City Mumbai Financial News

strong growth visibility, the shares of Aditya Birla Real Estate (ABREL) may go up 30% predicted global brokerage firm Nomura while initiating coverage on the stock with a ‘buy’ rating and a target price of Rs 3,700. Nomura believes that ABREL has all the qualities to rank among top 5 real estate players in India.

Malaysia Airlines and IndiGo entered a strategic codeshare partnership following the Memorandum of Understanding (MoU) signed in April 2024. The partnership aims to boost connectivity and elevate the traveller experience across its key hubs within Malaysia and India.

GCCs) in India to provide centralised support to their businesses. Large Indian corporations are also building such facilities, often to beef up their technology capabilities. Reliance Industries, Adani Group, Dr Reddy’s Laboratories (DRL) and Bank of Baroda are among Indian entities that have set up such centres locally in the past two to four years. Indian firms are estimated to have set up around 50 GCCs in the last couple of years in sectors like telecom, financial services and automotive, said Arindam Sen, GCC leader and partner for media, entertainment and telecommunications practice at EY India.

Eldercare startup Primus Senior Living has raised $20 million in a seed funding round led by General Catalyst, with participation from Zerodha cofounder Nikhil Kamath and Gruhas, the investment firm co-founded by Kamath and Abhijeet Pai of Puzzolana Group. General Catalyst contributed $7 million to the round, while Kamath and Gruhas invested the remaining $13 million, according to Adarsh Narahari, founder and managing director of Primus. Led by Narahari, Bengaluru-based Primus is developing a comprehensive eldercare platform offering various services, including healthcare, wellness, lifestyle, and social engagement—all delivered to elders in their homes.

credit marketplace Paisabazaar, a part of listed PB Fintech, is taking a leaf out of sister concern Policybazaar’s playbook and building its own offline distribution channel. Paisabazaar is one of the largest credit marketplaces in India. It allows consumers to access unsecured personal loans, credit cards and similar products from banks and non-bank lenders through online channels. As it builds out its secured credit distribution play, Paisabazaar wants to create a physical presence to help in fulfilment of such loan delivery. Speaking with ET, Naveen Kukreja, chief executive officer of Paisabazaar, said it has set up a field team of around 100 people in Delhi, Mumbai and Bengaluru, targeting secured credit products like home loans and loans against property. It is also testing other products like loans against cars and securities, but those are still in the beta stages. By the end of this fiscal, it intends to scale up this team to 500.

mutual funds now hold stocks worth more than $8 billion, or almost Rs 69,000 crore, in a dozen new-age companies including Zomato, Paytm, PB Fintech, Nykaa, Delhivery and Mamaearth on account of the rising valuations of some of these companies and many of them having gone public in recent years. The value of startup holdings by mutual fund companies such as ICICI Prudential, Axis Mutual Fund, Kotak Mutual Fund, HDFC Mutual Fund, Nippon Mutual Fund, Invesco India and Mirae Asset Mutual Fund was $2.7 billion a year ago, but only with six companies versus 12 now, calculations made by ET show. Besides the steady climb in stock prices that companies such as Gurgaon-based Zomato and Policybazaar-parent PB Fintech have witnessed in the last year, a clutch of new-age companies doing their initial public offerings (IPO) has led to the increased exposure by domestic mutual funds to this asset class.

Electric two-wheeler market leader Ola Electric has engaged EY India for a “service transformation” amid mounting after-sales service issues, a barrage of consumer complaints and declining sales volumes, multiple people aware of the development said. The global consulting services firm is likely to advise the Bhavesh Aggarwal-run startup on a whole host of service-related aspects of the business, from streamlining business processes to stocking and inventory management of spare parts, they said. An email sent to an Ola Electric spokesperson remained unanswered until press time Tuesday.

Edtech unicorn Upgrad cofounder and managing director Mayank Kumar has stepped down from his executive role to start a new venture, sources briefed on the matter said. Starting this month, he has significantly reduced an operating role at the Mumbai-based firm while pitching to investors for his new startup which is focused on placing skilled Indian labour abroad—especially in healthcare. Coinciding with his departure is the company’s founder and chairman Ronnie Screwvala taking a more active role at the firm, these people said. Temasek-backed Upgrad is also in the final stages of closing $50-$60 million in funding from existing investors at a flat valuation of $2.25 billion, people in the know told ET. Screwvala holds 44% stake in the company, while Kumar has 8% and there are no changes in the shareholding pattern because of Kumar’s departure from the company.

These 'non-major' ports will supplement India's plans to increase total handling capacity by four times to 10,000 million tonnes per annum (mtpa) by 2047. Gujarat aims to develop integrated port cities with an estimated investment of Rs 1.5 lakh crore, said the people cited above. Andhra Pradesh envisages an investment of Rs 50,000 crore in the ports sector till 2050.

Cipla and Alkem Laboratories have emerged as the frontrunners to acquire a controlling stake in Sahajanand Medical Technologies (SMT), India’s largest cardiac stent maker, said people in the know. This follows the withdrawal of rival private equity contenders KKR, TPG Capital and Apax Partners after showing initial interest. The deal is expected to value SMT at Rs 3,500-4,000 crore, and binding offers are due by next week, the people said. Promoters of SMT—the Kotadia family— plan to keep a minority stake after the transaction that would see other shareholders also divest their holdings. “They could retain about 15-20% stake post the deal,” said one of the persons cited above.

King Charles' authority within the royal family is gradually diminishing. For the majority of this year, King Charles has been driven out of Clarence House every week in a car, usually, the State Bentley, to undergo cancer treatment in public, something no British monarch has ever done before, as quoted in a report by The New York Post. It has only now, eight months after this scene has unfolded, been made public that Charles has made the startling choice to cease his treatment. That is, temporarily, as he and Queen Camilla are scheduled to travel to our southern woods this week for an 11-day tour.

