city Mumbai: Latest News

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04.06.2020 / 15:34

India's urban covid-19 outbreak is morphing into a rural health crisis

NEW DELHI/MUMBAI : Rural parts of India have begun to see a surge in novel coronavirus infections, as millions of migrant workers returning from big cities and industrial hubs bring the virus home with them, according to data collected from seven Indian states.

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Bank NPAs may worsen to 11.6% by end of this fiscal due to Covid-19 pandemic

Fresh gross slippages are estimated to be at 5-5.5% of standard advances during 2020-21, which will increase the banks' credit provision and impact their earnings, rating agency ICRA said

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Mass exodus of migrant workers from cities trigger property disputes in villages

Uttar Pradesh has recorded a total of 49,000 complaints over ownership of homes, commercial properties and agricultural land, between January and March, the officials said

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₹90k cr relief package for discoms stalls as states shy away from guarantees

MUMBAI: The government’s ₹90,000 crore liquidity boosting plan for cash-starved electricity utilities has stalled as state governments hesitate to give guarantees.

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₹45,000-82,500 crore capital in FY21

MUMBAI: India’s public sector banks will require ₹45,000-82,500 crore of capital in FY21 as the covid-19 pandemic is expected to increase asset quality pressures, said rating agency Icra.

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Covid-19 lockdown impact: BPCL to slash capex by 36% for FY20-21

MUMBAI: State-run Bharat Petroleum Corporation Ltd (BPCL) will cut its capital expenditure for this next fiscal by 36% or ₹4,500 crore.

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Interest waiver may disturb banks' asset-liability balance: Uday Kotak

MUMBAI: Wading into the debate over interest waiver during moratorium, Uday Kotak, managing director and chief executive of Kotak Mahindra Bank, on Thursday said lenders are not in favour of the move as they must balance the interest of both borrowers and depositors.

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Cholamandalam Investment shares fall 9% after weak March quarter performance

MUMBAI: Shares of Cholamandalam Investment and Finance Company Ltd on Thursday declined more than 9% as the firm's net profit slumped 85.4% year-on-year (YoY) to ₹42.7 crore in the March quarter from ₹291.9 crore in the year-ago period.

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Paint volume checks reveal negligible growth; high valuations dampen outlook

MUMBAI: Channel checks point to consumers putting off painting their premises, a new pain point that the paint industry may have to confront. Stocks of major paint companies such as Asian Paints Ltd and Berger Paints Ltd were down 4% and 2% respectively in Thursday's trade.

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Sebi may consider easier fundraising via preferential allotment

MUMBAI: Markets regulator, Securities and Exchange Board of India (Sebi), is likely to consider relaxing pricing norms for preferential allotment that will allow listed companies to raise funds at a time when businesses are under pressure due to the covid-19 pandemic, said two people aware of the development.

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Fleeceware apps target VPN users attempting secure remote access on iOS

MUMBAI: Digital security and privacy products company Avast has reported three apps to Apple’s App Store, which overcharge users, do not provide the services they promote and appear to be “fleeceware". The apps are available as Beetle VPN, Buckler VPN, and Hat VPN Pro.

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As covid-19 halts growth, near term outlook dims for Info Edge

MUMBAI: The covid-19 pandemic and the ensuing lockdown exacerbated the growth slowdown at Info Edge (India) Ltd. Revenue during the March quarter grew 10.3% year-on-year, the slowest in two years. The stock was down 2.5% in early deals on Thursday.

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Covid-19: Mumbai lets some patients recover at home to free up hospital beds

MUMBAI: As covid-19 cases mount in Mumbai and patients struggle to get beds in hospitals, the city’s civic authorities are considering a change in strategy such as allowing patients with mild or no symptoms to recover at home.

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Cyclone Nisarga turns into depression over Vidarbha, to weaken further

After sparing Mumbai, cyclone Nisarga has now turned into a depression over Vidharba region and will weaken further, according to the India Meteorological Department(IMD). "Deep Depression weakened into a Depression over west Vidarbha (Maharashtra) at 0530 IST of 4th June, to move east- northeastwards and weaken into a Well Marked Low Pressure Area (WML) by today evening," IMD tweeted.

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Sun Pharma share price up 2.38% at 09:47 today

The S&P BSE Healthcare was up 1.2%

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Banks' FY21 recovery to take a hit as fresh IBC cases banned for a year

MUMBAI: The suspension of fresh insolvency proceedings and coronavirus-related disruptions will impact recovery for lenders in fiscal 2021 as resolution mechanisms outside the Insolvency and Bankruptcy Code (IBC) are scarce, experts said.

