City Pune Financial News

MUMBAI : In the midst of covid lockdowns a few top executives of ChrysCapital, a private equity firm headquartered in New Delhi, decided to make a trip to Pune. That city about 150 km to Mumbai’s south is home to an unassuming entrepreneur who over the past decade and half has founded three startup unicorns. That includes Brainbees Solutions Pvt.

US court has slapped Vedanta Group-backed optic fibre manufacturer Sterlite Technologies (STL) with damages of $96 million (around ₹806 crore) for trade-related rights infringements involving American rival Prysmian. STL, in a statement, said it will «aggressively» challenge the verdict. The company, in which mining group Vedanta led by Anil Agarwal holds a 25% stake posted a loss of ₹82 crore in the first quarter of fiscal 2025, on revenue of ₹1,140 crore. After a three-year battle, a South Carolina jury, on August 9, found that Sterlite was in illegal possession of Prysmian's trade secrets including customers, new products and manufacturing expansion plans.

Indian Army's K-9 squad is participating in the 10th edition of India-Sri Lanka joint military exercise 'Mitra Shakti'. The 10th edition of the India-Sri Lanka Joint Military Exercise Mitra Shakti began on August 12 at the Army Training School, Maduru Oya, Sri Lanka. The Exercise will conclude on August 25. Indian contingent comprising 106 personnel is being represented by a Battalion of Rajputana Rifles along with personnel from other arms and services. The Sri Lankan contingent is being represented by personnel from the Gajaba Regiment of the Sri Lankan Army.

Ola Electric, FirstCry and Unicommerce, which went public this month, have boosted the worth of Japanese technology investor SoftBank’s stakes in these companies to almost Rs 16,000 crore, or nearly $2 billion, based on the latest stock prices of these three companies. SoftBank has already realised around $400 million, or around Rs 3,300 crore (at current exchange rates), from secondary stake sales in the three companies. SoftBank had invested more than Rs 4,100 crore in FirstCry, which listed at a premium of 40% on the National Stock Exchange (NSE) Tuesday to the issue price of Rs 465 apiece.

Air India Express has launched six new daily direct flights in a single day, said a press release on Tuesday. The Tata-owned Air India subsidiary airlines will be flying five new routes as a part of this launch which include Guwahati-Jaipur, exclusive to Air India Express. The new flights are operating on the Chennai-Bhubaneswar, Chennai-Bagdogra, Chennai-Thiruvananthapuram, Kolkata-Varanasi, Kolkata-Guwahati, and Guwahati-Jaipur routes. Moreover, to accommodate growing demand on the Chennai-Thiruvananthapuram route, which was previously served by two weekly flights, the airline has now added an extra daily service, increasing the total to nine flights per week. Air India Express now connects Chennai directly to 10 destinations which include Bagdogra, Bengaluru, Bhubaneswar, Guwahati, Hyderabad, Kolkata, and Thiruvananthapuram domestically, and Dammam, Kuwait, and Singapore internationally.

Porsche car crash case claiming these are influential persons and several key witnesses were afraid of them. Investigating officer (IO) Ganesh Ingale told court the accused, like fugitive businessmen Nirav Modi and Vijay Mallya, could flee the country if given bail. Two IT professionals were killed on May 19 when their motorcycle was hit by a Porsche, allegedly driven by an inebriated minor, in Kalyani Nagar in Pune. The six accused whose bail please are being heard are the minor's parents Vishal and Shivani Agarwal, Sassoon General Hospital's Dr Ajay Taware and Dr Shreehari Halnor as well as alleged middlemen Ashpak Makandar and Amar Gaikwad. Assistant Commissioner of Police Ingale said the conspiracy to replace the blood samples of the minor was hatched at Irani Cafe in Wadgaonsheri area and accused Dr Ajay Taware was contacted and given allurement. «Though Taware told other accused he would not come forward, the probe indicates Taware has a key role in the entire conspiracy,» he said, adding the conspiracy and crime took place in multiple places such as Irani Cafe, Sassoon General Hospital, Yerwada police station, the Juvenile Justice Board permises, Dr Halnor's residential campus.

