City Mumbai Financial News

BookMyShow parent Big Tree Entertainment, Anil Makhija, appeared before the Mumbai Police's Economic Offences Wing (EOW) Monday over a petition alleging irregularities in the sale of tickets for British band Coldplay's upcoming India tour. The Mumbai Police are making a preliminary enquiry after a city-based lawyer lodged a complaint with the EOW against the event's ticketing agent BookMyShow, organiser Live Nation Entertainment and their top management, accusing them of using ticket bots to manipulate the ticketing process. Ordinarily, an FIR is registered if a preliminary enquiry concludes a cognisance offence. Otherwise, it is closed for want of actionable evidence.

Coldplay’s upcoming concerts in Navi Mumbai are sparking an unprecedented increase in room tariffs at top hotels. The British rock band is slated to perform at three sold-out concerts on January 18, 19 and 21 at the DY Patil stadium in Navi Mumbai. The Courtyard by Marriott Navi Mumbai property is sold out for January 18 and 19 due to the concert. Rooms are available at The Fern Residency Turbhe but for a hefty price of Rs 236,943 (including taxes) for two nights for the dates. Four Points by Sheraton Navi Mumbai will set you back by Rs 135,700 (including taxes) on January 21, the third concert date. The craze is not limited to Coldplay alone. Indians' love for music is triggering a surge in bookings for top musical acts with travel industry insiders reporting a three-to-fivefold jump in online searches for concert-linked experiential trips in India and overseas. Thomas Cook India recently arranged a father-daughter 'music concert bonding' trip in Los Angeles for Rs 14 lakh.

Sebi) on Monday reviewed the performance of the Beta version of the optional T+0 settlement cycle and enhanced its scope by approving an increase in the number of scrips eligible for trading from 25 to top 500 listed companies in terms of market capitalisation. It will be done in a phased manner, a Sebi release said.

Shibasish Sarkar has been unanimously re-elected as the president of the Producers Guild of India (PGI) for the third consecutive term at its 69th Annual General Meeting (AGM) held in Mumbai on September 27, 2024. The AGM also witnessed the re-election of Manish Goswami and Madhu Bhojwani as Vice Presidents, while Ashim Samanta and Fazila Allana were re-elected as Treasurers. Additionally, Aashish Singh, Dipti Kotak, and Ankur Garg were elected as Vice Presidents, fortifying the leadership team.

Port Talbot plant in South Wales hit a significant milestone on Monday when its Blast Furnace 4 ceased operations after over 100 years, marking an end of «legacy» steelmaking as the UK's largest steelworks transitions towards greener steelmaking. Steelmaking at the site is now set to resume in 2027-2028 as part of a British government-backed investment programme of around GBP 1.25 billion in Electric Arc Furnace-based steelmaking, using UK-sourced scrap steel. The Mumbai-headquartered steel giant said it is looking ahead to a «brighter, greener future» for the historic site and sustaining more than 5,000 jobs. «I am deeply conscious how difficult today is for everyone associated with our business. Throughout this transition, we are doing everything possible to minimise the impact on all those who are affected by the changes we are making,» Rajesh Nair, CEO of Tata Steel UK, said in a statement.

Subscribe to enjoy similar stories. MUMBAI : At a recent informal investor meet-up in Bengaluru, half of the 20-odd participants said they had received calls to buy Swiggy shares ahead of its initial public offering (IPO). The Mint writer's tweet on the subject, asking for comments, elicited hundreds of responses.

S P Oswal, chairperson of the Vardhman Group and a Padma Bhushan awardee, fell victim to a cyber fraud scheme that cost him ₹7 crore. The Ludhiana Police reported that two suspects from Assam and Bengal were arrested after the incident, and ₹5.2 crore was recovered from them. This case marks one of the largest seizures in India's cybercrime history.

