Mumbai: A Bengaluru-based real estate developer, Puravankara Ltd, has announced two major redevelopment projects in Mumbai, adding significant weight to its western portfolio in the first half of the current financial year. The company, which has also added two projects in Bengaluru, has recorded a total gross development value (GDV) of ₹9,100 crore across all four projects.

In Mumbai, Puravankara has bagged a marquee redevelopment project in the upscale Malabar Hill area of South Mumbai. Spread across 1.43 acres, the project will offer 0.7 million square feet of development potential, valued at around ₹2,700 crore.

The second project is located in Chembur and involves 1.2 million square feet of development on 4 acres of land, carrying an estimated value of ₹2,100 crore. Both projects are part of Puravankara’s strategy to strengthen its redevelopment footprint in Mumbai’s prime and emerging residential zones, according to a report by HT.

“Our growth momentum remains strong, supported by sustained demand and timely project execution,” said Ashish Puravankara, Managing Director of Puravankara Ltd. “In the first half of FY26, we expanded our portfolio with over 6.36 million square feet of developable area worth around ₹9,100 crore.”

The company reported pre-sales of ₹1,322 crore in the July–September quarter of FY26, up 4% from ₹1,270 crore last year. For the first half of FY26, total pre-sales stood at ₹2,445 crore, also reflecting a 4% increase. The average realisation improved to ₹8,814 per sq ft in Q2 FY26, up 7% year-on-year.

Industry experts note that Mumbai’s redevelopment market continues to attract strong interest from national developers, thanks to rising property prices and limited land availability. With its Malabar Hill and Chembur projects, Puravankara is positioning itself as a key player in the city’s high-value redevelopment segment.

Mumbai: The Enforcement Directorate (ED) seized Rs 42 lakh in cash, three luxury cars, property papers, and several digital devices during a search operation on Wednesday targeting a drug trafficking and money laundering network. The agency also froze multiple bank accounts and a locker linked to alleged drug trafficker Faisal Javed Shaikh and his wife, Alfiya Faisal Shaikh.

Officials said the searches were conducted at nine locations across Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. The operation aimed to trace the drug sale proceeds generated by a well-established narcotics network allegedly operated by the couple.

The ED initiated its money laundering probe based on a case registered by the Narcotics Control Bureau (NCB), Mumbai Zonal Unit, against multiple accused, including Faisal Shaikh, Alfiya Shaikh, and several others, including Ashik Varis Ali, Nasir Khan, Irfan Yusuf Faruqi, Azim Abu Salim Khan alias Azim Bhau, Faizan Mohd. Shafi Shaikh, and Mohd. Shahid Faridudin Chaudhary alias Baboos.

Investigators said Faisal Shaikh was procuring MD (Mephedrone) drugs from Salim Dola, a notorious drug kingpin who has been wanted by law enforcement agencies for his alleged role in large-scale narcotics trafficking. The NCB has announced a reward for information leading to Dola’s arrest.

After securing bail in the NCB case, Shaikh, described by officials as a habitual offender, was placed under preventive detention under the PIT-NDPS Act.

The ED’s probe revealed that Faisal and Alfiya Shaikh allegedly ran a structured network for the sale of MD drugs sourced from Dola. During Wednesday’s searches, the agency also covered premises connected to several individuals associated with shell companies with paper transactions exceeding Rs 100 crore, as well as firms involved in foreign outward remittances and financial dealings with the accused. Officials said these entities are being examined for their possible role in layering drug proceeds and routing the funds abroad through channels such as hawala, shell companies, and trade-based mis-invoicing.

Officials said the ED searches were critical to tracing both the “forward linkage” (movement of drug sale proceeds) and “backward linkage” (sources, beneficiaries, and conduits of funds), including whether the proceeds were channelled abroad via hawala, shell companies, or trade mis-invoicing. The seized and frozen assets including cash, bank accounts, lockers, vehicles, property documents, and digital devices are being examined under the lens of money laundering.

Mumbai, Oct 11: Indian equities ended the week on a positive note amid buying in banking, IT, and pharma stocks (in the last two sessions).

Investors’ sentiment remained firm toward banking stocks during the period, buoyed by the RBI monetary committee decision to keep the repo rate unchanged at 5.5 per cent, and it improved further after the government invited private sector professionals to lead the State Bank of India.

Meanwhile, pharma stocks picked up momentum at the end of the week after the US administration said that they do not plan to impose tariffs on generic drugs and signalled cutting biotech ties with flagged foreign firms, especially from China.

“Pharma stocks rallied as the US revived the Biosecure Act, aiming to cut biotech ties with flagged foreign firms, especially from China, providing a strong boost to Indian CDMOs. With the earnings season underway, investors are closely watching quarterly results for cues on market direction,” said Vinod Nair, Head of Research, Geojit Investments Limited.

On Friday, Indian equity benchmark indices ended higher for the second straight session, supported by strong buying in pharma and banking stocks.

Because of the weakness in IT stocks, the Sensex opened at 82,07,5 down about 100 points. But it quickly bounced back, rising 579 points to an intra-day high of 82,654.

At 82,501, the index ultimately closed 329 points higher, or 0.4 per cent higher. Likewise, the Nifty reached a peak of 25,331 during the day and ended the day 104 points, or 0.4 per cent, higher at 25,285.

“Investor sentiment improved after the government invited private sector professionals to lead the State Bank of India. This marks a broader policy shift towards allowing private participation in public sector enterprises, aimed at enhancing efficiency and governance,” Nair added.

The Nifty index displayed strong bullish momentum over the past week, advancing 391 points or 1.57 per cent, while Sensex rallied over 1,000 points or 1.35 per cent.

“On the weekly chart, the index has formed a cup and handle pattern, and a decisive break out of this formation, supported by increasing volumes, would signal the potential for further sustained upside,” said Hardik Matalia of Choice Equity Broking.

The Bank Nifty (up 1.84 per cent), Nifty IT (up 4.8 per cent) and Nifty Pharma (up 2.12 per cent) fueled the market momentum this week.