City Chennai Financial News

NEW DELHI : Visakhapatnam, Ghaziabad and Faridabad are emerging as India’s newest new e-commerce hotspots, according to a new report evaluating the potential of 100 major cities for digital commerce. Bengaluru, Mumbai and Delhi, as expected, top the list, according to the India Digital Commerce Index report by consulting firm Kearney and e-commerce marketplace Meesho. “The second cohort of cities includes the major tier 1 cities of Chennai, Hyderabad, Kolkata, Ahmedabad, and Pune," the report stated, adding that India’s e-commerce market is expected to be valued at roughly $200 billion by 2026.

CGHS scheme? What are the facilities available under the CGHS scheme? In which cities you will get the benefits of the CGHS scheme? Here are all your questions answered.

₹71,000 crore to China, the ED alleged. Several arrests have been made and a court room drama is expected soon. We will return to the charges in a bit.

Dolly Khanna raised a stake in textile maker Deepak Spinners in the December quarter. The Chennai-based investor bought a 0.18% stake or 13,000 shares in the third quarter, according to exchange data. With the additional stake, Khanna's stake in the company increased to 1.83% at the end of December 2023 from about 1.65% at the end of September 2023. The company is majority-owned by public shareholders at 54.33%, while promoters own the rest of 45.67%, according to the latest shareholding data available with the exchanges. In the public holding, there is no significant stake by mutual funds and foreign investors, but retail investors own 25%. Deepak Spinners, one of the leading textile players, makes dyed synthetic yarn.

IPL 2024 Dates and Venue: Despite the upcoming general elections in India, the Board of Control for Cricket in India (BCCI) has decided to host the Indian Premier League (IPL) 2024 in the country, an ANI report said. As per the report, the much-awaited annual sporting event is likely to start on March 22, the tournament's dates align closely with the announcement of the election schedule. Addressing concerns, a BCCI source told ANI, «There is nothing like that, to shift the tournament outside the country, as the general election will also be at the same time.

The ISPL will be India’s first tennis ball cricket tournament to be played in a stadium. The first edition of the ISPL tennis ball cricket tournament will be played over March 6-15. The idea is to provide young players from the grassroots level a national level platform. Six clubs—owned by the likes of Amitabh Bachchan (Mumbai), Ram Charan (Hyderabad), Hrithik Roshan (Bengaluru), Suriya (Chennai), Saif Ali Khan and Kareena Kapoor (Kolkata) and Akshay Kumar (Srinagar)—will compete in the ISPL.

Puravankara has reported a sales value of Rs 1,241 crore for Q3FY24, a significant surge from the Rs 796 crore noted in the corresponding quarter of the prior fiscal year. Puravankara highlighted its record customer collections in Q3 FY24, reaching Rs 941 crores, marking a 52% year-on-year increase from Rs 621 crores in Q3 FY23. Ashish Puravankara, Managing Director, Puravankara Ltd., said, “The first nine months of FY24 has seen exceptional pre-sales, marking a strong growth of 89 percent Y-o-Y growth.

Ashok Tyagi, Whole Time Director, DLF, says” “It has only been a couple of quarters that we have now come in the positive cash surplus trajectory. We had a debt mountain which significantly we had reduced in 2017 with the GIC transaction, then to some degree with the QIP in 2019. And the rest is all done through operational flows. Future cash flows should hopefully be split across growth and dividend.” Tyagi further says: “At least two major launches are lined up in Gurgaon. One launch is lined up in Mumbai, which obviously is a small launch, of about Rs 2000 crore. One launch is lined up in Goa and one launch should hopefully be lined up in Chennai, the approvals are still in the final stages. There will be at least one small launch in the Tri-City of Chandigarh as well. I think we have the launch pipeline pretty well covered.” You have raised Rs 7,200 crore in your new project in less than 72 hours? Ashok Tyagi: That is correct. Is it true? Ashok Tyagi: It is true. We have made an official release also now. This was a project just off the southern periphery road in Gurgaon and it is a relatively newer geography for us. And we launched this project, Privana South with about 1100 odd apartments costing about Rs 7 crore each. And it is true that it all got sold in 72 hours.

The Hindu has stated that despite the strike, the state Transport Department has said that normal bus services are being run in Chennai city and across the State. Citing a senior official, the report further said that since today morning, the Metropolitan Transport Corporation (MTC) in Chennai operated 3,177 buses which is slightly below its usual 3,233 buses.

₹ 2,150 million and an offer for sale of up to 8,700,000 equity shares by selling shareholders. Also read: Jyoti CNC Automation IPO: 10 key risks investors should know before subscribing to the issue The offer for sale comprises up to 1,788,093 equity shares by Srinivasan K Swamy, up to 1,788,093 equity shares by Narasimhan Krishnaswamy, up to 4,445,714 equity shares by Evanston Pioneer Fund L.P.