Gujarat's Rajkot among the best in the country, Union Health Minister JP Nadda said on Saturday. He also inaugurated the Virus Research and Diagnostic (VRD) Lab at AIIMS Rajkot, which aims to end the state's dependency on National Institute of Virology (NIV) in Pune in Maharashtra. «Despite suffering from delay due to the COVID-19 pandemic, the AIIMS Rajkot has emerged as one of the fastest growing institutes. Its OPD, IPD and trauma (department) have seen a sharp increase in patient visits. The government's effort is to ensure it gets the best faculty members and doctors so as to make Rajkot AIIMS a high ranking institute to serve humanity and the people of Saurashtra,» he told reporters. The VRD Lab he inaugurated is a Biological Safety Level (BSL) 2 category lab, which will soon be upgraded to BSL 3, Nadda said, adding it is a self-sufficient institution for virus detection that removes the dependency on NIV Pune.

Shiv Swarajya Yatra", kickstarting its campaign for the upcoming assembly elections in Maharashtra, a day after the ruling NCP rolled out its own mass outreach programme. The NCP (SP)'s yatra started from the historic Shivneri Fort, the birthplace of legendary Maratha warrior-king Chhatrapati Shivaji Maharaj, in Junnar tehsil of Pune district. «By taking the blessings of Chhatrapati Shivaji Maharaj here at the Shivneri Fort, we are starting our yatra with a resolve to bring back people's government (rayateche rajya) in the state,» Maharashtra NCP chief Jayant Patil declared on the occasion.

Sundaram Home Finance has inaugurated its second branch in Pune as it aims to make disbursements of Rs 450 crore in Maharashtra this year, the company said on Friday. The wholly owned subsidiary of non-banking finance company Sundaram Finance Ltd achieved disbursements of over Rs 250 crore in the Western state last year. Sundaram Home Finance currently has six branches in Maharashtra and would offer home loans targeting the mid-segment of the market with an average ticket size of Rs 40 lakh. The company achieved disbursements of over Rs 100 crore in Pune last financial year. «Pune is turning into a vibrant home finance market and its proximity to Mumbai has led to fast paced growth in terms of infra development and the increasing presence of IT companies. This expansion in Pune follows the success of our first branch in the city,» company Managing Director D Lakshminarayanan said.

Puja Khedkar, on charges of threatening and obstructing a public servant in the discharge of duty in Pune district, officials said on Friday. The case was filed at the Bundgarden police station here on the basis of a complaint lodged by a tehsildar-rank officer from the Pune district collectorate, they said. «The complaint says that during Puja Khedkar's posting as an assistant collector, Dilip Khedkar allegedly used threatening language against tehsildar Dipak Akade, asking him to allot a cabin for his daughter even as he had no right to interfere in the administrative functioning,» an official said.

Mint's queries. “A legal notice to this effect has been issued to the relevant parties." Queries sent to the Hiremaths remained unanswered till press time.

Pune city has recorded 73 confirmed cases of Zika virus infections since June, according to civic officials on Thursday. The Zika virus, a mosquito-borne disease, spreads rapidly during the monsoon season when mosquitoes breed in stagnant water. The first case in Pune was reported on June 20, and out of the infected individuals, four have died. While these four patients had pre-existing conditions or age-related issues, the virus significantly impairs the immunity of those affected. Of the 73 infected, 26 are pregnant women, which exposes them to the risk of microcephaly, a birth defect where a child's head is smaller than usual for their age. Zika infections during pregnancy can also lead to stillbirth, pre-term birth, or fetal loss. Long-term effects of the virus on adults are still under investigation.

interest rates have stayed steady since the end of 2023, showed Knight Frank India’s Affordability Index. Among key cities, Ahmedabad has emerged as the most affordable housing market with an Equated Monthly Instalment (EMI) to income ratio of 21% for an average household. Following closely are Pune and Kolkata, each with an EMI to income ratio of 24%. Mumbai was the only city that remained marginally higher than the threshold at 51%. “Stable affordability is essential to sustaining homebuyer demand and sales momentum, which, in turn, acts as a key economic driver for the country. As income levels rise and economic growth strengthens, end-users’ financial confidence is significantly bolstered, encouraging them to make longer-term financial commitments toward asset creation,” said Shishir Baijal, CMD, Knight Frank India.

residential sales across India’s top seven cities are expected to witness double digit growth in 2024-25. The area sold in Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru, Hyderabad, Pune, Kolkata, Chennai is likely to increase 10-12% to 785-800 million sq ft in the current financial year, on a high base of 2023-24, said ratings agency ICRA. Despite the moderation in the sales growth rate, the overall sales velocity, collections, and inventory position are estimated to remain healthy in 2024-25. The launches are expected to rise 12% on-year to 767 million sq ft in the current financial year, on an aggregate basis across the top seven cities, supported by decadal low inventory, comfortable years-to-sell (YTS, calculated as unsold inventory/sales in last 12 months) and healthy demand.

