City Mumbai Financial News

Subscribe to enjoy similar stories. MUMBAI : Mumbai-based Ajmera Realty and Infra India Ltd aims to expand its market capitalization (m-cap) by 10x to $5 billion through acquisitions and joint ventures (JVs), said Dhaval Ajmera, director at Ajmera Group. Ajmera added that to achieve the goal, the company is targeting at least 25-30% growth each year in terms of volumes, sales, and profitability.

Indian software engineer, Sayani B, shared that relocating from Bengaluru to London has made her generally happier, despite London’s high cost of living. Posting on X, she sparked a lively debate about the advantages and challenges of living in India versus abroad. Sayani revealed that although she couldn’t pinpoint a specific reason, her overall sense of happiness had increased since moving to London a few months ago. “I’ve been living in London for a couple of months now, and I’m generally happier. I can’t exactly say why, but it’s an overarching feeling,” she tweeted. Commenters on her post shared their thoughts on why she might feel happier abroad.

Subscribe to enjoy similar stories. It's not every day that you get to see or interact in person with Bollywood superstar andKaun Banega Crorepati anchor Amitabh Bachchan. But if you visit the Juhu branch of IDFC FIRST Bank in Mumbai, you can engage with an artificial intelligence (AI)-powered holographic avatar of the veteran actor, who is the bank's brand ambassador.

Private equity major KKR has acquired a stake in Mumbai-based Rebel Foods, the parent company of Faasos, Behrouz Biryani, and other cloud kitchen brands, according to a company statement. The investment was made through a secondary share purchase transaction and follows Singapore’s sovereign fund Temasek-led $210 million (approximately Rs 1,782 crore) funding round announced on December 12. KKR has not disclosed the size of its investment. A significant portion of the latest financing round comprises secondary share sales, conducted at a lower valuation of around $750-800 million. In contrast, the primary funding infusion was executed at a flat valuation of $1.4 billion. While secondaries are typically done at a discount to the last primary valuation, this transaction reflects a steep discount of approximately 50%.

₹410-432 per share. This IPO, which will close on December 23, generated ₹245.97 crore through its anchor book on December 18.A number of prominent institutional investors, including Winro Commercial, ICICI Prudential Mutual Fund, Tata Mutual Fund, LIC Mutual Fund, Bandhan Mutual Fund, SBI General Insurance, ITI Mutual Fund, Nuvama, Taurus Flexi Cap Fund, Citrus Global Arbitrage Fund, and BNP Paribas Financial Markets, made investments in the company through the anchor book.The company's planned IPO includes a new share issuance totaling ₹400 crore along with a sale of 1.01 crore equity shares by its promoter, Ajanma Holdings Private Ltd. Currently, Ajanma Holdings possesses an 83.22 percent stake in the Mumbai-based firm.

initial public offerings (IPOs) is buzzing with activity once again as a flurry of public issuances and improvement in investor sentiment have revived speculators' interest in soon-to-be-listed shares. Grey market premiums (GMPs) — the additional price investors are willing to pay over the IPO price in the grey market before the stock lists on the exchanges — of five IPOs are trading at 8-44% above the issue prices, according to sources. A higher premium indicates the market sentiment for the IPO in question. GMPs of IPOs with robust demand tend to be high, which implies a potential upside in the stock on listing.

accidentSpeaking about the incident, Maharashtra Deputy CM Eknath Shinde said after a ferry boat capsized off Mumbai coast."I've held talks with both the collectors, the police and Navy personnel present there. More than 100 people (were onboard), and 83 of them have been rescued. The rescue operation is being carried out by the Indian Navy, Indian Coast Guard, the Maritime Board and the coastal police.

ecommerce giant Amazon on Wednesday exited retail chain Shoppers Stop by selling a 4% stake in the company for Rs 276 crore through an open market transaction. US-based Amazon, through its investment arm Amazon.com NV Investment Holdings, sold nearly 44 lakh shares or 4% stake in Mumbai-headquartered Shoppers Stop, as per the block deal data on the National Stock Exchange (NSE). The shares were offloaded at an average price of Rs 627.60 apiece, taking the transaction value to Rs 275.89 crore. Asset and wealth management company 360 One, through its four affiliates, acquired stakes in Shoppers Stop. Also, Kotak Mahindra Mutual Fund (MF), Tata MF and Morgan Stanley also picked up shares in the department store chain at the same price.

Quick commerce major Zepto’s 21-year-old co-founder Kaivalya Vohra is now India's youngest self-made entrepreneur, according to Hurun India. Vohra is closely followed by his founding partner Aadit Palicha, who is 22 years old. Zepto, established in 2021, has witnessed an astonishing 259% growth in valuation over the past year, reaching Rs 41,800 crore, Hurun said. The Mumbai-based company, co-founded by Stanford University computer science dropouts Vohra and Palicha, has quickly risen to prominence as India’s quick-commerce leader, offering 10-minute grocery deliveries in major cities across the country.

Surat Diamond Bourse (SDB), billed as the world's largest office building, remains largely unoccupied a year after its grand opening by Prime Minister Narendra Modi on December 17, 2023. Although the massive 4,200-office complex has been entirely sold out, only 150 offices have become operational so far, ToI reported. The sluggish response is being attributed to the global slowdown in the diamond business, which has tempered the enthusiasm of traders and manufacturers to shift operations from Mumbai's established diamond hubs and Surat's traditional markets to the state-of-the-art bourse. To spark activity, the SDB has hosted multiple events throughout the year to encourage businesses to move in. In the meantime, significant infrastructure and services have been established to support diamond-related operations.

