Citi Financial News

Bidhannagar Police on Monday got custody of a high-flying thief, Nadeem Qureshi in connection with a two-year-old burglary at Sourav Abasan in Salt Lake, TOI reported. Qureshi, 45, has committed as many as 1,200 odd burglaries across 14 states over 25 years. The burglar king owns properties worth crores in Mumbai and Pune, the police said.

Jubilant FoodWorks, the Domino’s Pizza chain operator in India, reported a consolidated net profit of 28.9 crore in the first quarter of FY24. The company had posted a net profit of ₹112.6 crore in the corresponding quarter of previous fiscal. The company’s consolidated revenue in Q1FY24 increased 1.7% to ₹1,334.5 crore from ₹1,312 crore, YoY.

New Delhi: Retail leasing in India witnessed a 24% year-on-year growth during the first half of 2023, reaching a staggering 2.87 million square feet, according to a CBRE report. The report, titled ‘India Market Monitor Q2 2023’, highlights a strong momentum in retail leasing throughout H1 2023, witnessing a 15% rise compared to H2 2022. “We foresee a consistent growth in secondary leasing, while primary leasing is likely to pick up pace, fuelled by a strong supply pipeline and the forthcoming festive season," said Anshuman Magazine, chairman & CEO - India, South-East Asia, Middle East & Africa, CBRE.

Royal Enfield announced on Tuesday that its Hunter 350 model has achieved a remarkable milestone, surpassing cumulative sales of 2 lakh units in less than a year since its launch. The Hunter 350 was introduced in August 2022 and reached the 1-lakh sales mark in February 2023. Within just five months since then, it accomplished the next 1 lakh units in sales, as stated by Royal Enfield.

Global Big Four accountancy firm EY has called in a top legal adviser to assess why its widely-publicised attempt to split the firm into audit and consultancy arms failed.

Reliance Jio’s 4G feature phone is expected to drive a higher market share loss among 2G users of Bharti Airtel as compared to Vodafone Idea, further delaying tariff hikes, analysts said. They added that attractive pricing and reasonable device quality will drive market share gains for Jio. “While Bharti's network is better than its other 2G peers, its dominant share in the feature-phone market will lead to higher subscriber losses. We expect Bharti to witness voice subscriber churn of 17 million by March 2026,” Jefferies said in a report. As per estimates, Airtel has over 130 million active 2G subscribers and around 100 million paying voice subscribers, implying a 40-50% share among the 250 million feature-phone market. Earlier this month, Jio had launched the Rs 999 internet enabled feature phone — Jio Bharat, with the aim to capture a majority of the 2G user base in the country. With attractive pricing, those feature phone users who are at the end of their device life, are likely to save 26% on their mobile spends. “This leads to an annual addressable market of 60-65 million users for Jio Bharat and we expect Reliance Jio to gain 55 million subscribers by March 2026,” the report said. Analysts further said that hefty network capacity additions along with Jio Bharat launch underscore the Mukesh Ambani-led company’s rising focus on subscriber gains and it did not bode well for tariff hikes. “Hence, we change our tariff hike assumptions of a 15% hike towards end CY23 to 20% hike in 2Q FY25, which leads to a 3-5% cut to our FY24-25 India mobile Arpu (average revenue per user) estimates,” the report added.

London, New York | EY has hired a leading adviser to crisis-hit companies to conduct a review of the failed attempt to split its audit and consulting businesses.

Retail leasing in India witnessed a 24% Y-o-Y growth in Jan-June’23 period and a 15% increase compared to Jul-Dec’22 period, according to a CBRE report. Total leasing during Jan-Jun’23 stood at 2.87 mn sq ft compared to 2.31 mn sq ft (Y-o-Y). Bangalore, Delhi-NCR, and Ahmedabad collectively accounted for a cumulative share of 65% in leasing activity during the first six months this year.

Federal Reserve’s Federal Open Market Committee (FOMC) which begins later in the day. The bias remained negative as the dollar index (DXY) was trading above the 101 mark and only strengthened in the last session leading to declines in bullion prices. The August gold futures were trading with minor gains at Rs 59,120 per 10 grams on the MCX when markets opened, up Rs 44 or 0.07%.

