Page 38 - Mumbai

Shapoorji Pallonji to take its real-estate arm public in 2 years: Report

In the first phase, Shapoorji Pallonji Real Estate aims to raise around $800-900 million through an IPO of about 10-12 per cent stake

Mumbai doctors protest at Azad Maidan over Kolkata rape-murder incident

One of the protesting doctors urged the government to ensure that every organisation has a safety audit

Macrotech net debt rises 43.5% to Rs 4.3K cr in Q1 on higher capex for land

Realty firm Macrotech Developers Ltd's net debt rose 43.5 per cent to Rs 4,320 crore during the first quarter of this fiscal year due to higher investment in land acquisition and construction. Mumbai-based Macrotech Developers, which sells its projects under the Lodha brand, is one of the leading developers in the country. According to its latest investors presentation, the company's net debt stood at Rs 4,320 crore as of June 30, 2024, against Rs 3,010 crore at the end of the March quarter of 2023-24. The net debt stood at Rs 4,320 crore, 0.24 times equity, well below the ceiling of 0.5 times equity, the presentation said. The investment in growth led to an increase in net debt, the company added. According to a transcript of discussions with analysts, Macrotech Developers MD and CEO Abhishek Lodha said, "In spite of the significant level of business development plus a significant ramp up in construction spend in this quarter, our net debt stood at Rs 4,300 crores, which is 0.24

Setback to Pak-origin biz man Rana as US Court says extraditable to India

In a major setback to Pakistani-origin Canadian businessman Tahawwur Rana, who is sought by India for his involvement in the 2008 Mumbai terror attack, the US Court of Appeals for the Ninth Circuit has ruled that he is extraditable to India under the extradition treaty between the two countries. The (India US Extradition) Treaty permits Rana's extradition, the court said in its ruling on August 15. Ruling on an appeal filed by Rana, a panel of judges of the US Court of Appeals for the Ninth Circuit affirmed the District Court in the Central District of California's denial of his habeas corpus petition challenging a magistrate judge's certification of his as extraditable to India for his alleged participation in terrorist attacks in Mumbai. Under the limited scope of habeas review of an extradition order, the panel held that Rana's alleged offense fell within the terms of the extradition treaty between the United States and India, which included a Non Bis in Idem (double jeopardy) ..

Strict implementation of redevelopment act could make Mumbai slum-free: HC

The Bombay High Court on Friday said the vision should be to make Mumbai a slum-free city and raised concerns about the plight of slum dwellers who become "victims at the hands of private developers". A division bench of Justices G S Kulkarni and Somasekhar Sunderesan emphasised the need for strict and robust implementation of the Maharashtra Slum Area (Improvement, Clearance and Redevelopment) Act. "Vision is to have Mumbai, which is considered an international city and the financial capital of our country, slum-free. We need to have an absolutely slum-free city. This Act will help that vision," the court said. The bench said the implementation of provisions of the Act lies with the government as the mandate lies with them. The bench was set up last week to undertake a "performance audit" of the Act pursuant to the Supreme Court's directives in July. The apex court had raised concerns about the working of the Act. The high court, on Friday, stressed the need for sustainable ...

RevPAR sees 4.8% growth in Apr-June quarter in hospitality sector: Report

The revenue per available room rose by 4.8 per cent year-on-year in the hospitality sector in the April-June quarter this year mainly driven by the rise in Average Daily Rate, a report said on Wednesday. However, sequentially, the June quarter recorded a dip in occupancy levels, which can be attributed to the onset of summer vacations and a subsequent decrease of corporate travel, according to JLL's Hotel Momentum India (HMI) Q2 report. The report further revealed that besides a slight decrease in Goa's Average Daily Rate (ADR), all other markets (Bengaluru, Chennai, Delhi, Goa, Hyderabad, and Mumbai) showed considerable growth in ADR and revenue per available room figures, with Hyderabad leading the list. Hyderabad emerged as the RevPAR leader in the second quarter registering a growth of 11.9 per cent over the same period of 2023, followed by Delhi and Bengaluru with year-on-year growth of 11.8 per cent and 10.4 per cent, respectively, it added. Although occupancy levels remained

US Consulate Kolkata offers fastest visa issuance for your ticket to the US

The US Consulate in Kolkata is currently the fastest in India for issuing visas for holiday or business travel, averaging just 24 days. Chennai ranks last

Centre sets up team to implement internship scheme announced in Budget

The Union Ministry of Corporate Affairs is holding discussions with corporate HR leaders in Delhi and Mumbai to finalise the contours of the scheme