Birla Estates, a wholly owned subsidiary of Aditya Birla Real Estate has acquired a land parcel covering 70.92 acres in Boisar in Maharashtra for Rs 104.3 crore. In September, the company concluded the deal to acquire over 24.5-acre land parcel in Thane’s Kalwa locality from Hindalco Industries for over Rs 537 crore. The board of directors of Hindalco Industries had approved this sale of land in July to Ekamaya Properties, a wholly owned subsidiary of Birla Estates. Prior to that, the developer, formerly known as Century Textiles and Industries, acquired the ownership rights of around 10-acre leasehold land parcel in Mumbai’s prime Worli locality from Wadia Group Chairman Nusli Wadia for Rs 1,100 crore.

Aman Goel, the co-founder and CEO of Mumbai-based GreyLabs AI, has stirred debate on success and productivity with his recent post on X. Sharing his personal journey, Goel challenged the widely accepted notion that «ideal habits» are essential to becoming successful. “I don't wake up at 5 AM. I don't take cold showers. I don't read books. I don't follow the ‘ideal habits’ that people claim are essential to becoming a millionaire,” wrote Goel. “Yet, here I am—a multi-millionaire in my 20s.”

Subscribe to enjoy similar stories. As a design brand rooted in travel, TUMI explores a new destination through each of its collection. Its latest autumn/winter 2024 collection, for instance, derives inspiration from Seoul's bold architecture, colourful street culture and innovative mindset.

Smriti Mandhana has surged three places to second in the latest ICC Women's ODI rankings while climbing one spot to third among T20I batters, following her stellar displays against Australia and the West Indies. The left-hander struck 105 in the final match of the series against Australia in Perth and 54 in the first game of the ongoing T20I rubber against the West Indies in Mumbai to headline the latest rankings update released here on Tuesday. Mandhana is the lone Indian batter in the top 10 as her skipper Harmanpreet Kaur moved down two spots to 13th while Jemimah Rodrigues climbed six places to 15th and Harleen Deol moved up nine rungs to 64th Among bowlers, Deepti Sharma has slipped two spots to five.

According to BSE, Nippon MF, Kotak MF, Axis MF, SBI Pension Fund, and HDFC Life participated in this round. The five years coupon bearing debt carries an interest rate of 7.73%.

Fareed Zakaria emerged as the consensus choice for Global Indian of the Year, a jury member endorsed him by stating, “He undoubtedly does more for India on the global stage than any other Indian.” This recognition is a testament to the prominent Indian-American journalist, political commentator and author’s global renown for his sharp and insightful take on international affairs and complex geopolitical matters. Born on January 20, 1964, in Mumbai, Zakaria hails from a distinguished Konkani Muslim family. Father Rafiq Zakaria was a respected politician and Islamic scholar, while mother Fatma was an accomplished journalist, who worked at The Times of India and elsewhere.

Magenta Mobility on Monday said it plans to add 10,000 electric vehicles — both three and four-wheelers — over the next financial year and is also looking at expanding into new cities such as Nashik, Nagpur, Vijayawada, Indore and Kolkata, among others. The company also said that after establishing a strong presence in the electric three-wheeler space, it is now aggressively expanding into the four-wheeler category. With a fleet exceeding 500 electric cargo four-wheelers, Magenta Mobility is transforming urban and intercity logistics, it said. Building on its leadership in the three-wheeler EV segment, where it serves major clients in the e-commerce space, Magenta Mobility is now aggressively expanding into the four-wheeler category, the company said.

Oberoi Realty shares surged as much as 6.3% on Monday to a record high of Rs 2,250.65 on BSE after brokerage firm Axis Securities initiated coverage on the real estate developer with a 'buy' rating, at a target price of Rs 2,560, implying an upside of about 14% from current levels. The brokerage said that its recommendation is underpinned by the company’s strong positioning in Mumbai’s luxury real estate market, a growing annuity income stream, strategic geographic expansion, and solid financial fundamentals.

luxury brands are increasingly eyeing India as a key market for their expansion, tapping into the country's growing appetite for premium products. As wealth rises and aspirations soar, India is emerging as a critical battleground for luxury retailers, a trend that has only accelerated since the pandemic. One of the most significant shifts in the luxury landscape is the influx of global brands aiming to diversify their markets. With China facing an economic slowdown, luxury giants are now looking beyond their traditional markets, and India is quickly becoming one of their top choices. «India is one of our fastest growing markets though our presence is currently concentrated in Delhi and Mumbai. Over the next decade, we anticipate India to become one of the most promising markets for the luxury industry, particularly for fine watches,» Jean-Marc Pontroue, CEO of Panerai, told ToI.

LG Electronics Inc. is considering increasing the valuation of its Indian unit to as much as $15 billion in a planned listing in Mumbai next year after initial feedback from analysts and investors, according people familiar with the matter. The South Korean company is planning to start a formal roadshow for LG Electronics India Pvt.’s IPO within the next two months and is targeting a listing in the first half of 2025, the people said, asking not to be identified because the information is private. The company had earlier eyed a valuation of around $13 billion, Bloomberg News reported in September.