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M&M estimates sales loss of 87,000 vehicles, 30,000 tractors in Q1FY21

MUMBAI : Mahindra and Mahindra Ltd (M&M) on Wednesday said that the estimated quantum of sales lost due to the pandemic-induced lockdown would be around 87,000 vehicles and 30,000 tractors for the quarter ending June 2020.

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Short of funds, startups line up to register as MSMEs for govt sops

The govt has rolled out various schemes for MSMEs and is giving them access to credit amid a liquidity squeeze

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₹1819.6 crore on inventory loss, lower GRMs

MUMBAI : State-run refiner Bharat Petroleum Corporation (BPCL) today posted a consolidated loss of ₹1,819.6 crore for the quarter ended March 2020 on inventory loss and lower gross refining margin.

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Covid-19: At 74860 cases, Maharashtra claims rate of spread slowing down in the state

MUMBAI : Maharashtra on Wednesday reported 2560 new covid-19 cases, taking the state's tally of coronavirus positive cases to 74860. The state's public health department however, claimed that over the last one month, rate of increase of cases has been reducing.

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Air passenger traffic may decline 45-50% in FY21: Icra

MUMBAI : Air passenger traffic in the country is expected to remain under pressure for the first half (April-September) of the current fiscal, with the full year passenger volume likely to go down by about half despite some recovery in H2 FY21, ratings agency Icra said on Wednesday.

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Covid-19: Maharashtra sees highest single-day spike in deaths; tally nears 75,000

With 122 novel coronavirus fatalities reported in the last 24 hours, Maharashtra witnessed the deadliest virus-related deaths in a single day so far, taking the death toll over 2,500 in the state, according to health officials. The total number of fatalities has now increased to 2,587, they said.

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Nisarga knocks down trees, houses and power, one dead in Alibag

Till 6 pm on Wednesday, around 100 trees and 11 electric poles had fallen. The National Disaster Response Force (NDRF) is still assessing the damage done in the city

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Cyclone Nisarga: Flight ops at Mumbai Airport, suspended from 2:30 pm, resume

Flight operations at Mumbai's Chhatrapati Shivaji Maharaj International Airport (CSMIA) have now resumed after bring suspended from 2:30 pm today due strong crosswinds induced by Cyclone Nisarga according to a spokesperson.

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LIC may cut back investing in stocks as new new premium growth stalls

MUMBAI: India’s largest life insurer and domestic institutional investor (DII) Life Insurance Corporation of India (LIC) may revise its equity investment target downwards by more than Rs10,000 crore for the current year due to stalling new premium growth amid covid related disruptions, two people directly aware of the life insurer's internal discussions told Mint requesting anonymity.

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Gujarat HC stays Franklin’s e-voting process in plea filed by Rasna promoters

MUMBAI: The Gujarat high court has stayed the e-voting process for winding up Franklin Templeton's six debt schemes in a plea filed by promoter directors of soft drink brand Rasna Pvt Ltd.

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Starved of funds, startups line up to register as MSMEs

MUMBAI: Shashank Moddhia, chief executive officer (CEO) of The Renal Project, a startup that runs a chain of dialysis centres across suburbs in Mumbai and Pune, is working overtime to get a micro small and medium enterprise (MSME) registration for his business since the government announced a special package for small businesses impacted by the coronavirus-led lockdown.

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PE firm Kedaara Capital invests Rs567.3 crore in Religare Health Insurance

MUMBAI: Homegrown private equity firm, Kedaara Capital Fund II LLP, completed the investment of Rs567.31 crore, including primary capital infusion and purchase of 6.39% stake, in Religare Health Insurance Co Ltd on 2 June, the insurer's parent Religare Enterprises Ltd said in a stock exchange filing on Wednesday.

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Mumbai avoids brunt of Cylone Nisarga as storm makes landfall further south

Mumbai escaped the brunt of a cyclone on Wednesday after winds changed direction and the storm made landfall further south on India's western coast than expected, giving some respite to a metropolis already ravaged by coronavirus infections.

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Good kharif prospects buoy Kaveri Seed Company's stock

MUMBAI: Shares of Kaveri Seed Co Ltd have gained 26% so far this week after the company maintained its healthy growth guidance for the current fiscal.

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Services PMI: Unlock 1.0 brings some relief but revival far away

MUMBAI: With the lockdown relaxed considerably in most of India, economic activity is slowly creeping up.

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Maharashtra on high alert as severe cyclone Nisarga makes landfall

MUMBAI: Maharashtra was on high alert as severe cyclone Nisarga made its landfall close to Alibag, in Raigad district, and is set to enter the Mumbai metropolitan region.

