City Mumbai Financial News

Subscribe to enjoy similar stories. This meet-cute goes back more than a decade. Gursi Singh was walking around the lanes of south Delhi’s Hauz Khas village, taking a break from designing the decor for a friend’s café, when he stumbled upon a store with a sign that read “Love Birds".

Subscribe to enjoy similar stories. Mumbai: Softening prices of active pharmaceutical ingredients (API) are likely to stabilise in the months ahead and bring relief to Indian manufacturers, but they will still have to improve their operational efficiency to compete against Chinese rivals, industry executives and analysts said. API prices have been falling for the past 12-15 months, driven mainly by sharp price cuts by Chinese companies, which is impacting the bottom line of Indian API companies.

Real estate brokerage firm Moneytree realty is expecting a 30% growth in sale value with residential and commercial real estate continues to do well. The company, which has set a target of Rs 500 crore in the first year of operation, is expected to close the year at Rs 750 crore and then touch Rs 1,000 crore in 2025. The company has tied up with leading developers in Delhi-NCR, Goa and Mumbai and banking on the boom in the residential segment to drive the growth.

Music of the Spheres World Tour 2025 to Mumbai and Ahmedabad this January. As anticipation builds for the band’s long-awaited performances, hotel rates in both cities have surged. In Ahmedabad, one hotel has even threatened to cancel bookings unless guests agree to pay the inflated prices. A guest who had reserved a stay at Itsy Hotels Shree Krishna Palace in Ahmedabad from January 24 to 26 was taken aback when the hotel requested that he pay the increased rates to maintain his reservation. The hotel, eager to host the guest, informed him that he would need to pay an «adjusted rate» exceeding Rs 10,000 due to «market conditions» resulting from the Coldplay concert. “All in for capitalism but asking increased rate for a booked stay. That’s new," wrote Ashish Singh on X (formerly known as Twitter).

Adani Group bonds fell 5-10 cents Thursday after a US court indicted chairman Gautam Adani and senior executives over allegations of paying $265 million in bribes to secure solar power contracts in India. Adani Green Energy’s March-issued bond offering 6.7% dropped as much as 15 cents, trading at 78/ 79 cents on the dollar in the early trades. This saw some recovery and closed at 82/83 cents from 94 cents Wednesday

Subscribe to enjoy similar stories. Mumbai: Senior executives eyeing CEO roles should not simply bank on their leadership and business acumen to nail interviews. They may also have to field queries on everything from longevity and global warming to geopolitics, besides having to study financials and present a strategy plan to the board.

Subscribe to enjoy similar stories. Mumbai: The Adani Group denied bribery charges and vowed to explore legal options after a damaging indictment in the US, but the move failed to stop a run in its shares, posing the biggest test yet for the conglomerate which had rebuilt investor faith after the Hindenburg episode.

Hinduja Group firm IIHL for acquisition of debt-ridden Reliance Capital Ltd (RCAP), sources said. DPIIT approval was required as some of the shareholders of IndusInd International Holdings Ltd (IIHL) are residents of Hong Kong, a special administrative region controlled by China. According to Press Note 3, if an entity from a nation sharing a land border with India (China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan), or if a citizen or permanent resident of any such country is the beneficial owner of an investment in India, they are required to pursue investment through the government approval route. According to sources, the green signal from the DPIIT will help take forward the resolution plan submitted by Mauritius-based IIHL, which emerged as the successful bidder by submitting Rs 9,861-crore bid for the debt-ridden financial firm.

Nippon Life India Asset Management has executed a definitive agreement with realty developer Lodha, listed as Macrotech Developers, to acquire an office space spread across two floors in a commercial tower One Lodha Place in Mumbai’s business district Lower Parel for Rs 486 crore. The asset management company is planning to shift its headquarters in this office spread over 52,162 sq ft from Peninsula Business Park in the vicinity. “The deal was registered on Thursday noon. The buyer has paid a certain amount of the consideration and the stamp duty, and is expected to pay Rs 400 crore by December 6,” said a person with direct knowledge of the development.

Subscribe to enjoy similar stories. My colleague and lead smallcap analyst at Equitymaster, Richa Agarwal, recently wrote this about insider buying amid this market correction. “If you have been following my articles, one of the things I track for my watch list is insider action. Unlike in the case of IPOs, which flourish in overvalued markets allowing promoters to monetise their stake at the best price possible, open market purchases by promoters in listed companies amid a market correction are a good starting point to dig further. As owners of the business, they are the majority stakeholders with the longest-term horizon in most cases. If they are willing to buy a meaningful quantity of stock with their personal money at the market price, it signals confidence." Her analysis is bang-on and I 100% agree with her.

