CHENNAI INFRASTRUCTURE
Dolly Khanna buys 1.03% stake in multibagger smallcap stock with 222% YTD growth
Khanna purchased 1.76 lakh shares of the company during the first quarter of the year. The company's ownership is primarily held by promoters, who control 72% of the shares. The remaining 28% of the company's shares are owned by public shareholders.
Relief in sight for Bengaluru's traffic nightmare with greenfield corridor set for ahead of schedule December launch
Union Minister Nitin Gadkari announced the inauguration of the STRR and Greenfield Corridor in Bengaluru. The Rs 17,000 crore STRR, started in 2022, will ease traffic and connect areas. The Rs 17,930 crore Greenfield Corridor, to be inaugurated by PM Modi, will cut travel time. Karnataka has received Rs 3.5 lakh crore for road work in a decade. Gadkari, at the Karnataka BJP special state executive meeting, expressed concerns about environmental clearances and urged the state to expedite approvals for Rs 2 lakh crore road projects.
MoU signed to set up 3 testing facilities in Chennai under Defence Testing Infra Scheme
The Ministry of Defence revolutionizes defence infrastructure with state-of-the-art facilities in Chennai. With a massive investment of Rs 400 crore under the DTIS scheme, led by Defence Minister Rajnath Singh, the MoU exchange in New Delhi sets the stage for cutting-edge testing facilities. Keltron, Bharat Electronics Limited, and India Optel Limited spearhead the initiative towards self-reliance in defence technology.
Vodafone Idea acquires Rs 3,510 crore worth of airwaves in 11 circles
India's Vodafone Idea has spent Rs 3,510 crore to acquire 50MHz of spectrum in 11 circles, strengthening its 4G portfolio and launching 5G services. The acquisition will enable the use of dedicated sub-GHz spectrum for advanced technologies and customer experience. Vodafone Idea has also held 5G trials in three network circles using Samsung's virtual Radio Access Network (vRAN) solutions.
ESR acquires additional 27 acres in Chennai’s Oragadam to expand industrial park
ESR Group, focusing on real estate services and investment in the Asia Pacific region, has expanded its industrial and logistics park in Chennai’s Oragadam by acquiring an additional 27 acres of land. This brings the total area of ESR Oragadam Industrial & Logistics Park to 107 acres, with plans to develop 2.5 million sq ft. The Hong Kong-listed company will invest over Rs 276 crores for construction, including land costs.
Modi 3.0's agenda for Indian Railways: Focus on capacity expansion with new Vande Bharat, Amrit Bharat trains and reduced wait times
The Modi-led NDA government's third term focuses on infrastructure development, with Indian Railways enhancing passenger and cargo capacity. Key areas include increasing capacity, reducing waitlists, introducing new trains like Vande Bharat and Amrit Bharat, and enhancing safety measures. Modernization efforts aim to improve the passenger experience, with initiatives like the new sleeper variant of the Vande Bharat Express. The Integral Coach Factory is tasked with domestically producing bullet trains, reflecting a commitment to 'Make in India' and infrastructure growth
Data storage cos in a sweat over need to stay cool
Data centers in western and northern India are facing rising operational costs due to soaring temperatures. Firms like Yotta and CtrlS are using alternative cooling methods and renewable energy, while ESDS reports a 10-12% rise in power costs due to erratic grid supply. Several of these data centres are located in New Delhi, Haryana, Noida.
Embassy REIT raises Rs 1200 crore debt to acquire prime commercial asset in Chennai
Embassy REIT secured a Rs 1200 crore debt from a nationalised bank to purchase a 5 mn sq ft commercial asset in Chennai, expanding into a new growth market. The acquisition was funded through debt at 8.05% and internal accruals. The property has a high occupancy rate and will enhance Embassy REIT's commercial portfolio significantly.
Pledged $2.6 bn sovereign loans to India in 2023: ADB
The Asian Development Bank (ADB) has pledged $2.6 billion in sovereign lending to India in 2023 for projects aimed at urban development, industrial corridor projects, power reforms, climate resilience, horticulture, and connectivity. The multilateral lender also committed over $1 billion for private sector projects and extended $23.53 million in technical assistance and $4.1 million in grants.
