City Mumbai Financial News

Several parts of Mumbai experiences severe water-logging after witnessing intermittent rainfall on Friday. IMD has predicted for heavy rainfall in some parts of the city on Saturday as well.

MUMBAI : Banks have informed the Reserve Bank of India (RBI) about the financial impact of a proposed regime where they have to make early provisions for the loans they expect to sour, the regulator’s response to a Right to Information (RTI) request showed. The so-called expected credit loss (ECL) model proposed by the regulator earlier this year, where banks have to recognize stress much earlier, is in contrast to the existing regime where banks make provisions after the losses are incurred.

MUMBAI : The Reserve Bank of India (RBI) is working on regulations that will be more “developmental" for fintech companies, according to Reserve Bank of India (RBI) deputy governor T. Rabi Sankar. “We are working on regulations (that) would be specific to fintech entities and the fintech ecosystem," he said at an event in Bengaluru.

MUMBAI : Mukesh Ambani-controlled Reliance Industries Ltd (RIL) is looking to buy out the minority shareholders of Reliance Retail Ltd for a total sum of up to ₹1,071.27 crore and make its step-down retail unit into a fully promoter-owned company in what can be a termed as a precursor to a potential demerger and a separate listing of the retail business. Reliance Retail said on Friday that its board approved a proposal to reduce the equity share capital to the extent held by shareholders other than its promoter and holding company, Reliance Retail Ventures Ltd (RRVL).

Directorate of Revenue Intelligence (DRI) has sent notices to seven exporters who were allegedly exporting restricted products. The directorate has confiscated some shipments of chemicals, minerals, metal and alloys and some essential commodities, which were under the special chemicals, organisms, materials, equipment and technologies (SCOMET) list, officials said. The shipments were confiscated by the Mumbai, Gujarat and Chennai zones, they said.

MUMBAI : An important reading pertaining to foreign portfolio investments in index derivatives hit a four-year high on 6 July, shortening the odds of a correction in the near term, as has been seen on previous occasions, analysts said. They were, however, quick to add that any 300-400 points dip on Nifty would be a good buying opportunity. FPIs’ cumulative net buying on futures contracts based on Nifty and Bank Nifty hit a four-year high of 102,828 on 6 July.

MUMBAI : The Bombay High Court on Friday asked the Centre if it was allowed under law to have a statute with “unbound" and ‘limitless’ discretionary authority. The court’s comments came while hearing a petition filed by stand-up comedian Kunal Kamra challenging the Centre’s recent notification on Fact Check Unit (FCU) to identify fake news under the government’s amendment to the Information Technology (Intermediary Guidelines and Digital Media Ethics Code) Rules, 2021. A division bench led by Justices G.S.

PharmEasy’s parent API Holdings’ board on Thursday approved a resolution to increase the company’s authorised share capital, as per a postal ballot notice issued to shareholders, a copy of which ET reviewed. It is currently pending equity shareholder approval, the process for which begins tomorrow. The last date of voting would be August 5.

Mumbai –  6th July, 2023 One Point One Solutions Ltd., a prominent leader in Business Process Management (BPM) services, is proud to announce the establishment of its wholly-owned U.S. subsidiary "ONE POINT ONE USA INC." The subsidiary will be headquartered in Delaware, in the state of Delaware. This subsidiary represents strategically positioned to capture opportunities and establish a strong presence in the American market.

Ideaforge Technology ended 93% higher on the bourses following a stellar debut on Friday. The dronemaker's stock opened at Rs 1,305.10 on the Bombay Stock Exchange, a whopping premium of 94.21%.

Maharashtra Legislative Council. She is an experienced legislator and has been elected to the council for four consecutive terms since 2002. Born in 1954, Neelam Gorhe completed her graduation from Mumbai University and has a professional degree in Ayurvedic medicine.

Kartik Aaryan has purchased a luxury apartment for Rs 17.50 crore in the plush Juhu locality of Mumbai. The house with nearly 1,594 sq ft carpet area is on the second floor of the residential tower Siddhi Vinayak Building in Presidency Society where the actor’s family already owns an apartment. The deal values the apartment at nearly Rs 1.10 lakh per sq ft, making it one of the costliest deals in the locality known for the properties of Bollywood actors, directors, producers and industrialists.

