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Indian Express
an hour ago
- Indian Express
Around Town: Why everyone — from Salman Khan to Azim Premji — stops by Worli's iconic 80-year-old City Bakery
Businessman and philanthropist Azim Premji may be based in Bengaluru, but the former Wipro chairman makes a special pit stop whenever he visits Mumbai. On his way from the airport to his residence, he stops at the iconic City Bakery on Annie Besant Road in Worli, steps out of the car, and picks up fluffy pavs and jeera butter for himself — a ritual that, as we learn from the third generation running the bakery, has been going on for decades. Spend just ten minutes outside the bakery, and you'll see a wide range of customers making quick dashes, some stocking up on daily essentials like bread, pav, and biscuits, others indulging in their beloved buttercream pastries. The bakery, which boasts a now-defunct but iconic chimney with City Bakery boldly painted in red, was established in 1945 as a 'pav bakery' by an Iranian gentleman, Haji Mohammad Jarrahiam, a man of sharp business acumen who came to Bombay during World War II. 'Back then, every cross-section of the city had at least four Irani restaurants because Hindus considered the corner shops inauspicious and avoided setting up shop there. It was also common for one person to have small stakes in multiple restaurants, similar to owning shares in different companies,' shared Jafar Dashti, 60, who, along with his younger brother Mehdi, 53, represents the third generation custodian of the bakery. 'My maternal grandfather was a visionary. Although very small, he had stakes in as many as 78 restaurants in the city. He built significant wealth through this model.' But there was a supply issue — all those restaurants needed pav, and Jarrahiam was struggling with suppliers. 'When he found a vacant plot (the current premises on Annie Besant Road), he and two Parsi bawas decided to set up their own bhatti and make their own pav. He had enough restaurants of his own that even without external customers, the bakery could do well,' Jafar said. Parallelly, Jafar's father — a young Habib Dashti — arrived in Bombay by train during Partition. 'He did multiple odd jobs, including cleaning at restaurants, eventually made a name for himself, and earned some wealth using the same model of owning small stakes in multiple restaurants. It wasn't as much as my grandfather's, but it was still significant. When he proposed to marry my mother, my grandfather accepted,' said Jafar. He added that his grandfather also made another proposal: Sell all those small restaurant stakes and buy out the two Parsi partners in the bakery. Habib agreed and became a partner in City Bakery in the 1960s. From there, the bakery began to grow. The 1970s saw the addition of biscuits, and cakes followed in the 1980s, and the rest gradually expanded. Today, they sell around 95 items across categories like biscuits, breads, snacks, pastries, birthday cakes, tea cakes, all made in two shifts: one overnight for the morning batch and one through the day for the evening crowd. Among the most sold items are Chocolate Chip Cake (Rs 330 for 500 gm), Jam Shrewsberry (Rs 460/kg), Chocolate Eclair (Rs 70 per piece), and Palmier Biscuit (Rs 540/kg). Although the original wood-fired ovens have long been replaced with PNG-run ones, the tall chimney still stands. 'It's free advertising,' Jafar laughed. 'Whenever someone asks where exactly we are in Worli, we just tell them to look up!' The latest addition? Sourdough bread. 'We've started making it recently,' said Jafar, who, along with Mehdi, began learning the ropes at the bakery during summer vacations as children. Today, City Bakery, which opens at 5 am and shuts by 10 pm, serves a wide range of customers: the common man who values both price and quality, office goers who stop by for a post-lunch treat or a quick sandwich before catching their train, and commercial clients — including caterers, restaurants, and hotels like Ginger Hotel and Thane's Cafe Irani. 'To be honest, everyone comes here. There are many people who park their cars and send their drivers to pick up an order. But our biggest customer base is still the grassroots. They're the ones who suggested we stop giving plastic bags to keep costs low. They bring their own,' Jafar said with quiet pride. When we pushed him for an anecdote, he hesitantly shared one about Salman Khan and their coconut cookies. 'It was right after Covid-19. Lockdown was being lifted, but we hadn't resumed operations yet when we got a request for coconut cookies. We said, 'Sorry, we're not open.' His team replied, 'Bhai ko khaana hai (Bhai really wants to eat them). What's the minimum order to make it happen?' They placed an order for 5 kg of cookies,' Jafar chuckled as he signed off.