In a shocking case of cybercrime, a 59-year-old senior executive at a Mumbai-based software company lost ₹6.29 crore to fraudsters impersonating CBI officials, ToI reported. The incident, recorded as the largest online fraud case by the Pune Cyber Police, unfolded between November 9 and November 14 at the victim’s residence in Pashan, Pune. Police revealed that the crooks kept the victim under «digital arrest» for five days, using the pretext of verifying alleged money laundering transactions linked to his mobile number. «The victim, who will retire from service in the next six months, was thoroughly disturbed when he approached us with a complaint,» said Deputy Commissioner of Police (Cyber) Vivek Masal. «We took him into confidence and counselled him into lodging a complaint and registered an FIR. A police team has been formed to analyse the audio-video calls between the crooks and the victim and details of the bank accounts where money was transferred to establish the money trail.»

API Holdings Limited, recorded a revenue of Rs 5,664 crore in FY24, a decline of 14.7% compared to Rs 6,644 crore in FY23. The Mumbai-based company reported a net loss of Rs 2,533 crore, an improvement from the Rs 5,212 crore loss in FY23, driven by a reduction in goodwill impairment charges to Rs 582 crore from Rs 2,826 crore in FY23. Sales of medicines (goods) for FY24 were Rs 5,008 crore, while revenue from lab tests and other services stood at Rs 652 crore. PharmEasy published these numbers on its website.

Subscribe to enjoy similar stories. Coinciding with the recently held Art Mumbai, Jhaveri Contemporary opened Prabhavathi Meppayil’s eponymous first solo exhibition in Mumbai after 17 years. While Bengaluru-based Meppayil has kept a relatively low profile in her own country, she has been making waves internationally over the years.

MUMBAI: The stock markets have been experiencing heightened volatility amid selling by foreign portfolio investors, downgrades to corporate earnings, and slower economic growth. The Nifty 50 has corrected over 10% since 27 September 2024.

Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) decided in its meeting held last month to keep the policy rate unchanged for the tenth consecutive time. In April last year, the MPC stopped its rate-hike cycle by retaining the key lending rate at 6.5 per cent. The RBI had hiked rates six times in a row before it decided to pause in April last year. The impact of those rate hikes was not believed to have percolated to the ground by then. As inflation seemed to be coming under control in recent months, expectations about a rate cut grew. Though the RBI changed the stance to 'neutral' from the earlier 'withdrawal of accommodation' unanimously, it retained the key rate at 6.5%. in its last meeting in October due to high inflation. The inflation further touched a 14-month high at 6.2% for October, led by a spike in vegetable prices. It is above the RBI's mandate of 4% with a tolerance band of 2 percentage points on either side. Now, many expect the RBI to cut rates in February next year, instead of earlier expectations of a rate cut in December.

Sea Vigil exercise to check the preparedness of security forces began off the Goa coast on Wednesday, officials said. Conceived in 2018, the exercise was basically to derive the lessons and actions to be taken after the 26/11 Mumbai attacks, Commodore Dushyant Purohit, Chief Staff Officer, naval officer in-charge of the Goa naval area, told reporters at Vasco (in South Goa). The first phase of the exercise was held from November 12 to 19.

Khalistani terrorist Gurpatwant Singh Pannun, was already listed under the «wanted» section on the FBI website in English. However, Indian authorities clarified that Yadav is not absconding—he was jailed for alleged robbery and is currently out on bail. The FBI's intensified interest in Yadav comes amidst rumors circulated by Pannun’s organization, Sikhs for Justice (SFJ), suggesting Yadav may be in Haryana or Punjab. Yadav is facing charges in a New York court for his alleged role in the Pannun murder-for-hire plot. The FBI has already arrested Nikhil Gupta, an Indian-origin man accused of working with an undercover officer and a DEA informant to orchestrate the killing.

RPG Group Chairman Harsh Goenka sparked widespread debate on the issue by criticising Mumbai’s elite, accusing them of valuing luxury over their democratic duty. His remarks, shared on X (formerly Twitter), highlighted the disconnect between privilege and participation.

Subscribe to enjoy similar stories. Mumbai: India’s top lenders are falling over each other to finance a ₹39,000 crore refinery being set up by Chennai Petroleum Corp. and Indian Oil Corp.

Subscribe to enjoy similar stories. A quiet transformation is underway at the heart of the Tata group-owned Indian Hotels Co. Ltd (IHCL).

The Cabinet had in August, approved 12 new project proposals under the National Industrial Corridor Development Programme (NICDP) with an estimated investment of Rs 28,602 crore spanning across 10 states. “These industrial smart cities, represent the next generation of connected, self-sustaining hubs that will support local communities and elevate India’s global standing,” the Department for Promotion of Industry and Internal Trade (DPIIT) said in a statement on the eighth anniversary of four industrial corridors namely Amritsar-Kolkata Industrial Corridor (AKIC), Chennai-Bengaluru Industrial Corridor (CBIC), East Coast Economic Corridor (ECEC), and Bengaluru-Mumbai Industrial Corridor (BMIC).