the company 'on this (international business)' role.

Varun Beverages Ltd., which says it’s responsible for about 90% of PepsiCo sales in India, is set to profit from the expanded distribution of its products to remoter parts of the country, while sales should also benefit from the trend toward increasing temperatures, analysts say. imagee “This quarter will be good for Varun as this season is the best for them,” said Lavita Lasrado, an equity research analyst at Mirae Asset Capital Markets India Pvt. in Mumbai.

Salman Rushdie has spoken for the first time about having «crazy dreams» following the near-fatal knife attack on him in New York in August last year, which has left the Mumbai-born author blind in one eye, and working with a therapist to help him process the mental impact of the trauma. The 76-year-old Booker Prize-winning author was on stage almost a year ago when he was stabbed up to 10 times by the suspect Hadi Matar, who is being held in prison for attempted murder. Speaking to the BBC this week, Rushdie said he was in «two minds» about whether to face his alleged attacker, who has pleaded not guilty, in court.

Airport (CSMIA) in Mumbai has achieved the fourth position in a readers' survey conducted by a US-based travel magazine to determine the favourite international airports. CSMIA is the sole Indian airport to be featured in the list of 'Travel + Leisure Readers' 10 Favorite International Airports of 2023 survey'. CSMIA's inclusion in the top rankings reflects the positive feedback from readers, with a reader score of 86.47.

₹111.71 per kg on Wednesday. The maximum increase in retail price was ₹203 per kg in Bathinda, Punjab while the minimum rate was ₹34 per kg in Bidar in Karnataka. Among the metros, retail price of tomato quoted highest in Delhi at ₹150 per kg, followed by Mumbai at ₹137 per kg, Kolkata at ₹137 per kg and Chennai at ₹123 per kg on Wednesday.

₹1.40 lakh after he recovered 25 plates of samosas from a popular eatery in Sion, a police official said on Monday, adding that the incident took place between 8.30 am to 10.30 am on Saturday.  "The victim and his colleagues had planned a picnic at Karjat and had ordered samosas for the journey. The 27-year-old placed the order after locating the eatery's number online. When he called on the number, the one who answered asked him to pay ₹1,500 in advance," he said as quoted by PTI.  After this, the doctor received a WhatsApp message of order confirmation and bank account number to send money online.

bankruptcy court has allowed Go Airlines (India) Ltd's application to admit one of its vendors Blue Mushroom Infozone under the CIRP. The tribunal has also appointed Dipti Amit Thite as the Interim Resolution Professional.

Mumbai: The number of managers taking home ₹1 crore or more in annual salaries in three category-leading consumer companies — Hindustan Unilever, ITC, and United Spirits — increased by a quarter to almost 500 people in 2022-23. As per their latest disclosures in annual reports, the country's top FMCG company HUL and largest cigarette maker ITC have led the pack in the addition of managers drawing the dream package. At ITC, the number of crorepati employees jumped by 36% year on year to 257 in FY23 from 189 in the previous year.

MUMBAI : BSE-S0003051" data-name="Tata Consultancy Services">Tata Consultancy Services (TCS) Ltd kick-started the earnings season for the technology services industry on Wednesday on a sombre note, with its quarterly dollar revenue inching up 0.43% sequentially, the slowest start to a fiscal year since it went public in 2004. A dull start in the April-June period, which along with the second quarter has historically been the strongest for technology outsourcing firms, made the TCS management concede that double-digit revenue growth in the current fiscal will be a “tall order".

Reliance Capital on Wednesday said the RBI-appointed administrator has submitted the name of IndusInd International Holdings Limited (IIHL) as a successful bidder to National Company Law Tribunal (NCLT) for consideration. It is to be noted that the Committee of Creditors (CoC) has voted in the favour of resolution plan submitted by Hinduja Group company IIHL.

₹680.50 apiece, down by ₹26 or 3.68% on NSE. In the early deals, Nazara's stock did tumble by at least ₹100.25 or 14.2% by hitting an intraday low of ₹606.25 apiece. That being said, Nazara's stock has recovered major losses that were recorded in the early trade of Wednesday.