Sky high: Diwali airfares shoot to Rs 20K-30K on some domestic routes

Limited capacity growth, high demand pushing up ticket prices

BMW hit-and-run: No traces of alcohol found in Mihir Shah's blood samples

The Worli police arrested the accused Mihir Shah from Virar Fata approximately 58 hours after the incident

Zepto to shift headquarters to Bengaluru, mandates employees to relocate

Zepto is planning to shift its headquarters from Mumbai's Powai to Bengaluru's Sarjapur, and has mandated all its employees to relocate to Bengaluru by the end of November or early December

Mumbai: BMC plans to deploy smart sensors to avoid manhole cover thefts

791 manhole covers were stolen in Mumbai in 2023, compared to 836 in 2022, a stark increase from previous years where 564 cases in 2021, 458 in 2020, and 386 in 2019 were reported stolen

Keystone Realtors Q1 results: PAT down 45% at Rs 26 cr on higher expenses

Keystone Realtors on Monday reported 45 per cent decline in consolidated net profit at Rs 25.82 crore for June quarter FY25 on higher expenses. The company, which sells properties under Rustomjee brand, had posted a net profit of Rs 46.97 crore for the year-ago period. Total income increased to Rs 437.20 crore during April-June period of this fiscal from Rs 282.82 crore in the corresponding period of the previous year. Total expenses, including construction spend, surged to Rs 398.16 crore from Rs 216.54 crore during the period under review. After a robust performance in 2023-24, Rustomjee Group continued its impressive performance in April-June quarter of 2024-25, recording pre-sales of Rs 611 crore, reflecting a robust 22 per cent year-on-year growth," Chairman and Managing Director Boman Irani said. In June quarter, he said the company launched two new projects with an estimated GDV (gross development value) of Rs 2,017 crore, perfectly aligned with its guidance of launching tw

IMD issues red alert for Maharashtra, MP; orange alert for Kerala, Himachal

IMD weather update: The IMD said heavy rainfall is expected in Himachal Pradesh, Kerala, Uttarakhand, Konkan, Goa, Gujarat, Rajasthan, Karnataka, Assam, and Meghalaya

Ghatkopar reminder: Thane hoarding collapse injures three amid new rules

A billboard fell in the Kalyan area of Thane district of Maharashtra amid heavy rainfall, three months after a similar incident claimed the lives of 17 in Mumbai's Ghatkopar

Mumbai sees uptick in malaria, H1N1 cases in July, drop in dengue

Mumbai has recorded a "slight increase" in malaria and H1N1 (flu) cases in July 2024 at 797 and 161, respectively, as compared to the same month last year, the city civic body said on Wednesday. In its report on "Monsoon-related diseases", the Brihanmumbai Municipal Corporation (BMC) said as compared to July 2023, the data for July 2024 showed a decline in cases of dengue, leptospirosis and gastroenteritis, but a slight uptick in malaria and H1N1 (flu) infections in the financial capital. Mumbai reported 797 cases of malaria and 161 of H1N1 in July 2024, up from 721 and 106, respectively, in the same month last year, according to the report. Cases of dengue, leptospirosis, gastroenteritis, hepatitis and chikungunya dropped to 535, 141, 1239, 146 and 25 in July 2024 from 685, 413, 1767, 144 and 27 in July 2023, respectively, it said. The BMC said it covered nearly 11.95 lakh households and about 55.80 lakh population during its house-to-house fever survey in July 2024 and gave ...

Kotak MF's Nilesh Shah bats for restrictions on retail investors in F&O

Budget with BS: The Fine Print: 'Atithi Devo Bhava' is good for tourism not for financial markets; there should be no differential treatment, said Nilesh Shah, managing director of Kotak Mutual Fund

Property buyers in Mumbai demand larger flats; registration up 16% in July

The Western and Central Suburbs of Mumbai continue to be the preferred choices for property buyers

Howrah-Mumbai Mail derails in Jharkhand; 2 killed and 20 injured

2 persons were killed and 20 injured when at least 18 coaches of the Howrah-Mumbai Mail derailed in Jharkhand’s Seraikela-Kharsawan district early Tuesday, according to officials.

Mumbai-Howrah Mail accident: Railways cancels at least 5 trains. Full list

Jharkhand train accident: At least 18 coaches of the Howrah-Mumbai Mail derailed in the predawn hours of Tuesday around 80 km from Jharkhand's Jamshedpur killing at least two people