City Mumbai Financial News

Subscribe to enjoy similar stories.MUMBAI: For India, the fallout from West Asia conflict, while negative for the macro-economy, would remain manageable if a final peace deal is reached by mid-May.Any extension beyond that could push up oil price expectations and have a more severe impact, not just on the macro, but also on earnings for the current fiscal, which are otherwise expected to hold up better than the economy in the context of the war, according to Sanjeev Prasad, managing director and co-head, Kotak Institutional Equities.In an interview to Mint, he also explained why foreign investors continue to pull out despite valuations correcting.Edited excerpts:It is a little bit of a challenge as of now. The hope was that the West Asia war would end by early April...then mid-April and at the end of last month we were hoping for mid-May.

Subscribe to enjoy similar stories.Mumbai: Emcure Pharmaceuticals plans to expand its biosimilars pipeline to ride a slew of patent expiries as well as favourable tailwinds on global demand, the company’s top executive told Mint in an interview.“We have identified biosimilars as a growth driver. In the next three to five years, a lot of our R&D spend as well as portfolio contribution would be skewed towards biosimilars as well as some of the larger peptides and the ADC (antibody drug conjugates) program,” managing director and chief executive Satish Mehta said.Pune-headquartered Emcure is largely a generics drug manufacturer, but is ramping up focus on specialty products like complex injectables, biologics and antibody drug conjugates.

Subscribe to enjoy similar stories.Mahindra and Mahindra Ltd's group chief executive, Anish Shah, is shifting his focus to deploying artificial intelligence, as the conglomerate closed its fifth year under his leadership with double-digit profit growth.The Mumbai-based company has crafted a strategy to increase revenue, which surged 26% year-on-year to ₹1.98 trillion in 2025-26, by using AI to enhance the service experience, improve marketing efficiency, and shorten the time-to-market for new products.Revenue surge was powered by a 20% on-year jump in sports utility vehicle (SUV) volumes to over 660,000 units, dethroning rival Hyundai Motor India from the second position, while net profit rose 32% on-year to ₹18,621 crore, further supported by growth across its business segments and a reduction in loss-making assets overseas.Its real estate and logistics business, Mahindra Lifespaces and Mahindra Logistics, reported a 50% rise in profit after tax, while its automobile segment—the largest contributor—posted 33% profit growth. Tech Mahindra Ltd, India's fifth-largest IT services company, ended the fiscal year with a 7% rise in net profit.Now, M&M wants to improve efficiencies to further boost revenue while reducing costs and turnaround time.“Over the past few months, I have spent an hour a day on AI, one hour every day.

Subscribe to enjoy similar stories.Mumbai: Large mutual funds in India are becoming more selective about investing in smaller stock market listings, making companies that seek to raise between ₹400 crore to ₹2,000 crore either wait out a volatile market or turn to private equity and venture capital firms for funds.“There is clearly more selectivity. In the ₹2,000–3,000 crore range, deals need sharper differentiation on growth, quality, and valuation to see strong traction,” said Raghav Gupta, joint chief executive officer, IIFL Capital.

Subscribe to enjoy similar stories.BENGALURU: On-demand house-help services platforms such as Urban Company’s Insta Help, Snabbit and Pronto are facing a workforce shortage across major cities including Mumbai, Bengaluru and the National Capital Region, leading to limited availability and rescheduled or cancelled bookings.Even as the platforms try to scale up to meet demand, users have reported difficulty securing slots for same-day or even next-day services, particularly for routine cleaning services. The disruption comes as demand for app-based home services continues to grow, driven by dual-income households and a shift towards convenient platform-based hiring.“I’ve tried booking a cleaner multiple times in the last two weeks and either there are no slots or the booking gets pushed to the next available day,” said a Bengaluru-based user who did not wish to be identified, adding that Pronto and Urban Company currently only allow scheduled bookings (not help within minutes) for their area.A user in Mumbai recently purchased Insta Help’s three-day pack but has been unable to find vacant slots.“The app simply says it will notify you when slots are available.

Subscribe to enjoy similar stories.MUMBAI: Global investment firm Carlyle has acquired a majority stake in Knack RCM and EqualizeRCM, two US-based healthcare revenue cycle management (RCM) providers, the companies said in a statement on Monday, as it looks to build an artificial intelligence (AI)-led platform in the US healthcare RCM market.The transaction combines two complementary RCM operators to create what the companies described as an AI-native, multi-specialty platform serving physician groups, rural hospitals and durable medical equipment (DME) providers.Financial terms of the transaction were not disclosed.“The US healthcare revenue cycle market is growing rapidly, driven by margin compression, workforce shortages, and the shift to value-based care,” said Kapil Modi, Partner at Carlyle India Advisors. “We believe Knack and Equalize stand out as leaders with their AI-native, specialty‑focused, and outcomes‑driven approach, which aligns well with the growing needs and demand in healthcare RCM.”The combined entity is expected to expand scale and delivery footprint across the US, India and the Philippines, while deepening capabilities in automation and analytics, the company said.Carlyle said it intends to pursue additional acquisitions to build out the platform, underscoring a consolidation strategy in a sector that remains highly fragmented.“One of the core tenets of this investment is to build a scaled, strategically attractive physician and rural hospital RCM platform in a fragmented industry.

