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Mumbai rains LIVE news: Govt offices shut in Mumbai; pvt firms urged to allow work from home
The visit comes amid tensions in India's ties with the US, following President Donald Trump's decision to double tariffs on Indian goods to 50 per cent, including an additional 25 per cent penalty for importing Russian crude oil.
The Ministry of External Affairs (MEA), announcing the trip, said Jaishankar will co-chair the 26th Session of the India-Russia Inter-Governmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation on Wednesday.
Amid continuous rainfall in Mumbai, Vihar lake, one of the city's key drinking water sources, started overflowing on Monday afternoon, the Brihanmumbai Municipal Corporation (BMC) said.
With a storage capacity of 2,769.8 crore litres, Vihar became the sixth of seven reservoirs supplying water to Mumbai to overflow, providing relief to residents. Located in the Sanjay Gandhi National Park, the lake overflowed at 2.45 pm, according to the BMC.
Last year, the lake overflowed nearly a month earlier, on 25 July. A day before, Tulsi lake had also overflowed following heavy rainfall in Mumbai and its suburbs.
More than 18 lakh women used free bus travel under Andhra Pradesh's recently launched 'Stree Shakti' scheme on Monday alone.The initiative, a poll promise of Chief Minister N Chandrababu Naidu ahead of the 2024 elections, was launched on 15 August.
'On Monday alone, over 18 lakh women availed themselves of zero-fare tickets, saving more than Rs 7 crore in a single day,' an official release stated. Monday marked the first working day since the launch of the scheme.
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Indian Express
7 minutes ago
- Indian Express
Luxury, land, and a Rs 90,000 crore pipeline: Is Godrej Properties still a buy?
Godrej Properties has been one of the most closely watched names in India's listed real estate space. The stock's 10-year journey shows a steady climb in the early years, followed by a sharp acceleration from 2023 into mid-2024 when it touched record highs above Rs 3,200. Since then, the share price has corrected and now trades mostly between Rs 2,000 and Rs 2,400. This reflects a market reassessment of growth expectations after a period of extraordinary momentum. The latest quarterly numbers offer insight into how the business is positioned in this new phase. In Q1 FY26, the company reported bookings worth Rs 7,082 crore from the sale of 4,231 homes, covering 6.17 million square feet. This was the eighth consecutive quarter above the Rs 5,000 crore-mark and represented a two-year compounded growth rate of 77 per cent, even though it was lower than the same period last year. The sales mix was broad, with Bengaluru contributing over Rs 3,000 crore, and both the Mumbai region and NCR crossing Rs 1,600 crore each. Collections stood at Rs 3,670 crore, a 22 per cent rise from a year ago, reinforcing the company's ability to turn bookings into cash. On the profit side, Godrej Properties delivered its highest-ever quarterly net profit of Rs 600 crore, up 15 per cent year-on-year, on a total income of Rs 1,593 crore. Earnings before interest, tax, depreciation and amortisation (EBITDA) grew 18 per cent to Rs 915 crore, aided by strong sell-through on new launches and cost control. For investors, the data confirms that the business fundamentals remain strong. Yet, the flat share price suggests lingering questions: is the growth pace slowing, is the premium valuation already pricing in the next few years, or is the broader housing cycle entering a more balanced phase? Business model and margins: Making sense of the numbers Walk into a Godrej Properties launch and you will see a familiar playbook at work. The company rarely buys every piece of land it builds on. Often, it partners with landowners, sharing either the built-up area or the revenue instead of paying for the land upfront. This keeps its finances light and gives it a shot at prime plots in big cities without locking up huge sums for years. Management says every deal, whether outright or a partnership, must clear the same hurdles — a healthy project profit and an annual return of over 20 per cent. It is a simple filter, but it explains why the portfolio now covers both city-centre towers and township projects, yet aims for similar economics. That filter was visible in the first quarter of FY26. The company added five projects with a combined potential sale value of Rs 11,400 crore. That is already more than half its full-year target for new additions. In plain terms, Godrej now has more homes lined up to sell, keeping its sales machine well stocked for the coming quarters. Also, the stars of the quarter were MSR City in Bengaluru, Majesty in Greater Noida, and Tiara in Pune, which together contributed almost half the sales. But then, if the sales counter is ticking so fast, why did reported revenue dip slightly to Rs 1,593 crore? The answer lies in the way real estate accounts for income. The numbers you see in the profit and loss statement reflect construction progress and handovers, not just bookings. In Q1, Godrej delivered 0.8 million square feet against a full-year target of at least 10 million. The rest of those sales will show up in future quarters as projects are built and handed