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Covid-19 could lead to increased demand for rental units

The covid-19 pandemic is altering the way we live our lives, as well as the way nearly every industry functions. In the wake of the pandemic, the demand for rental units could grow, as many people will choose not to buy homes in the near future.

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Britannia Industries jumps 7% after robust March quarter performance

MUMBAI: Shares of Britannia Industries surged 7.4% on Wednesday after the company announced a 26% year-on-year rise in its March quarter consolidated net profit to ₹374.75.

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Nifty races past 10k on liquidity burst - will it sustain?

MUMBAI: With markets awash with liquidity, courtesy balance-sheet expansion of central banks, India’s frontline Nifty 50 index swiftly soared past the psychological 10,000 mark. In just five trading days, it has notched up more than an 11% rise.

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Will the Kotak Mahindra Bank stock fly as tiff with regulator ends?

MUMBAI: With the standoff between its promoter and the sector regulator now resolved, the overhang on the Kotak Mahindra Bank stock has now lifted.

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Motherson Sumi navigates tough Q4 but risks linger

MUMBAI: Automobile components maker Motherson Sumi Systems Ltd impressed the Street with better-than-expected performance for the March quarter. The stock continued to gain, rising 1% on Wednesday. It rose 5% on Tuesday.

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Sun Pharma share price up 1.19% at 10:46 today

The S&P BSE Healthcare was up 1.1%

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HUL's covid-19 update: A reality check for investors

MUMBAI: Shares of Hindustan Unilever Ltd have been among those holding up steadily on the back of a decent prospect in fast-moving consumer goods segment. The latest update on the company's business being disrupted has not dented the stock price much. HUL stock was marginally down at 0.4% early Wednesday.

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Cyclone Nisarga Live Updates: Mumbai Police imposes curfew in entire city

IMD have warned of heavy rainfall -- with winds of 100-110 kilometres (60-70 miles) per hour and gusts of up to 120 kph

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Cyclone Nisarga charts course for little-tested western coast

India’s western coast is expected to witness heavy flooding and strong winds as tropical cyclone Nisarga makes a landfall on Wednesday, said India Meteorological Department (IMD). The storm over the Arabian Sea is veering towards one of the most densely populated swathes of land in the country, from Kerala’s Thiruvananthapuram to Maharashtra’s Mumbai, and northwards, with wind speeds of 100-110 km per hour, and gusts up to 120km per hour, said IMD.

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BMW India Financial Services launch new schemes to pull customers

MUMBAI : BMW India’s captive financing arm BMW India Financial Services Pvt Ltd has launched new schemes to drive sales as the German luxury carmaker resumes operations across its dealership network and the corporate office.

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Covid-19 impact: Maharashtra govt. takes fresh steps to handle patients, legal disputes

MUMBAI : Maharashtra government, on Tuesday evening, took a slew of crucial measures to deal with rising number of covid-19 patients, pending legal cases in the family courts and improve industrial activities in the state.

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IndiGo cancels 17 Mumbai flights due to Cyclone Nisarga

Chhatrapati Shivaji Maharaj International Airport will be operating only 12 arrival flights on 3 June

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India needs to open up to benefit from post-virus global demand: Jeffrey Sachs

At a CII event the economist said that it is essential for India to focus on public health and remain in control of the Covid-19 outbreak

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10 NDRF teams deployed as cyclone Nisarga approaches Maharashtra: Uddhav Thackeray

MUMBAI : As cyclone Nisarga is likely to hit the west coast of Maharashtra on Wednesday, ten teams of the National Disaster Response Force (NDRF) have been deployed in state for rescue operations, Chief Minister Uddhav Thackeray said on Tuesday.

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Maharashtra's Covid-19 cases at 72,300, Mumbai crosses 42,216

Mumbai: With 2,287 new cases, Maharashtra’s covid-19 tally reached 72,300 confirmed cases on Tuesday. Of these, 31,333 had fully recovered, while 2,465 died due to the severe acute respiratory syndrome coronavirus 2.

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Sajid-Wajid's mother tests positive for Covid-19

Mumbai: A day after the demise of singer-music director Wajid Khan of composer duo Sajid-Wajid, their mother Razina Khan tested positive for the coronavirus, a family source said on Tuesday.

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United States	Cases: 46 252 513 Deaths: 750 423 Recovered: 0
India	Cases: 34 321 025 Deaths: 459 652 Recovered: 0
Brazil	Cases: 21 835 785 Deaths: 608 235 Recovered: 0
United Kingdom	Cases: 9 215 683 Deaths: 141 607 Recovered: 0
Russia	Cases: 8 494 589 Deaths: 237 619 Recovered: 0