Time of India
2 days ago
- Time of India
Cognizant raises staff pay; Wipro, Warburg eye Harman's biz
Cognizant raises staff pay; Wipro, Warburg eye Harman's biz Also in the letter: Programming note: Cognizant finally rolls out hikes for 80% staff Playing catch-up: Last year, hikes were delayed until August. This time, employees had to wait till November. The increments apply up to the Senior Associate level, varying by performance and geography. The backdrop: TCS handed out raises earlier this month even as it cut 12,000 jobs. Infosys rolled out hikes in April but has stayed quiet on another cycle. Wipro is still in the evaluation stage, following last year's delayed increases (September). By the numbers: Cognizant's Q2 FY25 revenue rose 8.1% year-on-year to $5.25B, with net profit up nearly 14%. Headcount stands at 343,800, of which 70% is based in India. The firm hired 7,500 freshers last quarter, and is targeting 15,000–20,000 freshers this year. Zoom out: Wipro, Warburg circle Harman's India biz Driving the news: Why it matters: For Wipro, buying out a key collaborator would strengthen its grip on regulated and connected tech sectors. For Warburg, it is a strategic re-entry into the outsourcing arena after its successful Encora exit. For Samsung, Harman's parent since a $8 billion buyout in 2017, this is about exiting a non-core vertical and sharpening Harman's focus on automotive. Deal dynamics: Samsung has Deutsche Bank advising on the deal. Wipro has gone on an acquisition spree recently: Capco for $1.45 billion in 2021, Rizing for $540 million in 2022, and a clutch of niche US consultancies since. Warburg's deep ops expertise and India focus could help scale the business further. PE-VCs chase electronics bets On the hunt: What's driving this? The government's electronics component manufacturing scheme (ECMS) has a September 30 deadline. Domestic giants like Dixon, Amber, and Zetwerk are expanding aggressively through joint ventures and qualified institutional placements. Between the lines: Sponsor ETtech Top 5 & Morning Dispatch! Why it matters: The opportunity: Reach a highly engaged audience of decision-makers. Boost your brand's visibility among the tech-savvy community. Custom sponsorship options to align with your brand's goals. What's next: Oracle trims staff in cloud as AI bets soar Taking stock: Border trend: Microsoft has axed 15,000 roles this year despite record AI investments. Amazon slashed hundreds of jobs in AWS, and Intel plans to cut 5,500 jobs. Tech giants are redrawing workforce maps – scaling back conventional cloud, ramping up in AI and data centres. Between the lines: Myntra zeroes in on festive sales with fee-free model What brands get: Why it matters: Competitive play: Zoom out: We reported on August 12 that analysts and brands expect a 15–20% bump in order volumes over last year, citing strong traction around Raksha Bandhan and Independence Day sales as early indicators. Also Read: Apple bets on robots for AI comeback The roadmap: In 2026, it plans to launch a smart display running a new operating system called 'Charismatic', alongside AI-enhanced home security cameras By 2027, Apple aims to debut a tabletop robot, nicknamed the 'Pixar Lamp', featuring a lifelike, conversational Siri. The details: The robot will track speakers with its camera (and swivel), respond to conversations, and offer intelligent suggestions. It will feature Siri's biggest overhaul yet—codenamed 'Linwood' and 'Glenwood'—powered by large language models. Apple shares surged 2% after the Bloomberg report disclosed the pipeline. Why it matters: The big picture: Also Read: IT major Cognizant announced pay hikes for 80% of its staff. This and more in today's ETtech Top 5.■ Oracle cuts staff■ Myntra dials up festive■ Apple bets on AI comebackETtech Top 5 is off tomorrow. Wishing you all a Happy Independence Day!Cognizant has just announced salary hikes , albeit months later than usual. The IT services major said 80% of eligible employees will receive raises effective November 1, with top performers in India set for 'high single-digit' move reflects cautious optimism. The hikes and stronger fresher hiring contrast with peers' belt-tightening amid an uneven IT Technologies and private equity giant Warburg Pincus are in advanced negotiations to acquire Harman's India-based digital transformation unit for approximately $500 million (Rs 4,375 crore).Harman, best recognised for its JBL speakers, also hosts a significant enterprise technology division. The acquisition focus is Harman's Digital Transformation Solutions (DTS) arm, which employs 9,000 staff and has a robust presence in healthcare, industrial, and communications is no ordinary carve-out. Harman DTS has been a close Wipro partner since entering India in equity and venture capital investors are rushing into India's electronics manufacturing sector , attracted by government incentives and increasing domestic TA Associates, Apollo Global, Motilal Oswal and Reliance Capital are actively exploring investments in the EMS and