over. Where the quarter shone was profitability. Even with flat revenue, EBITDA rose 18 per cent to Rs 915 crore, and net profit jumped 15 per cent to Rs 600 crore, the highest quarterly profit in the company's history. A big part of this came from selling high-demand projects that quickly covered fixed costs, and from some additional income in joint ventures. Collections from customers rose 22 per cent to Rs 3,670 crore, which matters because it turns sales into cash, keeps debt low, and keeps building sites active. Prices, too, are holding. Godrej managed small increases – 2 to 3 per cent in North and South India, 1 to 2 per cent in Mumbai, and little change in Pune. In some projects, the company is holding back the choicest apartments and releasing them in phases to secure higher prices later. At Golf Course Road, for example, sales after launch grew from Rs 497 crore to Rs 778 crore in six months, while Lakeside Orchard went from Rs 268 crore at launch to Rs 1,370 crore over time. The next big test is execution. The company has been overhauling its construction setup — tracking labour through digital tools, bringing in larger contractors, and buying materials like lifts, tiles, and paints in bulk. In Q1, it spent about Rs 1,170 crore on construction, up from Rs 750 crore a year ago. The idea is simple: the faster the sites move, the sooner sales become revenue and profit. Margins will not always look as strong as they did this quarter. The mix of projects matters, as does Godrej's share in each. Sales from joint ventures where it owns a smaller stake will feed less profit into its accounts. Approval delays or slower build-outs could also shift earnings to later periods. And with rivals launching heavily in the same markets, holding on to price will depend less on the Godrej name and more on how well, and how quickly, the company delivers. For now, the numbers show a healthy business. The stock, however, has been stuck in a range because the market wants to see the same story play out quarter after quarter — strong sales, fast construction, and consistent profits. If Godrej can keep that rhythm, it will have a much stronger case for breaking free from that range. Valuation: what is priced in, what is left, and what it hinges on Godrej Properties' stock does not trade like a typical real estate company. On many metrics, it is valued more like a high-growth consumer brand. The market is willing to pay a premium because of three things: the power of the Godrej name, its ability to sell across multiple cities, and a land bank that can keep the launch pipeline full for years. That premium is visible in the numbers. By most analyst estimates, the stock trades at par with the sector average on earnings and enterprise value multiples. The upside case is easy to imagine. If Godrej can convert its Rs 40,000 crore-plus launch pipeline into steady sales, keep collections strong, and speed up deliveries so that profits rise in step with bookings, earnings could grow at a healthy clip for several years. That would make today's valuation look more reasonable over time. The balance sheet is in good shape, debt is low, and the brand gives it pricing power in many markets. In a softer demand environment, that combination can still win share from weaker developers. The downside comes from the same place as the promise. With the stock already pricing in a long runway of growth, there is little margin for error. Any slowdown in sales momentum, slippage in deliveries, or squeeze on margins could quickly change investor sentiment. Competition is intense, with other large developers also launching aggressively in key micro markets. If prices stagnate and absorption rates slow, the market could start to question whether the premium is still justified. Approval delays, especially in large city projects, and a need for higher construction spending could also weigh on near-term cash flows. For now, the share price is telling its own story. It has been locked in a range because investors are waiting for proof that the high bookings of recent quarters will flow through into equally strong earnings, quarter after quarter. The next leg up hinges on execution – getting projects built and handed over at the pace the pipeline promises, without letting margins slip. If that happens, the stock has room to move. Note: This article relies on data from annual and industry reports. We have used our assumptions for forecasting. Parth Parikh has over a decade of experience in finance and research and currently heads the growth and content vertical at Finsire. He holds an FRM Charter and an MBA in Finance from Narsee Monjee Institute of Management Studies. Disclosure: The writer and his dependents do not hold the stocks discussed in this article. The website managers, its employee(s), and contributors/writers/authors of articles have or may have an outstanding buy or sell position or holding in the securities, options on securities or other related investments of issuers and/or companies discussed therein. The content of the articles and the interpretation of data are solely the personal views of the contributors/ writers/authors. Investors must make their own investment decisions based on their specific objectives, resources and only after consulting such independent advisors as may be necessary.