Subscribe to enjoy similar stories.Mumbai: Milky Mist has raised about ₹482 crore in a pre-IPO round led by Singapore-based Temasek’s subsidiary Jongsong Investments Pte. Ltd, the dairy product maker said in a statement on Monday.The fundraise comprises a primary capital infusion of about ₹357 crore and a secondary share sale of about ₹125 crore ahead of the company’s proposed initial public offering (IPO) later this year.As part of the primary issuance, Milky Mist allotted 5,43,789 equity shares at ₹139.76 per share, aggregating about ₹7.6 crore.

Subscribe to enjoy similar stories.How soon will the Reserve Bank of India (RBI) raise rates and how high will it take them? Those have become urgent questions for bankers in Mumbai after elevated energy-import costs pushed the rupee to a record low last week. RBI governor Sanjay Malhotra has signalled a preference to stay on pause. The central bank would step in, he said in an 18 April speech at Princeton University, “through its influence on inflation expectations rather than through blunt demand compression,” a euphemism for monetary tightening.Still, Malhotra’s cheap-money era is likely drawing to a close, thanks to the pressure from the foreign-exchange market.

Subscribe to enjoy similar stories.Looking at her bold, singular designs, it is hard to believe that jewellery designer Bhavya Ramesh never formally studied the craft. The engineering graduate, who describes herself as “completely self-taught”, started her eponymous label in 2018 with a small investment from her father, and one clear goal: “I wanted people to look at my work and say, ‘I’ve never seen anything like this before.’ That’s still my only aim,” she tells Lounge over a video call from Mumbai.A D2C brand that began online, the label has, in recent years, made a confident leap into offline retail, with two stores in Mumbai and a newly launched outpost in Khan Market, Delhi. While the move signals the brand’s growth, Ramesh says the real push came from customers.

Subscribe to enjoy similar stories.Mumbai: Nestlé India flagged potential price increases if input costs remain elevated, even as it continues to prioritize volume-led growth.“We did see some commodity inflation like milk and wheat… The fuel part is a curveball,” chairman and managing director Manish Tiwary told Mint.“Of course, if it persists, while we do want more volume-led growth, we might have to make some price adjustments,” he added.Nestlé India, the maker of KitKat and Maggi, has leaned on volumes to drive growth, but Tiwary acknowledged that pricing could return to the mix depending on how commodity costs evolve. “So, from almost a complete volume-led growth, we could have some pricing (-led growth), depending on how the commodity and prices move,” he said.

Subscribe to enjoy similar stories.Around two decades after exiting India, UK cosmetics brand Lush has re-entered the market, looking to tap into the country’s growing luxury beauty segment.The maker of bath bombs, shower jellies and solid shampoo bars has partnered with Bengaluru-based Bilberry Brands under a licensing agreement, beginning with an online launch and a physical store in Delhi. A second Delhi outlet, along with stores in Gurugram and Mumbai, is expected to open soon. It plans to open seven stores by the end of 2026.In a video interview, Lush co-founder Rowena Bird discusses the brand’s return to India.

Subscribe to enjoy similar stories.MUMBAI: The Centre is exploring partnerships with real estate-focused global investors to form real estate investment trusts (Reits) that will house optic fibre networks and land assets of central public sector enterprises (CPSEs), multiple people with knowledge of the matter said. The assets under consideration could also be repurposed for data centre infrastructure, potentially widening investor appeal.The plan, still at an early stage, is part of a broader push to accelerate government asset monetization following the Union budget for 2026-27, which proposed using Reit structures to recycle state-owned assets and attract institutional capital.

Subscribe to enjoy similar stories.Mumbai: Fast-moving consumer goods makers are leaning on a mix of price increases, smaller pack sizes and tighter cost controls to navigate raw-material volatility triggered by the ongoing US-Iran war, while still reporting robust volume growth for the March quarter. The ongoing war blew up end February this year, disrupting global supply chains.Executives at top firms said calibrated pricing and ‘shrinkflation’ are helping them protect margins. The trend shows staples demand have held up, but also points to a gradual pass-through of higher commodity and packaging costs to consumers as geopolitical disruptions keep input prices elevated.At Hindustan Unilever Ltd, the strategy is already in motion.