New railway line to connect Noida Airport with Palwal and Chola for connectivity to Kolkata, Mumbai, and Chennai
In a significant move for regional connectivity, a new 60km railway line is proposed between Chola and Rundhi to link Noida International Airport with routes to Howrah, Chennai, and Mumbai. The project, estimated at Rs 2,400 crore, aims to serve over 1.2 lakh people initially and includes five railway flyovers and integration with existing networks. Construction is expected to take three years.
New Covid wave in Singapore: No need for panic, assures Tamil Nadu govt
Dr. T S Selvavinayagam, Director of the Directorate of Public Health and Preventive Medicine in Tamil Nadu, reassured the public about the new Covid wave in Singapore, describing it as a "milder infection" that does not warrant panic. He stated that there have been no significant hospital admissions in Singapore following the outbreak. The Singapore variant, KP.2, a sub-variant of Omicron, has been reported in some parts of India, with 290 cases of KP.2 and 34 cases of KP.1 found in the country. Selvavinayagam emphasized that Tamil Nadu has the required infrastructure to handle any situation and that the state has almost fully vaccinated the 18-plus population.
Table Space targets high growth, leases over 2.5 million sq ft across four cities
Table Space expands its presence in Indian cities by acquiring and leasing office spaces to meet the growing demand for managed workspaces. They aim to add more space in key metros and provide world-class workspace solutions.
Evaluation of infrastructure requirements for achieving $1 trillion exports by August-September: Official
A study by the Asian Development Bank is underway to assess infrastructure needs and identify industry clusters to achieve India's USD 1 trillion merchandise export target by 2030. In 2023-24, exports dipped to USD 437 billion and imports to USD 675.4 billion. Investments in roads, ports, airports, and railways are crucial for handling the projected USD 2.5 trillion trade. Key sectors expected to drive export growth include electronics, pharmaceuticals, and marine products, with clusters in Chennai, Bengaluru, Gujarat, Odisha, and West Bengal.
South side story: Can attractive sops turn Chennai into a hub for GCCs?
Can a slew of attractive sops from the state government and a competitive workforce turn Chennai into a hub for GCCs, positioning the state as a healthy alternative to Bengaluru and Hyderabad? In addition to banks and automotive firms, manufacturing, pharma, tech and product companies in the fintech space are considering setting up GCCs in Chennai.
Worries build up over RBI strictures on infra financing
The proposed stricter lending criteria, with additional provisioning, are aimed at preventing accounting shocks but could potentially hurt balance sheets of these entities and exert pressure on their valuation multiples, analysts and economists said.
RITES to undertake safety assessment of Vande Bharat trains
With this contract, RITES, the only ISA-certified central public sector enterprise, has ventured into a new business stream and it said it is committed to advancing ISA works by leveraging its expertise in the Quality Assurance segment.
Chennai Lok Sabha elections 2024: Voting date, results, candidates, main parties and schedule
Chennai Lok Sabha elections 2024: Tamil Nadu gears up for the 2024 Lok Sabha elections, with Chennai playing a pivotal role. Key candidates include Thamizhachi Thangapandian, J Jayavardhan, Dr. Kalanidhi Veeraswamy, R Manohar, and R C Paul Kanagaraj, each focusing on distinct campaign strategies.
Chote Miyan charm! 32 smallcap stocks just became more popular with mutual funds
Mutual funds showed interest in smallcap stocks, with 32 attracting fresh buying. Stocks like Schneider Electric Infrastructure and Nuvama Wealth Management saw increased investments, resulting in good returns despite market challenges.
Embassy REIT to acquire Splendid TechZone asset in Chennai
Embassy Office Parks REIT has agreed to acquire Embassy Splendid TechZone, a Grade-A business park, from Embassy Sponsor, for an Enterprise Value of Rs 1,269 crore. This acquisition marks Embassy REIT’s debut in Chennai, a thriving office market in India. T
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