City Chennai Financial News

Vijay will officially reveal the flag and symbol of his party Tamilaga Vettri Kazhagam (TVK) on Thursday in Chennai as the star actor is looking to contest in the state elections scheduled in 2026. Preparations are underway at the headquarters secretariat in Chennai for the launch of the TVK flag and symbol. In a press statement released on Wednesday in Tamil, the actor said, «It is a great blessing if every day is a new direction and a new force in history. 22nd August 2024 is the day that God and nature have given us as such a blessing. It is the day when the flag, the main symbol of our Tamil Nadu Victory Club, will be introduced.»

Tata Motors on Wednesday said it has tied up with Delta Electronics India and Thunderplus Solutions to set up charging infrastructure for its range of electric commercial vehicles (CVs). As part of the MoU inked between the parties, 250 new fast-charging stations for electric commercial vehicles would be set up across the country. Strategically located in and around over 50 cities, including Delhi, Mumbai, Chennai, Bengaluru, Pune, and Kochi, among others, these new charging stations will significantly increase the existing network of 540 commercial vehicle charging points, Tata Motors said in a statement. Basis its understanding of the commercial EV movement, the commercial vehicle major will recommend optimal locations and nearest dealerships for setting up the fast-charging stations, the company said.

Digital connectivity in India is set to get a major boost, with three large undersea cable projects — 2Africa Pearls, IndiaAsia-Express (IAX) and India-Europe-Express (IEX) — slated to go onstream between October and next March, expanding existing capacity by more than four times, said people familiar with the matter. 2Africa, among the longest subsea cable systems in the world, spanning over 45,000 km, has investments from Bharti Airtel and Meta, among others. It will have a capacity of 180 terabits per second (tbps), connecting 33 countries, including Sunil Mittal-led Airtel’s landing station in Mumbai. IAX and IEX involve contributions from Reliance Jio, among others. Boost for Data Centre Operators:

JR One Footwear Pvt Ltd, a joint venture company between Phoenix Kothari Footwear Ltd and Taiwan-based ShoeTown Group has plans to expand its presence in Tamil Nadu by setting up two more manufacturing facilities and leather component clusters in the state, a top official said on Tuesday. The company had already committed investments of about Rs 5,000 crore for setting up a factory in Perambalur to produce 'Crocs' range of footwear. Spread across 50 acre of land in the district, located about 250 km south of Chennai, the manufacturing unit currently has generated about 1,700 jobs (direct and indirect) in the region. «We are expanding by entering two more districts (For setting up manufacturing facilities). We are bringing two more international footwear brands. We will announce the name of two districts soon, » Phoenix Kothari Footwear Ltd Chairman J Rafiq Ahmed said in an interaction here. Globally, Shoetown Group is a leading manufacturer of footwear and the Kothari Group has ties only with Ron Chang, Chairman, Shoetown Group for manufacturing of footwear in India, he said responding to a query.

Tamil cinema fans are in for a treat with a lineup that promises something for everyone, whether you're heading to the theaters or cozying up at home with your favorite streaming service. From highly anticipated theatrical releases to exciting new series and films debuting on OTT platforms, this week offers a rich tapestry of storytelling, star power, and cinematic creativity. With the diversity in genres and narratives, there’s no shortage of entertainment, whether you’re in the mood for intense drama, action-packed thrillers, or heartwarming family tales. August 19 to August 25 brings a mix of traditional cinema and modern digital offerings, featuring big names like Prabhas, Amitabh Bachchan, and Dhanush, along with talented filmmakers like Mari Selvaraj and PS Vinothraj.

Cricket in India (BCCI) secretary Jay Shah said that the decision on pacer Mohammed Shami's participation in the Border-Gavaskar Trophy away from home later this year will be taken after the report from National Cricket Academy (NCA). India fast bowler Mohammed Shami is making significant strides in his recovery from an ankle injury that has kept him out of cricket since the ODI World Cup last November. The expectation is that he will be ready to participate in India's home season, starting with a Test series against Bangladesh in September. Shami is currently in the final stages of his rehabilitation at the National Cricket Academy (NCA) in Bengaluru. He resumed bowling last month for the first time since his surgery and has been gradually increasing his bowling workload, reporting no pain.

