City Mumbai Financial News

solar eclipse in the ancient Hindu text, the Rig Veda, dating back approximately 6,000 years. This discovery marks the oldest known mention of an eclipse.

Mumbai: The newly merged entity of Star India and Viacom18 will boast a strong cash position exceeding ₹19,000 crore, factoring in Viacom18's current cash reserves and investments of ₹7,829 crore, and an infusion of ₹11,500 crore from Reliance Industries (RIL), officials close to the development said. Star is, however, unlikely to have any cash reserves currently, the people said. The cash pile will empower Star-Viacom18 to make major investments in its digital and sports businesses, which are anticipated to be loss-making in the short term. As per the agreement with Walt Disney, RIL will inject ₹11,500 crore into Star-Viacom18, gaining a controlling 56% stake.

The project will generate direct employment for about 102 lakh man-days, or what Vaishnaw described as «human days», during the construction. Prime Minister Narendra Modi said in a post on X, «Today's Cabinet decision will improve connectivity between Mumbai and Indore. In addition to boosting commerce, it will also provide employment opportunities to several people.»

Reserve Bank of India (RBI) on Monday said 97.96 per cent of the Rs 2000 denomination banknotes have returned to the banking system, and only Rs 7,261 crore worth of the withdrawn notes are still with the public. On May 19, 2023, the RBI announced the withdrawal of Rs 2000 denomination banknotes from circulation. The total value of Rs 2000 banknotes in circulation, which was Rs 3.56 lakh crore at the close of business on May 19, 2023, when the withdrawal of Rs 2000 banknotes was announced, has declined to Rs 7,261 crore at the close of business on August 30, 2024, the RBI said. «Thus, 97.96 per cent of the Rs 2000 banknotes in circulation as on May 19, 2023, has since been returned,» it said in a statement.

Tata Motors is looking to consolidate its position in the SUV segment as it marks its entry into the highly competitive mid-size space which is currently dominated by South Korean and Japanese carmakers. The Mumbai-based auto major on Monday launched midsize SUV coupe Curvv with petrol and diesel powertrains with a price starting at Rs 9.99 lakh. The company has already unveiled the electric version of the model in August. The model would be competing with the likes of Hyundai Creta, Kia Seltos, Maruti Suzuki Grand Vitara, Toyota Urban Cruiser Hyryder, and Honda Elevate, among others.

Vijay Nair in a money laundering case related to the alleged Delhi excise policy scam. A bench of justices Hrishikesh Roy and SVN Bhatti had deferred the matter after the counsel for the ED sought a weeks' time for filing a counter affidavit. The top court had issued notice to the Enforcement Directorate (ED) on August 12 on the plea of Nair while noting that he has been in custody for two years.

Aadar Jain, cousin of Bollywood stars Kareena Kapoor Khan and Ranbir Kapoor, has officially gotten engaged to his longtime girlfriend, Alekha Advani. The engagement took place in a picturesque beach setting, marking a new chapter in the lives of the couple. Aadar, known for his roles in Qaidi Band and Hello Charlie, shared glimpses of his dreamy proposal on social media. Dressed in a crisp white and blue striped shirt paired with white pants, Aadar was seen down on one knee, proposing to Alekha, who looked radiant in a sheer yellow dress. The couple’s love story unfolded against a backdrop of golden lights and a heart made of sand and rose petals. As Aadar slipped the ring onto Alekha’s finger, emotions ran high, with Alekha visibly moved, tears glistening in her eyes. The couple sealed the moment with a passionate kiss, and Aadar captioned the post, «My first crush, my best friend & now, my forever.»

