City Chennai Financial News

MQ-9B Predator drone deal between India and the US, American side is proposing to provide consultancy to Indian entities for developing an indigenous advanced unmanned aerial vehicle.

UAE-India CEPA entered into force in 2022, trade between the two countries has grown remarkably by 16.41 percent with total trade growing from $72.87 billion in 2021-2022 to $84.84 billion in 2022-2023, according to UAE Minister of Economy Abdulla Bin Touq Al Marri who was recently in Chennai. In a wide-ranging interview with ET’s Dipanjan Roy Chaudhury, Al Marri mentioned that CEPA has strengthened collaboration to promote startups through exchange of best practices between accelerators, incubators, and other such ecosystem stakeholders

Anamudi Real Estates, a part of the Godrej family office, is likely to partially exit its share in Bengaluru-based real estate developer Sobha Ltd in a deal valued around Rs. 1,000 crore.

leasing activity in H1 2024 and 17% y-o-y growth, as mentioned by Colliers in its latest report.

Additionally, the revenue for the same quarter for the commercial office segment reached Rs 797 crore, reflecting 4 % growth compared to the previous year.

Aviation Minister Ram Mohan Naidu Kinjarapu on Thursday promised to conduct an inquiry into allegations of abrupt fare hike when MPs try to book tickets on Air Vistara airline, following complaints by MPs and a nudge by Lok Sabha Speaker Om Birla. Raising the issue during Question Hour in Lok Sabha through a supplementary question, DMK member Dayanidhi Maran alleged that whenever he tries to book ticket on Air Vistara for the Chennai-Delhi route, initially it shows a price in the range of around Rs 25,000.

Air India Express, a subsidiary of Tata owned Air India on Thursday announced that it has expanded its network to Tripura. It will introduce daily direct flights connecting Agartala to Guwahati, Delhi and Kolkata from September 1, said the airline in a press release. Tripura will be the airline’s 46th destination.

Google Maps is now going live in Kochi and Chennai, powered by the government-backed Open Network for Digital Commerce (ONDC) and Namma Yatri. Last December, Google had announced a collaboration with ONDC and Namma Yatri to streamline public transport experience on Google Maps. «Starting this week, Google Maps in Kochi and Chennai will allow you to book your tickets. Now, when you search for public transport directions in these two cities, you'll start seeing a new booking option for the metro leg of your trip. With a tap, you'll be guided through the booking and payment process, eliminating the need to wait in line at the station,» said Anal Ghosh, India Product Lead, Google Maps, while talking to reporters in Bengaluru on Thursday.

Air India Express continued its network expansion, connecting Bengaluru to Abu Dhabi with its first direct international service from India's IT capital on Tuesday, officials said. With over 200 weekly flights, Bengaluru is the largest station for Air India Express, they said. In a statement, the airline said, «With the launch of the Bengaluru-Abu Dhabi flight, guests from cities such as Ayodhya, Bagdogra, Bhubaneswar, Chennai, Goa, Guwahati, Gwalior, Hyderabad, Indore, Jaipur, Kolkata, Lucknow, Pune, Ranchi, Varanasi, and Visakhapatnam now have the option to connect conveniently to Abu Dhabi through one-stop itineraries via Bengaluru.» Air India Express operates direct flights connecting Abu Dhabi to Bengaluru, Kannur, Kochi, Kozhikode, Mangaluru, Mumbai, Thiruvananthapuram, and Tiruchirappalli and connects 17 Indian cities to Abu Dhabi via convenient one-stop itineraries, it added.

worldwide are experiencing a 'recovery' phase following a major outage. The disruption has impacted a range of institutions, including airports, businesses, media broadcasting, the stock market, government offices, and hospitality.1. Microsoft Chairman and CEO Satya Nadella on Friday took to X and wrote, “We are aware of this issue and are working closely with CrowdStrike and across the industry to provide customers technical guidance and support to safely bring their systems back online."2.

IT cities like Hyderabad, Pune, and Delhi-NCR due to more investor-friendly employment policies, reported TOI. Telangana might become the state that benefits the most as it offers incentive-based employer policies, while Hyderabad has been in tough competition with India's start-up capital, Bengaluru. The Siddaramaiah-led Congress government’s new reservation demands for locals in Karnataka might lead to flight risks by several investors currently based in India’s Silicon Valley. “All the GCC movement is in Bengaluru and Hyderabad. Future growth will start moving to competing cities like Hyderabad and even Pune and Delhi NCR,” said a top executive official of a global financial services giant to TOI. Moreover, though HYSEA president Prashant Nandella told TOI it is still too early to speculate, he believes such a policy might benefit pro-industry states such as Telangana. In addition, former CII Telangana Vagish Dixit told TOI that investors have a choice to move and might fly to other states as a result of such counterproductive policies.

₹190 crore, two company executives told Mint. The company has committed ₹100 crore to Chennai-based Radiance Realty Developers India Ltd, and another ₹90 crore to Pune-based Mantra Properties and Developers Pvt. Ltd, for their respective residential projects.

