City Mumbai Financial News

Zee Entertainment Enterprises has filed an application with the National Company Law Tribunal (NCLT) seeking the recall of the tribunal's August 10, 2023 order, which sanctioned the merger scheme with Sony Group Corporation's India media units, Culver Max Entertainment and Bangla Entertainment. The Indian entertainment giant filed the application with the Mumbai bench of the NCLT on August 29, according to its regulatory filing. Furthermore, on August 30, Zee withdrew its application and relinquished its rights to file claims/counterclaims before the arbitral tribunal constituted in the arbitration proceedings related to the merger cooperation agreement dated December 22, 2021.

Vadhvan Port in the Palghar district of Maharashtra will generate 12 lakh jobs for the local youth and women besides creating multiple facilities for the people of the area once it becomes operational, Union Minister Sarbananda Sonowal said on Friday. Speaking at the foundation stone laying ceremony of the port project at CIDCO ground in Palghar, Sonowal also said that India has earned a name as a maritime nation in the world under the guidance of Prime Minister Narendra Modi who has taken a slew of initiatives for the maritime sector in the last 10 years. Modi laid the foundation stone for the mega project in the presence of Maharashtra Governor C P Radhakrishnan, state chief minister Eknath Shinde and deputy chief ministers Devendra Fadnavis and Ajit Pawar. The prime minister during his visit to the state also inaugurated, laid foundation stoned for 218 fisheries projects worth Rs 1,560-crore in Palghar besides addressing the 2024 edition of three-day Global Fintech Fest in Mumbai, which culminated here on Friday.

Mumbai: The all-India House Price Index (HPI) moderated to 3.3 per cent in the June quarter of 2024-25 from 5.1 per cent in the year-ago period, according to data released by the Reserve Bank of India on Friday. The RBI releases HPI-based on transaction-level data received from the registration authorities in 10 major cities. The cities are Ahmedabad, Bengaluru, Chennai, Delhi, Jaipur, Kanpur, Kochi, Kolkata, Lucknow and Mumbai. «All-India HPI increased by 3.3 per cent (y-o-y) in Q1:2024-25 as compared to 4.1 per cent growth in the previous quarter and 5.1 per cent a year ago; annual HPI growth varied widely across the cities — ranging from a high of 8.9 per cent (Kolkata) to a low of (-)1.7 per cent (Delhi),» the central bank said.

Fintech startups are reshaping how large banks conduct business, prompting traditional financial institutions to adapt their offerings to the evolving fintech landscape, according to C S Setty, the newly appointed chairman of the State Bank of India (SBI). “The good thing about fintechs is that they are reshaping the way we do business. An extreme customer convenience-focused approach is something which made the conventional players reimagine the customer journey. Yono itself is an example. I keep saying that we are the largest fintech company and we align our business looking at the fintech environment,” Setty said on Friday at the Global Fintech Fest held in Mumbai. Setty added that SBI is actively seeking deeper integrations with fintech companies.

Startups raised a total funding of about $1.47 billion in August 2024, marking an 89% increase from the same period last year, when they had raised a total of $779 million across 123 rounds. Startups, primarily in the early and late stages, secured funding through 86 rounds, according to data from the private market intelligence platform Tracxn. In July 2024, startups raised around $718 million from 72 rounds.

Mint. This follows an aggressive expansion period for the banking technology startup, when the company targeted entering 30 countries and newer verticals after raising its first institutional funding of $250 million from SoftBank Vision Fund 2 at a valuation of $1.45 billion in 2021. "We have a razor-sharp focus on India.

Google DeepMind's India unit is working on an Indic language AI project called Morni (Multimodal Representation for India) which aims to cover 125 Indian languages and dialects to build inclusive and equitable Indic AI. «So India has 22 scheduled languages, which are viewed as official languages. But in our work, we are targeting over 100 Indian languages, because we find that there are 60 Indian languages which have over a billion speakers and over 125 languages that have over a lakh speakers each,» said Manish Gupta, Director of Google DeepMind, Google India. He was speaking at the Global Fintech Fest in Mumbai on Thursday. He explained that 73 out of these 125 languages had zero corpus of digital data available. Even for a languages like Hindi, which is now spoken by close to 10% of the world's population, the share of Hindi text on the internet is 0.1%.

₹100 crore and the tiles business earned ₹8 crore in revenue. Till date, the most successful brand from his portfolio has been Shiv Sagar. He says, “Aap Shiv Sagar ka board laga do, log aa jayenge (You put up a Shiv Sagar board, diners will come)." Growing up in Udupi, Poojari began working in restaurants early on.

Icra Ltd. This, he said, was largely attributable to rising demand for international travel for leisure, jobs—primarily in the Middle East—and studies. India's aviation market—the world's third largest and also the fastest growing—is on the cusp of a boom as the economy expands and incomes rise, prompting airlines to add capacity.