high-demand areas like Mumbai and Pune. Additionally, an out-of-series VIP number can now cost up to Rs 18 lakh in major cities, equivalent to the price of a mid-segment car. The fee revision will apply from August 30, following a draft notification issued on September 16, 2022, and is the first update since April 20, 2013. For four-wheelers, the fee for '0001' will rise from Rs 3 lakh to Rs 5 lakh. In high-demand areas such as Mumbai, Pune, Thane, and Nashik, the fee increases to Rs 6 lakh from Rs 4 lakh. For two and three-wheelers, the cost will double from Rs 50,000 to Rs 1 lakh. If the '0001' number is unavailable in the current series, an out-of-series number will cost Rs 15 lakh for four-wheelers and Rs 3 lakh for two- and three-wheelers. The notification states, «The revised 'three-time basic fees' will be Rs 15 lakh for four-wheelers and more-wheeled vehicles and Rs 3 lakh for two- and three-wheelers if the number '0001' is unavailable in the current series for that particular type of vehicle and if it needs to be given from another series as per the rules.»

short seller and the Indian market regulator, a completely different controversy is brewing. It involves the country’s second-most-valuable bank, and its plan to swallow up its securities affiliate. Some shareholders of the brokerage firm, upset over the terms of the buyout, want to know how the Securities and Exchange Board of India allowed the delisting of ICICI Securities Ltd., waiving the regulator’s own rules for compensating minority investors. A company-law tribunal in Mumbai quashed their challenge on Aug. 21 and allowed the deal to proceed. But that isn’t the end of the matter. There is a separate class-action suit before another tribunal in New Delhi. This dispute is also being heard by a higher court in Mumbai, the country’s commercial capital. The Indian regulator is battling bigger trouble elsewhere. In an Aug. 10 note, Hindenburg Research drew attention to SEBI chief Madhabi Puri Buch’s past personal investments, and her ownership of a consulting outfit, to question the watchdog’s objectivity in probing the Adani Group, the target of the short seller’s original January 2023 report. The infrastructure conglomerate, which suffered a $150 billion drop in its market value in the aftermath of the publication, has strenuously denied the short seller’s claims of stock-price manipulation. The group’s shares have recouped most of their losses. Buch described the allegation of potential conflict as “character assassination” and said that she made all the appropriate disclosures and recusals.

northern India. Air pollution is back on the agenda. Last week, the Supreme Court criticised air pollution boards of Delhi/NCR, Punjab and Haryana for being 'ineffective' due to inadequate staffing.

big screen to surprising success — from the 2012 hit "Gangs of Wasseypur" full of blood, gore and revenge to the romantic «Laila Majnu» that had a lacklustre run when it was first released in 2018. According to trade experts and exhibitors, this is a good way to fill up the halls and recover money as those who loved watching these movies or missed them at the time of their release seem keen for the big screen experience. «It's beneficial for exhibitors, and whoever holds the right to the film also earns money. For instance, when 'Laila Majnu' and 'Rockstar' were released, they didn't do well but this generation loved these films. »The average occupancy for 'Laila Majnu' was 40 per cent all over India. In some properties in Mumbai, it registered over 80 per cent occupancy," trade analyst Atul Mohan told PTI, adding that he is confident that «Gangs of Wasseypur» will be immensely loved.

NCP (SP) president Sharad Pawar on Sunday said the opposition won't sit quietly till the Mahayuti dispensation in Maharashtra is dislodged from power in the next two months and a new government is formed on the ideals of Chhatrapati Shivaji. Addressing party workers at Ghatkopar in Mumbai, Pawar slammed the state government over the collapse of the statue of the legendary warrior king in Sindhudurg district on August 26. He said those in power in the state have no «faith» in Shivaji Maharaj. «I assure you (party workers) that if you show your unity, then we will not sit quietly till the government in Maharashtra is changed in the next two months and a new government is formed on the ideals of Shivaji Maharaj that will safeguard the interests of people,» Pawar said.

Wipro Ltd, and Tech Mahindra Ltd have had new bosses within the last two years, whereas Parekh has been at the helm for more than six years and CVK for nearly eight. TCS, India’s largest IT services company, entrusted K. Krithivasan with the top job in June 2023 after Rajesh Gopinathan, who had steered the company for slightly more than six years since February 2017, stepped down.