Subscribe to enjoy similar stories. MUMBAI: India's Generation Z of 377 million people is rapidly redefining the consumer landscape with its growing economic power, a new report said. Snap Inc.’s latest report on people between born between 1997 and 2012, developed in partnership with Boston Consulting Group (BCG), said the category currently drives $860 billion in consumer spending—and this is projected to reach a staggering $2 trillion by 2035.

Baba Siddique has reignited focus on the notorious Bishnoi gang and its leader, Lawrence Bishnoi. Siddique, a 66-year-old Nationalist Congress Party (NCP) leader and former minister, was gunned down outside his son's office in Bandra East, Mumbai, on Saturday night. The attackers, who fired multiple rounds at him, claimed to belong to the Bishnoi gang, whose leader remains incarcerated in Gujarat's Sabarmati Jail.

Ashton Kutcher and Mila Kunis intend to relocate to Europe. This came after rumours of the same surfaced online, following accusations and criticism directed at the actor shortly after Kutcher's connection to the highly contentious Sean Diddy Combs went viral. The move by Kutcher and Kunis might be an attempt to get away from Diddy's drama, as reported by ComingSoon. Ashton Kutcher and Mila Kunis intend to leave Hollywood and relocate to Europe in order to avoid the ongoing Diddy drama.

Ola Electric on Tuesday issued a clarification about the regulatory scrutiny into the pricing of its most affordable scooter. «We have not changed the price of Ola S1 X 2 KWh. We are running a very limited time festive campaign for a brief period where we are giving a general discount of Rs 5,000 to every customer and higher discount of Rs 25,000 to only a few customers and that too only with very limited inventories,» the company said in a filing to the exchanges. The Automotive Research Association of India (ARAI) had raised concerns about Ola Electric’s failure to inform the agency of a price reduction for its S1 X 2 kilowatt-hour model before initiating its high-profile “BOSS” sale.

counter-terrorist drills at various airports, official sources said. The threats via microblogging platform X came a day after three international flights originating from Mumbai received bomb threats, causing trouble to hundreds of passengers and airline crew. The messages posted on Monday were declared a hoax. Two more flights received similar threats on Tuesday but a confirmation was awaited. The sources said an X handle issued threats on Tuesday to five flights — an Air India Express flight from Jaipur to Bengaluru via Ayodhya (IX765), a SpiceJet flight from Darbhanga to Mumbai (SG116), an Akasa Air flight from Bagdogra to Bengaluru (QP 1373), an Air India flight from Delhi to Chicago (AI 127) and an Indigo flight from Dammam (Saudi Arabia) to Lucknow (6E 98).

Blinkit, the quick-commerce arm of food delivery major Zomato, has rolled out 10-minute returns for footwear and clothing categories. “Customers can initiate a return/ exchange in case of a size or fit issue with the delivered product. This solves a crucial problem of size anxiety for categories like clothing and footwear,” Albinder Dhindsa, chief executive of Blinkit, wrote in a post on microblogging platform X (formerly Twitter). Dhindsa said that the Zomato-owned platform has been testing the return feature in Delhi NCR for a few weeks and has now enabled it for Mumbai, Bangalore, Hyderabad and Pune, with plans to expand to more cities soon.

The report highlights that Gurugram has experienced the most significant increase in newly-launched housing prices, jumping from Rs 7,500 per square foot in 2019 to Rs 19,500 per square foot in 2024. It marks an increase of 160% in five years. Noida has experienced a price jump from Rs 6,500 in 2019 to Rs 16,000 in 2024, reflecting a rise of 146% in five years. Bengaluru prices has risen from Rs 5,051 in 2019 to Rs 10,020 in 2024, a notable increase of 98% in five years. In Hyderabad, the price rose from Rs 4,686 in 2019 to Rs 8,500 in 2024, representing an 81% rise in five years. Chennai recorded a surge from Rs 4,451 in 2019 to Rs 8,023 in 2024, indicating an 80% rise during the five-year period.

Ratan Tata, renowned for his humility and clarity, exemplified his down-to-earth leadership even in the smallest decisions. When he was transferred to the Mumbai headquarters of Tata Steel from Jamshedpur in the mid-1960s, an unusual event unfolded. In a moment that highlighted his modesty, Tata refused preferential treatment despite his family legacy. According to Rediff.com, at that time, the Bombay office of Tata Steel was compact, with limited space available for its senior staff. Tata, along with two other executive officers, shared the same designation, yet there was a suggestion that he should have a separate cabin, as he was being moved to the company’s headquarters. Ratan Tata, however, declined the offer unless his colleagues received similar accommodations. He firmly believed that no special treatment should be extended to him because of his last name. Arun Maira, a former colleague and author of The Learning Factory: How The Leaders Of Tata Became Nation Builders, shared this anecdote during an interview. Maira noted how Tata’s simple and fair-minded approach was pivotal in shaping the values of the Tata Group. “He was humble and didn’t want anything different just because he was a Tata,” Maira recalled.

Subscribe to enjoy similar stories. Speciality coffee has come a long way since the pandemic. While homebrewers polished the art of pourovers at home, cafés sought top notch bean-to-cup experiences.

Subscribe to enjoy similar stories. MUMBAI : HCL Technologies Ltd stock hit a new 52-week high of ₹1,882.75 on Tuesday in response to the decent September quarter (Q2FY25) earnings. Sequential constant currency (CC) revenue grew 1.6% ahead of Street’s 0.6% estimate.