Mumbai: India’s second largest state-owned lender Bank of Baroda on Tuesday denied its officials used phone numbers of strangers to inflate registrations on its mobile banking app bob World.   A report by Al Jazeera alleged that bank officials linked bank accounts to unrelated mobile numbers in order to achieve stiff onboarding targets. The report cited internal emails of the bank to state that that branches were asked to conduct a “discreet inquiry" into the issue and to recommend whether those mobile numbers should be withdrawn.   “The bank has a current mobile banking activated user base of 30 million customers, all of whom are linked to a unique mobile number seeded with their bank account," a spokesperson for Bank of Baroda said in an emailed statement.   The spokesperson said a fully system-authenticated and customer consent-based process has been and is currently being followed for undertaking any mobile banking app registrations in the bank.  Bank of Baroda’s app has seen its base of activated users grow from 19.6 million in FY22 to 30 million in FY23, as per data available on its investor presentations.

Mumbai: Kotak Mahindra Asset Management Company, among the top 5 AMC’s by assets, will launch  Kotak Quant Fund, an open-ended equity scheme following Quant based investing theme, after three and a half years of research on machine-based investing approach. Quant uses advanced alogorithms to buy and sell based on pre-fed parameters.  The machine in this fund will replace the fund manager in determining the stock picking based on fixed parameters from an eligible universe of stocks filtered by the fund manager.

Mumbai: Traders and hedgers on HDFC have been warned by their brokers to exit all their derivatives positions in the mortgage financier by July 12 or face compulsory delivery in the underlying HDFC stocks .   This is pursuant to the merger of HDFC with HDFC Bank taking effect from 1 July and the bank and HDFC fixing 13 July as the record date for ascertaining the shareholders of HDFC who will be eligible to receive shares of the merged HDFC Bank.  The warning by brokers comes after National Stock Exchange (NSE) in a circular dated 5 July said that all futures and options (F&O) contracts associated with Housing Development Finance Corporation Ltd (HDFC) would expire on July 12.  “All existing monthly and weekly contracts in the underlying HDFC contracts with expiry dates post July 12,2023, shall expire on July 12, 2023," according to NSE statement.  HDFC will cease to exist from 13 July and will be replaced by LTI Mindtree on the Nifty 50 benchmark index.   The settlement price for the F&O contracts will be the settlement price of security HDFC in the Capital Market segment on July 12.

Mumbai: Although Indian banks have performed well in a hostile global environment, they should not let their guards down, Reserve Bank of India (RBI) governor Shaktikanta Das told heads of private and state-owned banks on Tuesday.  Das met chief executives of public sector banks and some private sector lenders on Tuesday, RBI said in a statement.   “The governor, in his introductory remarks, while noting the good performance of the Indian banking system despite various adverse global developments, stressed that it is in times like these, banks need to be extra careful and vigilant," the statement said.  According to RBI, Das also emphasized the need for bank chiefs to pay special attention to strengthening governance and focus on the “tripod of banking stability consisting of compliance, risk management and audit functions".  Other issues discussed include strengthening of credit underwriting standards, monitoring of large exposures, implementation of external benchmark linked rate (EBLR) guidelines, and bolstering information technology (IT) security and IT governance. Das also highlighted the need to improve recovery from written-off accounts, and timely and accurate sharing of information with credit information companies.  Das has been pointing out the need for banks to strengthen corporate governance standards.

Mumbai: Customers will be able to use QR codes of Unified Payment Interface (UPI) network for transactions using digital currency by end of this month, said Reserve Bank of India’s deputy governor T. Rabi Sankar. Addressing heads of banks and fintech firms at an event organized by the Indian Banks Association, Sankar said interoperability of QR codes will encourage more central bank digital currency (CBDC) transactions.“Earlier merchants had to be onboarded and have a separate QR code for CBDC.

Prestige Estates Projects’ subsidiary Prestige Projects has acquired a prime sea-facing land parcel near Marine Lines and Charni Road in south Mumbai from DB Realty’s subsidiary Marine Drive Hospitality & Realty for over Rs 704 crore. The deal values the plot at over Rs 306 crore per acre, pushing it higher in the tally of most expensive land transactions anywhere in the country. DB Realty had initially planned to develop a 125-storey luxury hotel on the plot.

India was internally reorganized when the system of linguistic states was created in the first two decades after Independence. B.R. Ambedkar gave a succinct summary of the underlying principles: every state would have one dominant language, but every linguistic group need not be consolidated into a single state, which is why there are multiple Hindi-speaking states or why we have two Telugu states today.

In Mumbai, the municipal corporation has deployed a sewer cleaning robot to get rid of manual scavenging. The civic body has decided to use robots to clean the clogged sewers in the city instead of using the labourers.

Reserve Bank Governor Shaktikanta Das Tuesday asked Indian banks to be extra careful and vigilant in view of the adverse global developments while strengthening corporate governance. The governor held meetings with the MD and CEOs of public sector banks and select private sector banks in Mumbai.