City Mumbai Financial News

MUMBAI : Senapathy ‘Kris’ Gopalakrishnan, co-founder of India’s second-largest IT services firm, Infosys, advises Indian companies and employees to learn artificial intelligence (AI) to stay relevant. Gopalakrishnan, who has become a philanthropist with his own family office and its investment arm, Pratithi Investments, told Mint in an interview on the sidelines of Global Fintech Fest 2024 on Wednesday that the IT sector is cash-rich and has capable leaders, but companies have their own growth rates, and “some may not make it." Edited excerpts: AI is the new tool that's available for us, just like it completes our sentence for us. If you want to use AI, start training yourself.

MUMBAI : When we talk about sectors with potential, the Indian cement industry might not be the first thing that comes to mind. But if you’re looking for value and long-term growth, it’s a sector worth your attention. Despite recent challenges, such as slowing demand, falling cement prices and profitability pressures, the cement industry has a lot going for it.

Orient Technologies debuted at the bourses on Wednesday with a premium of 40.8%. The stock listed at Rs 290 on BSE as against an issue price of Rs 206. Meanwhile, the shares were listed with gains of 39.8% at Rs 288 on the NSE.

Food delivery giant Zomato has an exciting new feature for customers. Food lovers can now book orders up to two days in advance. Orders can now be scheduled from no less than 13,000 eateries around Delhi, Mumbai, Chandigarh, Lucknow, Jaipur, and Bengaluru if they exceed Rs 1,000. Goyal mentioned that these establishments were chosen due to their history of maintaining ample stock and consistently preparing meals on time. These restaurants have consistently ensured a well-stocked inventory and have shown reliability in their kitchen operations. More restaurants and cities will be included in the future, and the service will soon be available for all orders. «Improve your meal planning by placing orders up to two days ahead, and we’ll ensure timely delivery,» Goyal shared in a social media update.

MUMBAI: The topic of 'increased 12.5% LTCG tax on equities' needs no introduction now. Most equity investors have already registered their anger, in one form or another, on different social media and forums. In fact, the initial pain has now paved the way for what we Indians do best—adjustment.

IT services company LTIMindtree informed it has received a stay order from the Karnataka High Court on a Goods and Services Tax (GST) notice worth Rs 378 crore received by the company. “High Court has stayed the proceedings pursuant to above Show Cause Notice till the next date of hearing, which is yet to be notified,” the Mumbai-based IT major said in a regulatory filing. In April, a show cause notice was filed by the Department of Revenue, Ministry of Finance, against LTIMindtree, country’s sixth largest IT major, for alleged non-payment of Integrated Goods and Services Tax on export turnover towards service provided to clients abroad.

Although the wait time for US visitor visa appointments in India has decreased from a peak of 999 days at the end of 2021, it still exceeds a year. The US Department of State website Friday showed wait times for B1/B2 visa interview at 459 days in Chennai; 450 in Mumbai; 407 in Hyderabad; 381 in Kolkata and 379 in Delhi.

Nari Hira, the founder and editor of Stardust Magazine, passed away on August 23 at age 86. Known as a significant figure in the Indian media industry, Hira pioneered in publishing popular magazines and ventured into film production, leaving a lasting impact on the media landscape. Hira's family expressed their deep sorrow in a statement, «It is with deep sorrow that we share the news of his passing, a pioneer in print media, a family man and father beyond compare, he leaves us behind heartbroken in his absence.» Born in 1938 in modern-day Karachi, Hira and his family moved to Mumbai following the partition in 1947. He started his career as a journalist in the 1960s but shifted focus to publishing, where he earned the moniker 'King of Indian Magazines.'

InterGlobe Enterprises, the biggest shareholder of IndiGo airline, has opened its boutique lifestyle hotel Miiro in Paris and Barcelona and is looking to add more properties in Europe over the next couple of years, a top official said. Neena Gupta, CEO of Miiro, said Le Grand Hotel Carye in Paris opened in July and Borneta in Barcelona this month. The entry-level luxury lifestyle hotel brand will continue back-to-back launches into 2025 with London and Vienna. Templeton Garden in London, located in the leafy area of Earl's Court, will offer 156 rooms, complemented by a cafe-deli, a neighbourhood restaurant, a vibrant bar, and an outdoor F&B experience in an expansive garden oasis in the Spring of 2025, she said.

https://www.livemint.com/companies/news/adani-family-looks-to-raise-3-6-bn-via-sales-of-promoter-stakes-as-shares-of-group-firms-skyrocket-11724340339603.html The group’s financial health is evident from the improving liquidity position: the cash balance relative to gross debt increased to 24.8% in 2023-24 from 10.6% in 2018-19, indicating a comfortable cash cushion to meet debt obligations. The net debt-to-operating profit ratio eased from 3.81 times to 2.19 times, reflecting enhanced capacity to manage debt with operating income.

Issue Dates: August 28-30 Issue Price: ₹318-334 per share Issue Size: Upto Rs 601 crore <div data-placem

hummus in Grand Cheese Bazaar, the pioneering food shop started by Karen Anand in Mumbai in 1990. The cheese was nice, but what was great was this creamy, tangy, deeply tasty mash of chickpeas, garlic, olive oil and thick tahina sesame paste. It worked like a sauce, but was substantial like a spread and less rich-tasting than cheese or paté, so you could eat more. With some good bread or rotis, it made for a full meal. All I knew was that it was Middle Eastern, so when I went to spend a few weeks in Egypt, I looked forward to eating a lot more of it. But for Egyptians, the pulses that mattered most was ful, slow-cooked fava beans. Chickpeas (which is literally what hummus means) weren’t as popular, either whole or mashed. I searched in supermarkets, but found only some sad tasting, canned hummus. I was told that most people made it at home, or ordered it in restaurants as part of the starters called mezze.