Matchmaking service provider Matrimony.com has launched 'safe matrimony' service aimed at addressing online frauds, the company said on Tuesday. The Chennai-headquartered firm has roped in Bollywood actress Vidya Balan for the campaign which encourages customers to stay safe in the digital world and spread awareness about safety while using the matchmaking service.

jerseys and caps to collectible items and accessories, IPL merchandise encapsulates the spirit of your favourite teams and players. These items are not just apparel or trinkets; they are symbols of allegiance and tokens of the exhilarating cricketing moments shared each season. In the bustling market of IPL merchandise, finding quality items at reasonable prices can be a daunting task.

Generative AI, Tamil Nadu's minister for IT and digital services Palanivel Thiaga Rajan (PTR) said during the Global Investors Meet (GIM) in Chennai. «As much as Generative AI can replace human beings, you can also do a lot of deep fakes. So, authentication of content and origination of source are going to be very important,» he said. «We have seen election manipulation in many countries through AI, deep fakes and content manipulation.»

Southern Petrochemical Industries Corporation Ltd (SPIC Ltd) on Monday said it will invest Rs 1,900 crore in Tamil Nadu over the next two years following a memorandum signed with the state government as part of the Global Investors Meet (GIM) in Chennai. The investment would be made across SPIC Ltd, Greenstar Fertilizers Ltd, and Tuticorin Alkali Chemicals and Fertilizers Ltd, the company said in a statement.

Farm Equipment manufacturer TAFE Ltd on Monday signed a memorandum of understanding with the Tamil Nadu government to invest Rs 500 crore in the state. The investments would be utilised for taking up expansion of the Chennai-headquartered company's farm equipment division besides enhancing its manufacturing facility for the assembly and exports of 'Silent Generators', the company said.

Chennai: Denmark has announced its Green Fuels Alliance India (GFAI) initiative to boost collaborative efforts between the two countries in the sustainable energy solutions sector and advance their joint global goal towards carbon neutrality. Led by the Danish Embassy and the Consulate General of Denmark in India, the new alliance is a strategic initiative poised to play a pivotal role in advancing the green fuels sector, including green hydrogen, by fostering innovation, collaboration, and partnerships between Danish industries and their counterparts in India. GFAI's primary objective is to promote sustainable energy growth in India by establishing an ecosystem that encourages collaboration among businesses, government entities, research institutions, and financial stakeholders from both the Indian and Danish sectors. Nine pioneering Danish organisations have already committed to the GFAI initiative as founding members, including Maersk, Topsoe, Umwelt Energy, Mash Makes, European Sustainable Solutions, Novozymes, Danfoss, Brdr.

Research & development has been an area of focus for Philips (and Versuni) over the years. How’s the R&D facility in Chennai doing? The plan is to capitalise on the growing opportunities in the Indian market. The R&D centre in Chennai continues to innovate and helps us grow.

Dr Reddy's Laboratories: The drug major has recalled approximately 8,280 bottles of Tacrolimus, used to prevent organ rejection post-transplant, from the US market. This action follows the US Food & Drug Administration flagging a packaging error, amid the "presence of foreign tablets/capsules" in the lot. Reliance Industries: Billionaire Mukesh Ambani said his firm, in partnership with Canada's Brookfield, will open a data centre in Chennai next week, marking entry into the fast-growing market.

Reliance Industries' Mukesh Ambani on Sunday said Tamil Nadu has become one of the most business-friendly states in the country and he believed it would indeed become a trillion-dollar economy in line with the state government's goal of reaching this milestone by 2030. «Reliance is committed to making new investments in Tamil Nadu in renewable energy and green hydrogen,» he said in a virtual address at the inaugural session of the state's two-day Global Investors Meet (GIM) in Chennai. «We shall work closely with the state government to promote sustainable development which is necessary to save Mother Earth from the climate crisis.»

Tata Power on Sunday said it is looking to invest around Rs 70,000 crore to come up with a 10 gigawatt (GW) solar and wind units in Tamil Nadu over a period of five to seven years, the power major's top executive said while addressing a press briefing at the Tamil Nadu Global Investors Meet (GIM) in Chennai. A formal announcement is likely to happen on Monday, when a memorandum of understanding will be signed between the state government and Tata Power. “As part of GIM, we are looking at investing Rs 70,000 crore. This will happen over a period of time of five to seven years.

CHENNAI : Billionaire Mukesh Ambani on Sunday said his firm Reliance Industries in partnership with Canada's Brookfield will open a data centre in Chennai next week, marking entry into the fast-growing market. Reliance had in July last year invested about ₹378 crore to enter an existing joint venture, where Brookfield Infrastructure and US-based realty estate investment trust Digital Realty were already partners.