Reliance Retail Ventures Limited. This decision was approved by the Company's Board of Directors during their meeting on July 4, 2023. The capital reduction will be carried out in accordance with Section 66 of the Companies Act, 2013.

Akasa Air, India’s newest airline, has further enhanced its domestic connectivity by starting direct flights between Mumbai and Kolkata from July 7, 2023 onwards. The airline will connect Kolkata with three destinations, including Bengaluru, Mumbai, and Guwahati, and has also ramped up its frequency between Delhi and Ahmedabad with two daily flights.

Reliance Industries (RIL) on Friday announced that its board has approved a proposal to reduce the equity share capital of its subsidiary Reliance Retail to the extent held by shareholders other than its promoter and holding company. «The Board of Directors of the Company at its meeting held on July 4, 2023, approved a proposal to reduce the equity share capital to the extent held by shareholders other than its Promoter and holding company, namely, Reliance Retail Ventures Limited,» RIL said in a regulatory filing.

IPL version of the much talked about Impact Player Rule will be used in the Syed Mushtaq Ali T20 Trophy (SMAT) beginning October 16. The Impact Player was introduced in SMAT last season but it had to be brought in by or before the 14th over and had to be named before the toss. However, this will change from next season as like the IPL, teams will be allowed to name four substitutes besides the playing eleven before the toss. Out of the four substitutes, only one can be used as an Impact Player by either team. The rule was approved at the BCCI Apex Council meeting in Mumbai on Friday. «Both teams are allowed to use one Impact Player per match. It is, however, not compulsory,» read one of the guidelines on the rule. Impact Player was used widely by the 10 IPL teams but the introduction of it divided opinions. Australian captain Ricky Ponting and Delhi Capitals head coach had said that it almost negated the role of an all-rounder in the side. «It actually almost negates the role of allrounders in the game now. So unless they're absolutely world-class and they're getting picked either as a batsman or as a bowler, not sort of a bits and pieces guy, then I don't think you'll see many, many teams this year actually use the guy that might bat at seven and maybe bowling over or two. Because you don't need those guys anymore,» Ponting had said.

Shinde met Deputy CM and senior BJP leader Devendra Fadnavis late on Thursday night, sources said. The meeting came days after Shinde denied that his Shiv Sena MLAs were uncomfortable with the inclusion of Ajit Pawar and 8 Nationalist Congress Party (NCP) legislators in the state cabinet and claimed that he would remain as the chief minister until 2024. The Maharashtra cabinet now has 29 ministers with the entry of NCP leaders on Sunday.

Also read: Mumbai Monsoon Rain: Yellow alert in the city today; check local train status to traffic updates here Despite the heavy rain, there were fortunately no reports of accidents or injuries. The city of Zaragoza experienced severe disruptions, with tram services being affected and several bus lines being diverted. The most challenging situation occurred on the Third Ring Road near the Barranco de la Muerte, where numerous individuals became trapped in their vehicles along with some people clinging to trees in the street, leading to complicated rescue operations.

B L Kashyap & Sons, one of the leading civil, engineering and construction company, expects a 24% growth in revenue to Rs1300 crore in FY25, led by commercial and government projects. The firm has secured new orders worth Rs 700 crore in the last six months, including the redevelopment of the railway in railway project at Bijwasan from the Railway land development authority, Embassy business hub phase II and Nzuri business park in Pune. “There has been robust growth in order intake during the year and a substantial jump in order book position at the end of the financial year, clearly giving strong visibility of earnings in the coming years.

India’s leading mobile payments and financial services company Paytm, which has pioneered digital payment, has continued to be in a leadership position in the segment. The company added 4 lakh new merchants in June, who have subscribed to its premium devices including Soundbox and card machines, taking the total count to 79 lakh merchants. So far till June 2023, Paytm has added 21 lakh merchants who are paying subscriptions for its devices.

₹200 per kilogram. In Gangotri Dham, tomatoes are being sold at ₹250 per kg, while the widely used vegetable in Indian kitchens is available at ₹180 to ₹200 in Uttarkashi.  Speaking to ANI, a vegetable seller said, “Tomatoes have become dearer in the region all of a sudden. Consumers are bearing the brunt of the rising prices of tomatoes in Uttarkashi.