Indian Express
7 minutes ago
- Indian Express
White House launches TikTok account with Trump saying ‘I am your voice'
The White House launched an official TikTok account on Tuesday, taking advantage of the short video app's more than 170 million US users to spread the messages of President Donald Trump. Trump has a soft spot for the popular app, crediting it with helping him gain support among young voters when he defeated Democrat Kamala Harris in the November 2024 presidential election. Lawmakers in Washington worry, however, that its US user data could fall into the hands of China's government. Trump has been working on a deal for US investors to buy the app from TikTok's Chinese parent, ByteDance. NEW 📲 FOLLOW THE WHITE HOUSE ON TIKTOK 🇺🇸 AMERICA IS BACK. 🦅 ➡️ — The White House (@WhiteHouse) August 19, 2025 Past intelligence assessments have said the app's owners are beholden to the Chinese government and that it could be used to influence Americans. The new account, @whitehouse, went live on Tuesday evening with an initial video showing footage of Trump as he declares: 'I am your voice.' 'America we are BACK! What's up TikTok?' the caption read. The TikTok account Trump used for his presidential campaign last year, @realdonaldtrump, has more than 15 million followers. The Republican president also relies heavily on his Truth Social account to deliver his message and posts occasionally on his X account. 'The Trump administration is committed to communicating the historic successes President Trump has delivered to the American people with as many audiences and platforms as possible,' White House press secretary Karoline Leavitt said. 'President Trump's message dominated TikTok during his presidential campaign, and we're excited to build upon those successes and communicate in a way no other administration has before,' she said. A 2024 law required TikTok to stop operating by January 19 of this year unless ByteDance had completed divesting the app's U.S. assets or demonstrated significant progress toward a sale. Trump opted not to enforce the law after he began his second term as president on January 20. He first extended the deadline to early April, then to June 19 and then again to September 17. Extensions to the deadline have drawn criticism from some lawmakers, who argue the Trump administration is flouting the law and ignoring national security concerns related to Chinese control over TikTok.
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Business Standard
7 minutes ago
- Business Standard
Best of BS Opinion: India's choices in a world of shifting alliances
Sometimes, dawn surprises us. On some mornings, when the smog lifts a little late, the sky doesn't always glow orange or pink, it burns purple, evoking an emotion that is unusual, unsettling, but undeniably striking. A purple sunrise feels unfamiliar as it is neither night nor day, neither threat nor promise, but a reminder that the world can tilt without warning. Much like this strange dawn, today's writeups capture moments of uncertainty: alliances tested, policies shifting, and futures recast in unexpected shades. Let's dive in. In Washington, a purple sun casts long shadows on India-US trade. Peter Navarro defended a 25 per cent tariff on Indian exports in the Financial Times, linking it to discounted Russian oil purchases. Yet larger buyers like China and Turkiye face no such penalty, exposing selective logic in US trade policy. With India already reducing Russian imports, the imbalance remains, notes our first editorial, and the debate now is whether New Delhi should pre-emptively lower its own tariffs to turn the purple glare into long-term advantage. Closer home, the unusual light also falls on Beijing's sudden warmth. Chinese foreign minister Wang Yi's first visit in three years promised cooperation on fertilisers, minerals, and visas, while signalling readiness for Prime Minister Narendra Modi's expected trip for the SCO summit. Disengagements on the border and resumed pilgrimages suggest easing tensions, but history shows Beijing's hues can change overnight, highlights our second editorial. For India, reducing dependence while broadening regional partnerships may be the only way to guard against sudden eclipses. Meanwhile, Shyam Saran sees the same strange dawn in Europe's courtship of Donald Trump. Leaders, eager to brand him peacemaker, endorsed territorial concessions to Russia, a diplomatic win for Moscow disguised as compromise. For Russia, it was a quiet victory and for India, the lesson is clear: avoid pandering to volatile leaders, prepare for hostile tariffs that will not vanish, and guard against 'grand bargains' that may push New Delhi to the margins. Yet amid the global haze, Vinayak Chatterjee points to the glow of opportunity within. He writes that India's Rs 1 trillion Urban Challenge Fund could finally give cities the resources to become growth hubs, provided projects are designed to attract private capital and avoid the stumbles of past schemes. With urbanisation accelerating, this could be the purple glow of opportunity on the horizon. And finally, in Gunjan Singh's review of Joseph Torigian's biography of Xi Zhongxun, the father of Xi Jinping, the theme sharpens. Xi senior's life, marked by loyalty, purges, and resilience, shows how power bends people and systems alike. It is a reminder that a purple sun rises when history itself is in flux and we must learn to read the colours before they fade. Stay tuned!