Lenders to debt-ridden Reliance Capital Ltd (RCAP) have alleged that Hinduja Group firm IIHL is indulging in delaying tactics, resulting in slowdown in implementation of the resolution plan. Mauritius-based IndusInd International Holdings Ltd (IIHL) emerged as a successful bidder for acquisition of Reliance Capital. The NCLT Mumbai on February 27, 2024, approved IIHL's Rs 9,861-crore resolution plan for the debt-ridden financial firm. According to sources, lenders claimed that IIHL's move to seek approval from the Department of Industrial Policy and Promotion (DIPP) is an afterthought.

Indian Railways has announced the operation of numerous special trains. The move aims to accommodate the rush during Diwali, Durga Puja, Ganesh Chaturthi, Onam, and Chhath Puja.

Ashish Kacholia, who is known for spotting many multibagger stocks, recently took to social media after missing a flight from Bengaluru to Mumbai due to an error in Google Maps. Kacholia said that the mapping application significantly underestimated the travel time from his location in Bengaluru to Kempegowda International Airport (KIA). Kacholia was traveling from HSR Layout, a residential area in Bengaluru, to KIA, a distance of about 55 km. Google Maps, the ace investor said, initially estimated the journey would take around 1 hour and 45 minutes. However, due to Bengaluru’s infamous traffic congestion and unexpected rainfall, the trip extended to three hours, causing Kacholia to miss his flight. A social media user suggested that the ace investor should have asked him to drop him to the airport on his bike. Ashish Kacholia said in jest: «Next time.»

India's financial capital recorded 11,628 property registrations in the month of August, marking a 7% on-year increase in deals. The robust performance helped the state exchequer collect over Rs 1,061 crore, reflecting a 31% rise in revenue, according to data from the Inspector General of Registration (IGR) and Controller of Stamps, Maharashtra. The city’s consistent sales momentum has been driven by sustained buyer confidence, surpassing 10,000 units in monthly registrations for the first eight months of 2024. This marks eleven consecutive months of annual growth since August 2023.

Visa is focusing on leading the digital economy with more women entrepreneurs, said Kelly Mahon Tullier, Vice Chair and Chair People and Corporate Affairs Officer at Visa. She was speaking at the Economic Times World Leader Forum being held in New Delhi on Saturday. «The purpose of Visa (company) is to uplift the world by engaging them in the digital economy...Visa is so much more than a credit card,» she said in the session called The New Paradigm of Payments, chaired by Arijit Barman, Associate Editor, The Economic Times. Tullier also spoke on Visa's work with uplifting women in India in collaboration with United Way of Mumbai.

Mumbai local train commuters faced inconvenience in morning rush hours on Saturday as an overhead equipment snag on the Harbour line caused disruptions. The snag happened between Vashi and Mankhurd railway stations, said an official told PTI. The services on the route remained completely shut for at least two hours after overhead equipment on the Vashi-bound line broke at 7:30 am and was fixed only by 9:30 am, a Central Railway spokesperson said.

Digital infrastructure firm Black Box is looking for partnerships or mergers and acquisitions to enter the Indian market, which is the most lucrative data centre opportunity for the next three to five years, said Sanjeev Verma, a wholetime director of the Essar Group subsidiary. The systems integrator serves top tech companies in more than 35 countries. It offers data centre services, along with connectivity and networking infrastructure. The company is aiming to achieve $2 billion in revenue in the next four years, Verma said.

Mumbai (Maharashtra): The Special Investigating Team (SIT) probing the sexual assault on two four-year-olds inside their school in Maharashtra's Badlapur has declared two trustees of the school absconding on Friday, police said. The crime branch and cyber police team have been searching for both the Trustees after the SIT registered a case of negligence against the duo and called them to record their statements. Police officials said that the duo are not cooperating with the police in the investigation. Also, when a police team went to the house of both the trustee's they were not found at their homes.