Zika virus infection have been reported in Pune city in the last two months, civic officials said on Tuesday. Four of these patients died, but the cause in each case was not the Zika infection, a senior health official told PTI. Those infected also included 26 pregnant women but most of them are in good health, an official statement said. The first case of Zika virus infection in the city this year was reported on June 20 when a 46-year-old doctor in the Erandwane area tested positive. Subsequently, his 15-year-old daughter too tested positive for the infection. «The 66 cases include four deaths, but these deaths were not due to Zika but comorbidities the patients were suffering from....such as cardiac issues, liver ailments, old age. Their reports came positive for the virus from the NIV (National Institute of Virology) after death,» the health department official said. These four patients were aged between 68 and 78. The Pune Municipal Corporation's health department would, nonetheless, send their reports to the death audit committee of the Maharashtra government, the official added. «So far, no death due to Zika has been reported in the country,» he said.

Bengaluru: Global Capability Centers (GCCs) in India have leased approximately 53 million square feet of office space in key Indian cities between 2022 and the first half of 2024, such as a highly skilled workforce, cost advantages, and favourable business conditions, according to CBRE and Zyoin's latest report. This growth is expected to continue, especially in India's top six metropolitan areas like Bengaluru, Hyderabad, Chennai, Pune, Delhi-NCR, and Mumbai, due to factors which boast exceptional talent pools that are conducive to expansion and future development. In the first half of 2024, office leasing activity in the GCC (Gulf Cooperation Council) region across six significant cities increased 8% year-on-year. During the same period, GCCs contributed to around 37% of India's total office leasing activity.

In response, the Pune District Magistrate requested the deployment of an Army column to support the evacuation and relief operations. The Army's role included assisting with the evacuation of residents from Dwarka Society on Sinhgad Road, a part of the Ekta Nagar area where water levels had risen significantly. The deployment comprised over 100 personnel, including infantry troops, an engineer task force from the Bombay Engineers Group, and medical staff. The team was equipped with rescue boats, quadcopters, and other essential tools to manage the emergency and aid affected communities. The relief efforts came as a result of continuous heavy rainfall, which had already caused flooding in various parts of the district, including residential areas along the Mutha River.

Tilak: The Empire’s Biggest Enemy, in a sense, completes the triumvirate of the three interrelated historical legacies that have shaped modern Maharashtra and dramatically impacted national life. As Tilak’s last major biography in English appeared perhaps half a century ago, this fresh evaluation of his political career is timely given the tectonic shifts that have since taken place in India’s pollical culture.

Uddhav Thackeray's remarks against Union Home Minister Amit Shah have established the Shiv Sena (UBT) leader's credentials as a member of the "Aurangzeb fan club", Deputy Chief Minister Devendra Fadnavis said on Saturday. Fadnavis was reacting to Thackeray's tirade against BJP wherein he termed Shah a political descendant of Ahmad Shah Abdali, the Afghan king who defeated the Marathas in the third battle of Panipat. «Amit Shah had spoken about the Aurangzeb fan club. Uddhav Thackeray today proved that he is indeed from the Aurangzeb fan club,» Fadnavis told reporters. Addressing a BJP convention in Pune last month, Shah had dubbed Thackeray «the head of the Aurangzeb fan club» who was sitting with people who sought pardon for 1993 Mumbai serial blasts convict Yakub Memon.

Mumbai rains LIVE Updates: The India Meteorological Department (IMD) issued a red alert for Pune and orange alerts for Mumbai and Thane for August 3 and 4. The cities are experiencing strong winds and heavy rains. Earlier, the RMC Mumbai issued a yellow alert for the financial capital.