Manba Finance will debut on the exchanges today and the stock is expected to fetch healthy gains for investors, going by the grey market trends. Ahead of the listing, the company's shares were trading with a GMP of Rs 38 in the grey market. Considering the upper price band of Rs 120, the stock is expected to list at a premium of 32% over the issue price.

Subscribe to enjoy similar stories. New Delhi: The government is planning to revive the India International Arbitration Centre (IIAC), a statutory body created in 2019, by incentivizing various parties to arbitrate at the New Delhi institution in an effort to increase its case load, two government officials said on the condition of anonymity.

Vodafone Idea (Vi) has inked a near ₹13,500-crore deal with Finland's Nokia to buy equipment over a three-year span for its 4G network expansion and 5G roll out. Multiple persons privy to the deal details said Nokia will supply 4G and 5G network equipment to Vi in nine circles. The Finnish gear maker will supply Vi its 5G AirScale network gear portfolio and also upgrade the telco's existing 4G network with multiband radios and baseband equipment, which can also support 5G. The deal is part of Vi's recently announced plans to buy $3.6 billion (read: ₹30,000 crore) of 4G and 5G gear from Nokia, Ericsson and Samsung over a three-year span to bolster its 4G operation and roll out 5G networks in key cities across its 17 priority circles. The move was seen as a significant step from Vi to improve its competitiveness in the market against bigger adversaries Reliance Jio and Bharti Airtel and also stem customer losses.

Nandivardhan Group has raised debt worth over Rs 100 crore from the country's largest lender the State Bank of India to finance one of its residential projects in central Mumbai’s Dadar locality, said persons with direct knowledge of the development. This funding will primarily be utilized for the construction of a sale tower, which forms part of the group’s redevelopment project. The developer is looking to provide possession of apartments to nearly 100 residents in the redevelopment project over the next 2 to 3 years. The repayment of the loan is planned through the revenue generated from the sale tower of the project, which is scheduled to be launched next month. The redevelopment project has a total saleable area of 1.65 lakh sq ft and is estimated to have a revenue potential of Rs 650 crore.

NT-proBNP, a crucial biomarker for early heart failure detection, A study by Joshi of 1,054 patients in Mumbai found that 34 per cent of Type 2 Diabetes Mellitus (T2DM) patients are at increased risk of cardiovascular complications. «People with diabetes, especially in urban settings, are increasingly vulnerable to heart failure,» said Joshi who is an endocrinologist at Bhaktivedanta Hospital in Mumbai.

Musheer Khan, younger brother of Indian cricketer Sarfaraz Khan, sustained a neck fracture following a road accident near Lucknow on Friday, according to a report by ESPNcricinfo. Musheer was en route from his hometown, Azamgarh, to Lucknow for the Irani Cup, set to begin on October 1. Due to his injury, he is expected to miss that match as well as the opening rounds of the upcoming Ranji Trophy season. In a statement released on Saturday, the Mumbai Cricket Association (MCA) confirmed Musheer’s injury, noting that he is currently «stable, conscious, and well-oriented.»

Subscribe to enjoy similar stories. The design of Franck Muller's recently opened boutique store at Delhi's DLF Emporio Mall clearly reflects what the brand stands for: avant-garde meets innovation meets playfulness. Spread across 1,168 sq.ft, the store, opened in partnership with Kapoor Watch Company, has some of the Swiss watchmaker's iconic watches, like the Vanguard and Master Square, on display, with a Crazy Hours installation in the middle.

Healthcare costs in India are increasing at an annual rate of 14 per cent, the ACKO India Health Insurance Index 2024 shows. The report reveals how that double-digit inflation is causing the rise in healthcare expenses. The index revealed that 23 per cent of hospital costs are funded through borrowings, adding financial strain on families. With 62 percent of healthcare expenses paid out of pocket, the report emphasised the need for improved health coverage to protect individuals from unexpected health crises. The report identified Delhi as having the highest health insurance claims for kidney disease in India, followed by Kochi. «Delhi is the capital for kidney disease, followed by Kochi. Delhi NCR had the highest share of claims related to kidney health. Kochi, Secunderabad, Bengaluru & Jaipur's share of claims was above the National average,» the index report stated. It noted that the average age of patients with kidney issues is 47, and the largest bill filed for kidney-related problems reached Rs 24,73,894.

