City Mumbai Financial News

Nagpada area of Mumbai on Wednesday, police said. The police further said that the accused had been identified as Zubair Shah. «A case of molestation of an 8-year-old girl was registered in the Nagpada area of Mumbai. An earring seller molested the girl. The accused touched the girl inappropriately. Mumbai's Nagpada Police has arrested Zubair Shah who was selling earrings,» Nagpada police said. «Case registered under POCSO Act. Further investigation underway,» police added.

MUMBAI : NMDC Ltd clocked an Ebitda growth of 18% year-on-year (y-o-y) for the June quarter (Q1FY25), beating Street’s estimates. This growth was driven by higher realisation, up 9.3%, lower royalty expenses and other operating costs. However, the company faces near-term headwinds, with the recent cut in prices reflecting global supply overhang.

ICICI Securities Ltd’s application for delisting the company from the stock exchanges on Wednesday. The division bench of Justice Virendra Singh G. Bisht and a technical member Prabhat Kumar, while approving the scheme in an oral order, also dismissed two applications that objected to the delisting scheme. The detailed order was not uploaded till the time of filing the story.

IPO) of Orient Technologies has opened for subscription today. Ahead of the issue opening, the company raised Rs 64 crore from anchor investors. The issue, which closes on August 23, includes a fresh equity sale of Rs 120 crore and an offer for sale (OFS) of 46 lakh shares. Under the OFS, promoters Ajay Baliram Sawant, Umesh Navnital Shah, Ujwal Arvind Mhatre and Jayes Manharlal will be offloading their part stakes.

Accel has invested $9 million in Uppercase, nearly doubling the new-age luggage maker’s valuation after the investment to $60 million. The investment is earmarked for fuelling the brand’s expansion through new retail stores domestically as well as in Europe and the Middle East by next year, cofounder and managing director Sudip Ghose told ET. ET had reported on May 31 about Accel, an early investor in Flipkart, having discussions to invest in Uppercase, underscoring investor interest in new-age consumer retail brands.

Digital connectivity in India is set to get a major boost, with three large undersea cable projects — 2Africa Pearls, IndiaAsia-Express (IAX) and India-Europe-Express (IEX) — slated to go onstream between October and next March, expanding existing capacity by more than four times, said people familiar with the matter. 2Africa, among the longest subsea cable systems in the world, spanning over 45,000 km, has investments from Bharti Airtel and Meta, among others. It will have a capacity of 180 terabits per second (tbps), connecting 33 countries, including Sunil Mittal-led Airtel’s landing station in Mumbai. IAX and IEX involve contributions from Reliance Jio, among others. Boost for Data Centre Operators:

merchants due to a spike in cases of tax evasion, people aware of the development told ET. The Directorate General of Goods and Service Tax Intelligence (DGGI) is working closely with startups, payment aggregators and payment gateways to monitor if merchants are selling the right products with the right GST invoices, they said. “Tax evasion is very common among small merchants, where they would enlist as a seller of one product which attracts GST at a lower slab, but engage in selling other products which attract higher GST… The tax authorities intend to catch such merchants,” said Wriju Ray, cofounder of Idfy, a Mumbai-based identity verification startup that helps payment aggregators deal with identity frauds.

Ipca Laboratories is gearing up to make a strong return to the US generics business, with regulatory issues over its manufacturing facilities now behind, and integration of Unichem. The Mumbai-based drug maker is aiming for consolidated US revenue of $200 million (₹1,675 crore) in the next 12-18 months, managing director Ajit Kumar Jain told ET in an interview. The US business of Unichem clocked around $120 million revenue in FY24. While Ipca doesn't give a separate break up of its US revenue, it is quite small. «The US...we were there, but because of regulatory issues it took us some time to get those (regulatory) clearances; now all our plants have cleared,» Jain said.

IPO) of Orient Technologies will open for subscription on Wednesday. Ahead of the issue opening, the company's shares are commanding a healthy GMP of Rs 55. The company has priced the IPO in the range of Rs 195-206 apiece, and if we consider the upper price band, the shares are trading with a premium of 27% to the issue price.

Real estate firm Kalpataru Ltd, which plans to launch its maiden public issue, has posted a consolidated net loss of Rs 100.74 crore during the last financial year on lower income. Its net loss stood at Rs 200.73 crore in the preceding 2022-23 fiscal. Last week, Mumbai-based Kalpataru Ltd filed a preliminary document with capital markets regulator Sebi to launch its initial public offering (IPO) to raise up to Rs 1,590 crore, mainly to reduce debt.