Caplin Point Laboratories surged 15% to hit a fresh 52-week high of Rs 1,818 on the NSE after the company informed exchanges about nil observations by the Brazilian health regulator during an inspection at its Chennai -based unit. Brazilian Health Regulatory Agency (Anvisa) conducted an inspection of Caplin Steriles’ injectable and ophthalmic manufacturing facility located at Gummidipoondi between August 12 and 16 and concluded with zero observations.

Rakesh Pal passed away in Chennai on Sunday due to a heart attack, according to officials. Sources told ToI that Rakesh Pal developed chest pain at INS Adyar when he was in discussion with the officials about the preparations for defence minister Rajnath Singh's visit to Chennai. He was rushed to the Rajiv Gandhi Government General Hospital (RGGGH) around 2.30 pm, but he died without responding to the treatment around 7 pm. Chief minister MK Stalin and defence minister Rajnath Singh were to visit RGGGH to pay their respects to Rakesh Pal.

Chennai Super Kings (CSK) CEO Kasi Viswanathan has denied that the franchise requested the Board of Control for Cricket in India (BCCI) to retain MS Dhoni as an uncapped player for the next IPL season. This comes amid reports that BCCI might bring back a provision allowing franchises to retain retired international players as uncapped, a rule scrapped in 2021. Recent media reports suggested that CSK had approached BCCI during a recent meeting to treat former captain MS Dhoni as an uncapped player. However, Viswanathan refuted these claims in a conversation with the Times of India. «I’ve no idea about it. We’ve not requested it. They (the BCCI) have themselves told us that the ‘uncapped player rule’ may be kept, that’s all. They (the BCCI) haven’t announced anything as yet. The rules and regulations will be announced by the BCCI,» said Viswanathan.

Bengaluru police have taken action against 44 individuals for a recent video where they are seen performing a reckless scooter stunt on a busy road in India's IT capital during daytime. «Wheeling on city roads? Our officers are always ready to bring your adventure to a halt,» said Bengaluru City Police while sharing a video of the individuals performing the stunt. Along with the video, the police informed that action had been taken against 44 for the wheeling incident.

West Bengal and across the country on Saturday started a 24-hour nationwide strike to protest the rape and murder of a trainee doctor at the government-run RG Kar Medical College in Kolkata last week. The protest was called by the Indian Medical Association (IMA), the largest organisation of medical staff in the country, which has placed five demands including justice for the victim, a central law to protect healthcare workers from violence at workplaces, and a thorough overhaul of the working and living conditions of resident doctors. The West Bengal government, meanwhile, issued detailed guidelines and measures to be taken at hospitals, medical colleges and all workplaces for women across the state with the aim to provide safe working conditions, and launched a flagship programme, 'Rattirer Shaathi' (Helpers of night).

Reserve Bank of India (RBI) has approved the appointment of former State Bank of India (SBI) deputy managing director (DMD) Salee Sukumaran Nair for a three year term, the bank in a stock market notice. Nair retired from SBI as DMD and chief credit officer (CCO) as recently as May this year. He takes over from S Krishnan who had resigned in September 2023 just a week after the bank wrongly credited Rs 9,000 crore to a Chennai cab driver. Krishnan was asked to continue till a replacement was found even as there was a lot of too and fro for contenders between the bank and the RBI.

Chinese EVs and Indian container shortage have in common? In one word, everything. With the US imposing a 100% anti-dumping duty on Chinese electric vehicles from August 1 and several countries in Europe planning to follow suit in September and October, the Chinese EV industry has been on production overdrive to ship as many vehicles as possible before the duty deadline. This pile up of inventory has clogged an already stretched logistics network. Siddharth Jairaj, CEO, TVS SCS global forwarding solutions said, “Because of the anti-dumping duties, China has been shipping out huge numbers of electric vehicles since April and May to beat the duty deadlines. So global nodal ports like Singapore and Colombo and clogged.” As containers are being diverted to cater to “Chinese inventory, the port congestion is spreading and has now hit India too,” he added.