component has transformed from a 'low-margin' afterthought to a strategic, capital-heavy industry with government support and potential for multibagger returns. EMS is emerging as the next significant investment – similar to how IT outsourcing was two decades Top 5 and Morning Dispatch are must-reads for India's tech and business leaders, including startup founders, investors, policy makers, industry insiders and Reach out to us at spotlightpartner@ to explore sponsorship has cut over 150 jobs in its Seattle-based cloud division, citing performance reasons. But this may just be the start. More layoffs could follow in other regions, including India, as the company restructures for its next big bet — artificial the same time, Oracle is hiring vigorously in Nashville, its new headquarters, even as it tightens its belt elsewhere. The company is reallocating resources, reducing legacy cloud roles to focus billions on AI infrastructure and new pivot highlights a tricky balance: chasing long-term AI gains while keeping short-term margins in Sinha, CEO, MyntraMyntra is taking a bold swing at India's festive fashion rush. The Flipkart-owned platform is waiving commissions for select women's ethnicwear brands for three months, targeting the high-stakes August–October window that accounts for nearly half of all ecommerce fashion joining the programme pay no commissions but are charged a service fee for account management. In return, they gain access to M-Express for one- to two-day deliveries, premium placement across homepage and category slots, and visibility on Myntra's Glamstream live commerce aims to onboard 500 new ethnicwear labels in this window to capitalise on the surge in festive consumption. It is a savvy ploy to refresh inventory and cater to evolving trends at speed and are already moving. Meesho has long offered zero-commission selling, while Amazon India slashed seller fees across 59 categories last Flipkart preparing for Big Billion Days and Amazon and Meesho boosting seller incentives, Myntra's free-fee pitch is about capturing new brands and increasing wallet share during a buoyant festive period is going all-in on AI-powered hardware , with a slate of new products set to hit home over the next two years, Bloomberg the tepid response to Vision Pro and another ineffective year of iPhones, critics argue that Apple has lost its spark. These new launches seek to restore AI credibility by making Siri more helpful, more human, and central to everyday rivals chase ChatGPT-like experiences, Apple's AI pivot focuses on home devices. This is a leaf out of Apple's familiar playbook: build hardware users can't live without, then lock them into the ecosystem.
Mint
2 days ago
- Mint
Nifty 50 Trading Strategy: Analysts recommend Bull Call Spread options strategy for 21 August expiry
The Indian stock market extended gains and traded higher on Thursday, lifted by gains in IT and banking stocks, amid upbeat global market cues. The benchmark Sensex gained over 100 points, while Nifty 50 traded above the 24,600 level. Wipro, Infosys, HDFC Life Insurance Company, Eternal and Bharti Airtel were among the top gainers in the Nifty 50 constituents, while Tata Steel, Adani Ports & SEZ, Bharat Electronics, Hindalco Industries and Ultratech Cement were the top index losers. In the previous session, the domestic benchmark indices ended with decent gains. The Sensex gained 304.32 points, or 0.38%, to close at 80,539.91, while the Nifty 50 settled 131.95 points, or 0.54%, higher at 24,619.35 on Wednesday. The highest Nifty Open Interest (OI) on the Call side is at the 24,700 strike, followed by 24,600 which could act as resistance levels. On the Put side, the highest Open Interest is at 24,500, followed by 24,400 which may serve as support levels, Axis Securities said in a note. The premium for the At-the-Money option is ₹ 301, indicating a likely trading range for the week between 24,300 and 25,000, it added. Axis Securities has suggested a Bull Call Spread strategy for Nifty options contracts expiring on 21 August 2025, forecasting a moderately bullish view. A bull call spread strategy involves buying a call option with a strike price slightly lower than current market price of the underlying asset, which is Nifty 50, and simultaneously selling another call option with a higher strike price (out-of-the-money), both with the same expiration date. This strategy is applied when the outlook is moderately bullish. Buy 1 lot of Nifty 24,650 Call at ₹ 155 - ₹ 165 Sell 1 lot of Nifty 24,850 Call at ₹ 75 - ₹ 85 The strategy involves buying one lot of the 24,650 strike Call Option and simultaneously selling one lot of the 24,850 strike Call Option. According to Axis Securities, the maximum potential risk for this Nifty options trading strategy is ₹ 6,000, whereas the potential maximum reward is ₹ 9,000. 'Traders may consider deploying this spread strategy to achieve moderate returns while maintaining controlled risk and reward,' said the brokerage firm. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