Welspun One, an integrated fund and development management platform, has acquired 22-acre land in Gurgaon to develop a logistic park with an investment of Rs 125 crore. «This acquisition marks a significant step in expanding our footprint in one of India's vital logistics corridors. By leveraging this prime location, we aim to create a logistics hub that will not only support our tenants' operational efficiencies but also contribute to India's broader economic growth,” said Anshul Singhal, managing director, Welspun One. According to JLL, transaction advisor for the deal, the Gurgaon/NH-08 corridor boasts a total supply of 64 million square feet for Grade A and B spaces as of H1 2024.

Mint, sitting in his office in Bengaluru’s Koramangala neighbourhood. In 2013, he co-founded Citrus Pay, another payments company, and sold it to Naspers-owned PayU in a cash deal worth $130 million in 2016. Rau decided to take the keys from Singh and joined Pine Labs as CEO in March 2020.

Issue price: Rs 195-206

Mint looks at the reasons for this fall, its impact on the economy and what the domestic industry should do. The benchmark per tonne price of hot rolled coil steel—used in automotive, railways, agriculture and mining industries—in Mumbai has fallen to ₹50,900 this month, the lowest since September 2020 when prices were at ₹49,200 per tonne. The current price is nearly 33% less than the peak of ₹76,000 per tonne of April 2022.

H100 graphic processing units (GPUs) procured by Hiranandani Group’s Mumbai-headquartered Yotta Data Services from American chip maker Nvidia are used by companies abroad and only the rest are used by Indian companies, said Yotta Data Services chief executive Sunil Gupta. He told ET that this was because of a more advanced artificial intelligence (AI) ecosystem in the West that leads to heightened demand for GPUs. By November the company plans to deploy an additional 8,000 GPUs, he said. “Last November we placed an order for 16,384 H100 GPUs. From a medium to long-term scale, 16,384 may not be enough for India. We deployed the first phase of 4,096 chips. By March-April, we had got all the chips. Around seven to eight weeks back, we commissioned all of them,” Gupta told ET in an interview on August 13.

quick commerce platforms increasingly operating like horizontal online marketplaces, Blinkit and Zepto are seeing much higher sales and carrying a wider assortment at the onset of the festive season with Rakshabandhan, top executives, brands and sellers told ET. Flipkart, Amazon India and others are in the middle of preparing for the upcoming festive season and quick commerce firms are bulking up for an action-packed Diwali this year, aiming to corner a greater market share. These platforms are also doubling the number of stock keeping units (SKUs) to be able to deliver a wider set of goods to consumers during the festive season. Zepto is working to roughly double its SKUs from the 10,000 on offer currently, people in the know told ET. A spokesperson for Zepto confirmed the development. In its June quarter report, Blinkit said it was selling up to 25,000 different SKUs in some locations.

Legendary investor Warren Buffett famously said, “Never rely on a single source of income." Diversifying income streams can be crucial, especially when a sector goes through a downcycle, providing something to fall back on.

Mumbai, Shiv Sena (UBT) leader Aaditya Thackeray on Sunday said the Maha Vikas Aghadi will scrap the Dharavi redevelopment project after coming to power if residents are not given 500 square feet homes. He was speaking at the 'Dharavi Bachao' rally organised by the MVA, which also includes the Congress and Sharad Pawar-led Nationalist Congress Party (SP). «The state government wants to facilitate development of the Adani group and not people of Dharavi through the project. The MVA will work to rehabilitate all residents of Dharavi at the same place. The state government, however, wants to send residents of Dharavi to salt pan lands,» he alleged. Thackeray said residents should be shifted to transit camps in nearby Bandra Kurla Complex instead. «In 2014, the Bharatiya Janata Party promised Rs 15 lakh each in bank accounts of every Indian and now it is (giving) Rs 1500. The BJP wants to create a social divide to win elections but Maharashtra will not bow before it. When the MVA government comes to power it will ensure residents get 500 square feet homes or else the project will be scrapped,» he said.

BJP MP Praveen Khandelwal alleged that the West Bengal police attempted to suppress the rape and murder of a trainee doctor at RG Kar Medical College and Hospital on August 9 in the West Bengal city of Kolkata. «The case has been handed over to the CBI, this shows that West Bengal Police was trying to suppress it. The CM (Mamta Bannerjee) is protesting for the arrest of the accused. She (Mamata Banerjee) is the Chief Minister, Health Minister and Home Minister, the question is who is she protesting against?.. I am sure the CBI will catch the accused and they will get the strictest punishment...,» Khandelwal told ANI. Meanwhile, the students and junior doctors continue to protest over the incident amid rain that lashed parts of the Kolkata city on Sunday morning.

Madhabi Puri Buch, Chairperson of the Securities and Exchange Board of India (SEBI), is facing allegations of a conflict of interest. Documents reviewed by Reuters show that Buch continued to earn revenue from Agora Advisory Pvt Ltd, a consultancy firm where she holds a 99% stake, during her tenure at SEBI. This situation raises questions about potential violations of SEBI’s 2008 policy, which prohibits officials from holding other professional positions that could lead to a conflict of interest.