Budget 2024, scheduled in July, one may expect the government to continue with its objective of moving towards a simplified tax system through the new tax regime (NTR) that was introduced in Union Budget 2020-21. With a view to make the NTR more attractive for individual taxpayers, the government could consider taking measures such as increasing the standard deduction limit from Rs 50,000 to Rs 100,000; including health insurance premium (u/s 80D) in this regime and enhancing the deduction limit available to promote adoption of adequate health insurance cover. Besides, an increase in deduction limit for employer's contribution to the National Pension System (NPS) u/s 80CCD(2) from 10% of basic salary to 14% will be a welcome move. The enhancement of this deduction will ensure parity with the provision applicable for central and state government employees and would provide an option for enhanced tax saving under the new tax regime, along with promoting long-term retirement savings. However, in case the government continues with the old tax regime as an option, it will be important to rationalise some of the tax provisions. One such provision will be to consider Bengaluru as a «metro city» for the purpose of HRA exemption in Budget 2024.

Protonas, a startup specialising in low-cost polymer electrolyte membrane (PEM) hydrogen fuel cell solutions, has secured an undisclosed amount of funding in a round led by Transition VC. The funds will be used to set up initial manufacturing operations in Chennai and develop prototype systems. The company, based in Tennessee, USA, has a subsidiary in Chennai.

Sunteck Realty Ltd.(up 7.65 per cent), Brigade Enterprises Ltd.(up 4.32 per cent), Prestige Estates Projects Ltd.(up 3.98 per cent), Phoenix Mills Ltd.(up 1.72 per cent) and Godrej Properties Ltd.(up 1.66 per cent) were among the top gainers.

workspace provider Incuspaze, has leased 115,000 sq ft in Bangalore’s Whitefield. “With our ongoing expansion in Bangalore and our plans for Chennai and Hyderabad, we are committed to providing tailored workspace solutions that support the diverse needs of our clients,” said said Sanjay Choudhary, founder and CEO of Incuspaze. Incuspaze is set to expand its portfolio in southern India, with ORR micro market in Bangalore and further entering key markets in Chennai and Hyderabad. As part of its growth plan, the company is targeting over 2 million square feet of workspace take-up over the next two years.

construction technology and the implementation of the Real Estate Regulatory Authority (RERA), ensuring home buyers receive their homes on time, according to a report by a real estate consulting firm. In the top seven cities, the average completion time for smaller projects of fewer than 500 units is now four years, while larger projects with more than 500 units take about 4.9 years to complete, as per data from Anarock. The market share of large and listed developers has also increased significantly, contributing to the timely delivery of projects, the report noted.

K Armstrong's murder, police on Sunday confirmed that Thiruvengadam, an accused, was killed in a police encounter in Madhavaram area near Chennai, ANI reported. «The encounter took place today and investigation is underway,» said Additional Commissioner of Police, Chennai North, Narendra Nair.

large scale projects in less than five years since 2014 against 6 years before that as modernisation of construction technology and implementation of Real Estate Regulatory Authority (RERA) has ensured homebuyers are getting the home in time. According to Anarock data, the average time taken to complete smaller projects of less than 500 units in the top 7 cities was 4 years, and 4.9 years for large projects of more than 500 units each. Market share of large and listed developers, has also increased significantly, which has contributed to timely delivery of the projects.

India-Russia ties. PM Modi and President Vladimir Putin, two of the most experienced world leaders, discussed bilateral relations and the fast-changing worldwide landscape in a five-hour conversation. If personal connection between the leaders is the diplomatic measure, the first day was successful. PM Modi received Russia's highest civilian decoration, the Order of Saint Andrew the Apostle. PM Modi's last visit to Russia, for the 2019 Vladivostok summit, signalled India's participation in the Russian Far East to establish fresh leverage to counter Chinese dominance in North East Asia. A maritime corridor from Vladivostok to Chennai to connect to the Northern Sea route was meant to protect India's Arctic energy and commodity interests. Five years later, with little implementation, the 2024 summit revisited several 2019 projects. New consulates in Yekaterinburg and Kazan will strengthen India's diplomatic ties in Russia's key regions. Bilateral relations will regain momentum only if projects in energy, fertilisers, and commodities are converted into long-term agreements. Doing so will require private sector involvement. Both governments should encourage enterprises that are willing to break new ground in investment and joint ventures, building leverage in fast-changing global marketplaces that lasts longer than trade partners.

Cargo traffic across 12 major Indian ports rose 6.8 per cent to 69.08 million tonnes (MT) in June from 64.69 MT in the year-ago month, with ten ports showing positive growth while the remaining two witnessed a decline. Jawaharlal Nehru Port in Maharashtra recorded the highest growth in cargo handling at 15.12 per cent during the reporting month, followed by Cochin Port with 15.12 per cent, Kamarajar Port (10.70 per cent), Deendayal Port (8.57 per cent) and New Mangalore Port (8.53 per cent), according to the data released by the major ports' apex body Indian Ports Association (IPA). The 12 major ports are Deendayal (Kandla), Mumbai, Mormugao, New Mangalore, Cochin, Chennai, Ennore (Kamarajar), Tuticorin (V O Chidambaranar), Visakhapatnam, Paradip and Kolkata (including Haldia) and Jawaharlal Nehru Port. According to the IPA, VO Chidambaranar Port's cargo traffic grew 7.73 per cent and Paradip Port 7.41 per cent growth, respectively, during the previous month.