Pop star Dua Lipa, who is set to headline the second edition of the Zomato Feeding India Concert in November, says she is looking forward to returning to the country after she rang in the new year here. The Grammy winner, known for songs such as «Levitating», «Houdini», and «Dance The Night», shared a post on Instagram expressing her excitement for the upcoming show. «India, I'm coming back!!! My trip at the start of this year was a beautiful reminder of how much I love this place. »The warmth and energy I felt from everyone I met there was amazing, and I can't wait to see you again to perform in November!!!!" Lipa wrote on Saturday alongside a series of pictures from her previous India visit and the announcement poster of the concert.

Shiv Sena (UBT) leader Aaditya Thackeray on Sunday wondered whether the introduction of cheetahs at Kuno Park in Madhya Pradesh translated into the generation of revenue, claiming penguins in the Mumbai zoo boosted the income of the civic body. «One should find out how much revenue generated after cheetahs were translocated to India (in Kuno Park in Madhya Pradesh),» Thackeray told reporters. The former state minister claimed the introduction of penguins in the civic-run Veermata Jijabai Bhosale Botanical Udyan contributed to increased earnings for the Brihanmumbai Municipal Corporation (BMC).

post-mortem of the 27 Indian pilgrims who were killed in the tragic bus accident in Nepal was underway in a hospital in the Bagmati province on Saturday, ahead of the transportation of the bodies to Maharashtra, a media report said. At least 27 Indian pilgrims, all from Maharashtra, who were in Nepal for a 10-day tour, were killed and 16 others injured after their bus veered off the highway and fell into a fast-flowing river in central Nepal on Friday. The post-mortem of bodies is being held in the Bharatpur Hospital in the Chitwan district of the Bagmati province, the MyRepublica news portal reported. The bodies were sent from the Anbu Khaireni Hospital to Chitwan for a post-mortem, the report said, quoting Deputy Superintendent of Police Deepak Rai.

Mumbai man recently fell victim to a scam where he ended up paying Rs 61,000 for a date gone wrong at The Godfather Club in Andheri West. The incident has brought attention to a broader swindle involving dating apps and fancy restaurants, leaving several men financially drained and humiliated. The modus operandi involves matching on dating apps like Tinder, Bumble, Hinge, and OKCupid, followed by an expensive meet-up that turns out to be a financial trap. Activist Deepika Narayan Bhardwaj shared the details of this scam on social media platform X. According to her, the scam unfolds as men connect with women on these dating apps who quickly express interest in meeting up. The rendezvous is often set at upscale places such as The Godfather Club or similar establishments. Once at the venue, the women order costly items such as high-end liquor or hookah, which are not on the menu. After placing the orders, the women abruptly leave, citing emergencies, and the men are left to settle the high bill. «MUMBAI DATING SCAM EXPOSE THE GODFATHER CLUB ANDHERI WEST. BRAZEN SCAMMING EVERYDAY. 12 victims in touch. Trap laid through Tinder, Bumble. Bill amounts 23K- 61K. 3 men trapped by the same girl @MumbaiPolice,» Deepika Narayan Bhardwaj posted.

Goods and Services Tax Intelligence (DGGI) has dropped a tax demand of about ₹3,000 crore for 2017-18 against 18 foreign shipping companies operating in the country, people familiar with the matter said. The move brings cheer to foreign shipping lines, such as Maersk, Orient Overseas Container Line Ltd and Hapag Lloyd Mediterranean Shipping, who were facing notices for non-payment of goods and services tax (GST) on import of services from July 2017 onwards. The tax demand was dropped after the shipping companies gave a joint undertaking that there was no import of services in 2017-18, the people said.

MUMBAI : The initial days of starting up are never easy for any founder. And they weren't easy for Fractal Analytics' Srikanth Velamakanni either. The company, which had been toying with artificial intelligence (AI) long before it captured the imagination of entrepreneurs around the world, became a unicorn or a company with a billion-dollar valuation in 2022, nearly two decades after its inception.

Amazon India plans to set up rest points for its delivery associates across cities over the next couple of years under Project Ashray, a senior company official said on Friday. The Ashray centres will provide clean drinking water, phone charging stations, washrooms, and rest areas for delivery associates. As a pilot, five rest points will be set up in collaboration with Udyasa Foundation in Delhi NCR, Bengaluru, and Mumbai. «Our plan is to be able to go to every city we operate in. We have 1,800 delivery stations across the length and breadth of the country. In the next couple of years, you will find this in pretty much every city in India,» Amazon India, Vice President — Operations, Abhinav Singh said.

BlackRock Inc. has picked up over 42,700 sq ft office space in a premium commercial tower in central Mumbai’s plush Worli locality through a long-term lease of five years. The financial institution’s India arm Blackrock Services India will be paying rental of Rs 325 per sq ft a month in the first year of the lease. The agreement includes a clause to escalate rentals by 5% in April 2025, by 10% a year after that and 5% each in 2027 and 2028. The New York-headquartered company has leased the space on the 4th floor of the commercial tower Altimus directly from the project’s developer K Raheja Corp.

JSW Sports and Inspire Institute of Sport (IIS) founder Parth Jindal has led a fresh round of funding in PadelPark India, a comprehensive ecosystem and market leader dedicated to the sport of Padel in India. PadelPark India will deploy the fresh funding in scaling up its infrastructure and enhancing the offerings of its academy and events. It plans to establish more than 100 Padel clubs across the country over the next few years through a combination of owned and franchise-run centres. The company is on track to deliver 40 Padel Courts in the next three months, open 15 Padel Centres/clubs in the next 60 days, and train 250 people from next month.