Subscribe to enjoy similar stories.Benne dosa for ₹99”, reads a board outside Maa Annapurna, a small eatery tucked between coffee shops and snack joints in a residential neighbourhood in Mumbai’s western suburb of Andheri. The menu has the usual idli-vada, chaat and pav bhaji. But the real draw is the benne dosa. With the Bharatiya Vidya Bhavan campus a few blocks away, it has, in just a couple of weeks, become a favourite among students and those in nearby PG accommodations.Even as his small eatery clocks over 100 benne dosas daily, owner Animesh Shah says he is perplexed by the long queues at a popular dosa spot in the city.

Subscribe to enjoy similar stories.New Delhi: Luxury retailer Burgundy Brand Collective aims to cross ₹200 crore in revenuein FY27, as the Mumbai-based company bets on rising premium consumption beyond India’s top metros.The company, which has introduced brands such as Royce’ Chocolate, Onitsuka Tiger, Jacadi Paris and Ligne Roset to India, plans to invest about ₹100 crore to scale its multi-category portfolio, cofounder Samir Gadhok told Mint.Burgundy, which reported sales of ₹120 crore in FY24, also plans to nearly double its store count over the next three years to about 65 stores.The expansion comes as India’s luxury consumption story broadens to newer cities where affluent consumers are spending more across categories from fashion and food to home and lifestyle.Burgundy’s approach has been to build across categories rather than deepen a single vertical. "We want to be everything to one customer, rather than one thing to everyone,” said Gadhok.

Subscribe to enjoy similar stories.Lose weight quickly, and it often shows up on the face first. As fat disappears, the skin can sag, accentuating signs of ageing.

Subscribe to enjoy similar stories.MUMBAI: Indian Bank expects steady balance-sheet growth in fiscal year 2026-27 (FY27) but warned that margins could remain under pressure as deposit costs stay elevated and funding growth lags credit demand.“The cost of deposit is not going down, that is the major concern. Credit growth has been outpacing deposit growth since the last so many quarters, so there, of course, will be some bearing on cost of deposit,” managing director and chief executive officer Binod Kumar said.The bank’s ability to cut deposit rates is constrained by the need to keep deposit mobilization in line with credit growth.

Subscribe to enjoy similar stories.Smartphone care and warranty provider Servify is looking to close a string of acquisitions to expand its service categories before it files papers for a public listing.Like several initial public offering (IPO)-bound companies, Servify has taken a step back to wait for markets to stabilise amid the ongoing war in West Asia before filing its draft papers. It joins the list of companies such as PhonePe, Curefoods, and Turtlemint that have put their public market plans on hold.“We're in the middle of some initiatives which will likely help us become a larger entity than we are currently,” company founder and chief executive Sreevathsa Prabhakar told Mint.The Mumbai-based company is pursuing acquisitions across its core smartphone care business and a luxury goods vertical launched at the end of FY25.

Subscribe to enjoy similar stories.MUMBAI: AWL Agri Business Ltd expects a recovery in volume growth in FY27, led by a turnaround in its foods segment, management said on Tuesday.“As far as volume growth is concerned, edible oil should continue to grow at a mid-single digit,” said Shrikant Kanhere, managing director and chief executive of AWL Agri Business Ltd, in an interaction with Mint. “Food is something we want to turn around next year with double-digit volume growth.”AWL Agri Business, formerly known as Adani Wilmar, reported underlying volume growth of 4% in FY26, with 14% growth in the March quarter (Q4FY26).

Subscribe to enjoy similar stories.Bengaluru: In a Mumbai apartment, Abhishek Sarkate spends his days staring at a glowing screen. As a video editor working remotely, his world rarely extends beyond his desk. A while back, when he tried outsourcing his food, ordering in or eating out, his gut rebelled.

Subscribe to enjoy similar stories.Mumbai: India’s second-biggest overseas acquisition was stitched together over three months of near-daily negotiations between the bidder, the seller and their bankers, said a banker aware of the details behind the transaction.Mumbai-based Sun Pharmaceutical Industries Ltd on Monday said in an exchange filing it will acquire US-headquartered Organon & Co for about $11.75 billion. This is the largest overseas deal by an Indian company since Tata Steel acquired UK-based Corus Group for $12 billion in 2007.The deal was always pitched at around $12 billion from both sides, with negotiations neither exceeding nor materially falling from that level, the person cited above said on the condition of anonymity.“The deal was out in the market sometime late 2025, and Sun was very interested because it gave them access to more than 100 countries across the world and also complemented the product suite,” said the banker.