IT services firm HCLTech is looking to diversify risks and unlock new revenue streams, by expanding its presence in markets such as India, Africa and the Middle East. HCLTech outlined its growth strategies to more than 100 analysts who attended an ‘Investor Day 2024’ meet hosted by the company in Mumbai on Wednesday. The company also highlighted its strength in engineering, research & development (ER&D), and plans to leverage increasing semiconductor demand, expand market participation in focus areas and new frontier markets, and grow within its top current and potential clients, some of the analysts who attended the event said. “The company wants to tap high-potential regions and expand, amid the ongoing slowdown in the core American markets denting business over the past five-six quarters,” one of the analysts said on the condition of anonymity. “HCLTech spoke of improving the mix of verticals and geographies, gaining of market share, organic development of digital skills, its clients’ cloud migration activities and inorganic augmentation of capabilities.”

pre-IPO funding round of $665 million, quick commerce startup Zepto has secured follow-on financing of $340 million led by US-based venture capital firm General Catalyst, taking its valuation to $5 billion. New investors Dragon Fund and Epiq Capital joined the round while existing investors StepStone, Lightspeed, DST and Contrary increased their stakes.

FIR against artist Jaydeep Apte in connection with the collapse of a Chhatrapati Shivaji Maharaj statue, on Thursday recorded statements of his wife and son, an official said. Apte resided in Kalyan town of Thane district with his family members, but they vacated their residence due to safety concerns following the collapse of the statue installed at Rajkot Fort in Malvan taluka of Sindhudurg district, around 480km from Mumbai, on August 26.

MUMBAI : Blue Dart Express Ltd’s revenue and profitability trajectory is struggling to take off, squeezed by rising competition, sluggish market demand and the additional burden of increased costs from recent aircraft additions. Its FY24 consolidated revenue growth stood at just about 2%, with volume remaining lacklustre. This is a stark contrast to the 17% growth seen in FY23.

₹6,850 crore, driven by major contributions from Azim Premji and Shiv Nadar. The number of UHNI donors grew from 100 to 120 between 2020-21 and 2022-23, with 70 consistent donors and 50 contributing sporadically. This reveals significant potential for more sustained engagement.

Read this | How this Mumbai couple rebuilt their finances after going bust "I needed an advisor I could meet in person when I wanted. Mumbai was not feasible," Khare explains. In 2021, she met Jitendra Solanki, a Ghaziabad-based registered investment advisor specializing in financial planning for families with special-needs children.

Rahul Gandhi on Thursday shared a video on martial arts sessions held at campsites of his east to west Bharat Jodo Nyay Yatra earlier this year and said a "Bharat Dojo Yatra" is coming soon. Dojo broadly refers to a training hall or school for martial arts. «During the Bharat Jodo Nyay Yatra, as we journeyed across thousands of kilometers, we had a daily routine of practicing jiu-jitsu every evening at our campsite. What began as a simple way to stay fit quickly evolved into a community activity, bringing together fellow yatris and young martial arts students from the towns where we stayed,» Gandhi said on X along with the video of the sessions. «Our goal was to introduce these young minds to the beauty of the 'Gentle Art' a harmonious blend of meditation, Jiu-Jitsu, Aikido, and non-violent conflict resolution techniques,» the leader of opposition in the Lok Sabha said.

Urban Vault, a managed co-working firm, has leased 100,000 sq ft of office space at Brigade Summit, a mixed-use project by Brigade Group in Whitefield, Bengaluru as the firm plans to expand the business to meet the increasing demand for managed workspaces. The new facility will include more than 2,000 desks and will see Urban Vault—a self-funded, bottom-line-driven company enter the Whitefield micro market that is witnessing many flexible operators expand operation. «The demand for prime office space has significantly revived. Large and medium-sized corporations are now preferring hassle-free managed office space from operators,» Urban Vault, Co-founder and CEO, Amal Mishra said.

Mumbai has become the 'billionaire capital' of Asia as it now comprises of more billionaire individuals than China's cpital city of Beijing, according to the Hurun India rich list 2024. «Home to 25% of the list – Mumbai is not only the billionaire capital of Asia, overtaking Beijing but also the preferred city for Hurun India Rich Listers, followed by New Delhi and Hyderabad,» the Hurun list data stated. Beyond this, Mumbai also registered a net increase of 58 billionaire individuals, adding to its growth momentum, the Hurun data revealed. This was followed by New Delhi, which added 18 new billionaires.

MUMBAI: Raj went through a divorce five years ago and is now remarried to Anita (who is also divorced from her husband). Raj has two children from his previous marriage and one from his new marriage. Anita has one child from her previous marriage as well. Raj hasn’t formally adopted the child of Anita’s previous marriage. 

MUMBAI: Capitalmind, a PMS (portfolio management services) provider, became the latest entity to receive the Securities and Exchange Board of India's (Sebi's) in-principle approval to launch a fund house. Once launched, it will be India's 45th fund house.

SP Jain Group has acquired California Miramar University (CMU), which will allow the group that runs business schools to offer artificial intelligence-related master’s and bachelor’s programmes to global students. The process to acquire the university had started in November last year and the all-cash deal is now through, SP Jain Group president Nitish Jain told ET over a virtual interaction. With the acquisition, the group now has access not only to AI courses and learning tools but also the US market, he said. The group has six campuses: Dubai (opened in 2004), Singapore (2005), Sydney (2012), Mumbai (2015), London (2023), and now CMU in San Jose, California. The group primarily has two flagship programmes: master of global business and executive MBA.