Devara’ is shattering box-office records left, right, and centre. The Jr NTR-Janhvi Kapoor-starrer has crossed Rs 140 crore worldwide on its opening day. This milestone makes the movie the second-biggest opener of the year, right behind Prabhas’s ‘Kalki 2898 AD’. As per box-office tracker Sacnilk.com, the Koratala Siva directorial earned an impressive Rs 77 crore on the first day on the domestic front. The movie, featuring Saif Ali Khan and Janhvi Kapoor, was screened in over 8,000 national shows in Telugu, Tamil, Hindi, Kannada, and Malayalam. Of these, approximately 4,200 shows were in Telugu, followed by 3,200 in Hindi. Directed by Koratala Siva, the film saw an overall occupancy rate of 79.56% in Telugu, with over 1,726 shows in Hyderabad alone. In Hindi, the overall occupancy was 18.37%, with 806 shows in Delhi/NCR and 517 shows in Mumbai. According to Sacnilk, Devara earned Rs 68.6 crore from its Telugu shows, Rs 7 crore from Hindi, Rs 80 lakh from Tamil, and Rs 30 lakh each from Kannada and Malayalam.

India has slammed Pakistan in the UN General Assembly, saying its «fingerprints» are on terrorist incidents across the world and the country should realise that cross-border terrorism against India will «inevitably invite consequences». India exercised its Right of Reply in the UN General Assembly on Friday in response to Pakistan Prime Minister Shehbaz Sharif raising the issue of Jammu and Kashmir in his address at the General Debate of the 79th session of the UN General Assembly. «This Assembly regrettably witnessed a travesty this morning. A country run by the military, with a global reputation for terrorism, narcotics trade and transnational crime has had the audacity to attack the world's largest democracy,» First Secretary in India's Permanent Mission to the UN Bhavika Mangalanandan said, delivering India's Right of Reply.

Mumbai Police has called in the CEO and technical head of BookMyShow's parent company to probe allegations of black-market ticket sales for the upcoming Coldplay concerts in Mumbai. CEO Ashish Hemrajani of Big Tree Entertainment Private Limited and the technical head are to appear before the Economic Offences Wing (EOW) on Saturday. The summons follows a complaint by advocate Amit Vyas, who alleged that tickets for the Coldplay concerts, scheduled for January 18, 19, and 21, were being resold at excessive prices shortly after their official release on September 22. Tickets, originally priced at Rs 2,500, were reportedly being resold for up to Rs 3 lakh. All tickets for the initial shows sold out quickly, prompting Coldplay to add a third show on January 21, which also sold out. BookMyShow, the authorized ticketing partner for the concerts, stated that unauthorized reselling and scalping are illegal and punishable by law in India.

Subscribe to enjoy similar stories. Mumbai: A surge of more than 50% in steel imports in FY25 has sent the alloy's prices crashing in India, setting off alarm bells for domestic manufacturers, even as they battle slowing local demand and march ahead with planned capacity expansion. According to data from market intelligence firm BigMint, prices of benchmark hot-rolled coils (HRC) of steel averaged ₹48,350 per tonne in September (from ₹57,900 in September 2023), falling below the ₹50,000-mark for the first time since November 2020, when sales hit rock bottom in the thick of the pandemic.

Subscribe to enjoy similar stories. I was in my early teens in the early 1990s when I began pestering my mother for a treat that everyone in America, from President Clinton to Spider-Man, seemed to eat pretty much daily. Living in Bombay (now Mumbai), my understanding of American mores came almost entirely from comic books and news reports, but I could be persuasive.