ACCORDING TO THE UN’s Sustainable Development Goal... moreACCORDING TO THE UN’s Sustainable Development Goals Report, 2022, , seven out of 10 people are likely to be living in urban areas by 2050 The India story is no different: by 2047, half of the country’s population will be living in urban areas.

Russia launched its sixth air attack this month on Kyiv early on Tuesday, the military administration of the Ukrainian capital said, with air raid alerts blaring for more than three hours over the city and east half of the country. Russia attacked Kyiv with Iranian-made Shahed drones, and based on preliminary information all the drones were downed by Ukraine's air defence systems, Serhiy Popko, head of Kyiv's military administration, said on the Telegram messaging app.

heavy rainfall for Telangana over the next few days. The weather department sounded a red alert on Monday, predicting ‘extremely heavy rain’ for certain parts of the state between 8.30 am on July 25 and 8.30 am on July 28.

Northern India to receive heavy rainfall on Wed-Thu, says IMD Officials from Greater Hyderabad Municipal Corporation have already urged people in the city to avoid unnecessary travel and step outdoors only if essential. The Director of Enforcement for Vigilance and Disaster Management assured in a tweet that Disaster Response Force teams had been put on alert.

A list of 58 cantonments that are planned to be shifted has been shared with the respective states. The list includes all major cantonments including Delhi, Pune, Ambala and Ahmedabad, besides hill stations like Kasauli and Landsdowne. Only two cantonments — in Jammu and Srinagar — have been left out for now due to security considerations.

Rolling Loud Miami, ASAP Rocky appears to have taken a potshot at singer Travis Scott. Out of the three songs from Rocky’s upcoming album ‘Don't Be Dumb’, ASAP hinted at Scott. He rapped, “First you stole my flow, so I stole yo/Then you stole my style I need at least like 10 percent." This is not the first time that Travis Scott has been at the receiving end of other singers’ uncharitable remarks. Pretty Flacko appeared on Drink Champs with N.O.R.E. and DJ EFN when ASAP Rocky said, «You’re hearing it from me, let shorty rock.» There are other instances of a singer attacking others. Joe Budden twitted in 2011, “I promise y’all that if I got high, I would smoke Canibus.” Apparently, it was as attack on Cannibus, who hit back and crooned and hinted at the possible feud between the Slaughter House and the Four Horsemen. On another occasion, 50 Cent and T.I. had a spat in 2011 due to Twitter miscommunication. Similarly, singer Nicky Minaj had an issue with the Florida duo City Girls. Minaj said that she would never team up with City Girls because she did not like them. Later, she said just the opposite.

Borrowers in Sydney’s south-western suburbs and in Melbourne’s north-west are more than twice as likely to be a month or more behind paying their home loans, data compiled by ratings agency S&P has found.

The Economic Times reported over the weekend that India has rejected Chinese automaker BYD's (OTC:BYDDY) proposal to set up a $1 billion factory in the country through a partnership with Hyderabad-based Megha Engineering and Infrastructure Ltd.

The city gas sector accounted for just 9% of the country's consumption of imported gas during the April-June period, down from 17% a year earlier. Their consumption of domestic gas rose 31% in a year to 2,490 million metric standard cubic meter (mmscm) while their use of imported gas fell to 703 mmscm. Higher domestic gas consumption by city gas distributors meant lower availability of local supplies for the fertiliser sector.

Tata Motors is working on a master app that will provide information on the location and availability of electric vehicle (EV) charging stations to its customers, in a bid to accelerate EV adoption and ease the range anxiety of users. The company that dominates the local market for electric vehicles – it had a 71% share in the April-June quarter – is likely to launch the app this fiscal year. With a sizeable customer base in place, the company has begun collating information and is doubling down on its efforts to secure visibility on the charging ecosystem for EV owners, Tata Motors Passenger Vehicles and Tata Passenger Electric Mobility managing director Shailesh Chandra told ET.

Toyota Motor Corporation (NYSE:TM) revealed Monday that its joint venture with China’s state-owned Guangzhou, the Guangzhou Toyota Motor Co, has terminated early contracts of about 1,000 dispatch workers. The decision comes amidst mounting pressure from a price war in the world's largest auto market.

The Republican-controlled Oklahoma Senate has overridden Gov. Kevin Stitt's vetoes of two bills that would extend existing agreements with Native American tribes for another year