Investor Education and Protection Fund Authority (IEPFA) will hold outreach programmes in five key cities, introduce a new five-digit code for calls and tweak rules to expedite claim settlements, a senior official told ET. Other planned measures include a revamped interactive voice response system (IVRS) and a call centre. Securities, dividends and debentures that remain unclaimed for more than seven years are transferred by companies to the IEPFA under the corporate affairs ministry. The authority then oversees claim settlements, with the companies playing a key part in verification and other processes.

Mint. His statement came on the sidelines of the global unveiling of Google's latest smartphones—the Pixel 9 series. This is the first time that the company launched its entire portfolio of new smartphones, as well as accessories such as the Pixel Watch 3 smartwatch and and Pixel Buds Pro 2 pair of earphones, in India.

Traditionally summer isn't a strong quarter for children's hospitals. Hyderabad-based Rainbow is India's largest pediatric and maternity multi-specialty hospital.

Air India Express has launched six new daily direct flights in a single day, said a press release on Tuesday. The Tata-owned Air India subsidiary airlines will be flying five new routes as a part of this launch which include Guwahati-Jaipur, exclusive to Air India Express. The new flights are operating on the Chennai-Bhubaneswar, Chennai-Bagdogra, Chennai-Thiruvananthapuram, Kolkata-Varanasi, Kolkata-Guwahati, and Guwahati-Jaipur routes. Moreover, to accommodate growing demand on the Chennai-Thiruvananthapuram route, which was previously served by two weekly flights, the airline has now added an extra daily service, increasing the total to nine flights per week. Air India Express now connects Chennai directly to 10 destinations which include Bagdogra, Bengaluru, Bhubaneswar, Guwahati, Hyderabad, Kolkata, and Thiruvananthapuram domestically, and Dammam, Kuwait, and Singapore internationally.

Despite introducing significant steps in the last one year to get control over skyrocketing visa wait times, the United States has still not been able to bring it back to normal. Although there has been improvement—which is reflected by the processing of 1.4 million visas for Indians in 2023, an all-time high, and a 75 per cent reduction in visitor visa appointment wait times—the issue persists. Wait times for B1/B2 visa vary significantly across U.S. consulates in India. In Calcutta, the U.S. consulate offers the shortest visa wait time of 24 calendar days. In contrast, the wait time in Hyderabad is 407 calendar days, while in Delhi, it extends to 386 calendar days. The consulate in Bombay has a wait time of 422 calendar days, and in Chennai, applicants face the longest wait, which is 477 calendar days.

Banks will be closed across the country on August 15 in commemoration of the 78th Independence Day. This year, August 15 falls on a Thursday, so there won't be a long weekend that week.

Tamil Nadu minister V Balaji Senthil on Monday bail plea. The apex court was hearing bail pleas by the DMK leader challenging a February 28 order of the Madras High Court dismissing his second bail petition in a money laundering case. Senthil was arrested by the Enforcement Directorate on June 14 of last year in connection with a money laundering case linked to a cash-for-jobs scam from when he was the transport minister during an earlier AIADMK regime. The ED had on August 12, 2023 filed a 3,000-page charge sheet against Balaji.

Axis Commercial Real Estate Fund, a strategic partnership between Axis Asset Management Co and global real estate developer, owner, and operator Tishman Speyer, has acquired a 1.5-acre land parcel at Fintech City in Chennai’s Nandambakkam. The fund has acquired the land parcel through a bid cum e-auction process conducted by the Tamil Nadu Industrial Development Corporation (TIDCO). The Tamil Nadu government, through TIDCO, has envisioned Fintech City as a world-class infrastructure hub for the financial technology industry in Chennai. “Chennai investment is the epitome of the fund strategy; wherein a clear titled land parcel supported by single window clearance for approvals at city centric location has been acquired in a transparent manner by the fund. The fund is completely aligned and will seek to benefit from TIDCO’s vision and strategy of the Fintech City,” said Chetan Shah, Head – Real Estate, Axis AMC.