CHENNAI MARKET

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.

Hotel industry clocks 11 pc annual growth in revenue per available room during Jan-Mar: Report

India's hotel industry saw an 11% rise in revenue per available room in Q1 2024, with Chennai leading at 21.7%. The growth was driven by an 8.5% rise in Average Daily Rate, fueled by corporate travel, weddings, and MICE demand.

Wheels India records 64.3 per cent rise in Q4 net at Rs 36.8 crore

Wheels India Ltd reported a 64.3% increase in net profit for the January-March 2024 quarter to Rs 36.8 crore, attributing the growth to strong export performance. The company's full-year net profits rose by 8.6% to Rs 67.9 crore. Managing Director Srivats Ram highlighted the success of exports, particularly in earthmover wheels, aluminum wheels, and hydraulic cylinders. Revenues remained steady at Rs 1,167 crore for the quarter and grew by 6.3% to Rs 4,619 crore for the full year. The Board recommended a dividend of Rs 7.39 per share.

South India driving office property market recovery

Southern India, particularly Bengaluru, Hyderabad, and Chennai, is set to lead the recovery in India's office property market, with these cities accounting for 60% of the total space requirement by 2025. The tech sector and global capability centers are driving office leasing activities, with Bengaluru leading in demand. Experts anticipate a surge in demand from companies like QuessCorp, Morgan Stanley, Google, and Amazon in 2024.

AP fire-hit Foxlink back on track with a new Tamil Nadu plant

Apple supplier, Foxlink of Taiwan, is setting up a new factory in Oragadam, close to Chennai. This move comes as part of a fresh expansion plan following a destructive fire at their facility in Tirupati, Andhra Pradesh, last year.

Certus Capital commits Rs 400 crore through three real estate investments

Institutional real estate investment firm Certus Capital has finalised investments worth over Rs 400 crore through three real estate funding transactions. The funding is part of its plan to invest Rs 1,000 crore through secured credit in India’s real estate sector in 2024-25.

Redington Q4 Results: Firm posts standalone profit of Rs 160.57 crore

​Integrated technology solutions provider Redington Ltd has reported a standalone net profit for the January-March 2024 quarter at Rs 160.57 crore, the company said. The city-based company had registered a standalone net profits of Rs 124.91 crore during the corresponding quarter of previous year.

IPL ticket scam: Bengaluru man cheated Rs 3 lakh while buying CSK vs RCB match ticket

Chennai Super Kings and Royal Challengers Bengaluru clash on May 18. Fan scammed Rs 3 lakh for IPL tickets. BCCI starts IPL 2024 playoffs ticket sales.

DLF to launch 11 million sq ft with revenue potential of Rs 36,000 crore in FY25

During the fourth quarter of FY24, DLF reported a net profit of Rs 927 crore, reflecting a year-on-year growth of 60%. This growth was attributed to the company's sales booking of Rs 14,778 crore throughout the year. The developer launched approximately 6 million square feet of new projects, experiencing robust absorption rates that led to the monetization of nearly the entire inventory during the launch period.

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.

South India, led by Bengaluru and Chennai, spearhead India's tech talent surge

Among functional skills, development (35%) held the highest share of tech hiring demand: Quess Corp Annual Digital Skills Report FY24.

Pad up, there's a brand new deal street in town

Cricketers have signed at least half a dozen endorsement, investment, and collaboration deals during the Indian Premier League (IPL) over the past two-three weeks. MS Dhoni has been signed by nutrition startup Explosive Whey, French carmaker Citroen, and Emcure Pharmaceuticals. Virat Kohli has collaborated with Philips for a limited-edition, co-designed beard trimmer, while Yashasvi Jaiswal has been signed by wearables brand boAt.

IPL Portfolio: Smallcase manager Nitya Shah expects 2 themes to perform like Mayank Yadav

IPL Portfolio: Nitya Shah recommends water treatment and semiconductors for earnings growth triggers. He suggests a high equity allocation for long-term investment, considering emerging trends and reasonable valuations. Also, discusses the importance of investing based on individual risk profiles and financial goals.

Incuspaze leases 350,000 sq ft in Gurugram

The company has also leased 150,000 sq ft space in Pune and 60,000 sq ft space in Jaipur, as it is looking to add 1.5 million sq ft this year owing to increasing demand for flexible space in the country.

These 3 stocks close crossing below VWAP on April 26

These 3 stocks close crossing above VWAP on April 24

Share market update: Most active stocks of the day in terms of traded value

The NSE Nifty index closed 34.41 points up at 22402.4

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.

Standard Chartered has no intention to divest Chennai property for now

The land originally belonged to ANZ Grindlays Bank and was part of the takeover by Standard Chartered, with backend support being operated from there. It also has 500,000 sq ft of built area in the Nungambakkam area.

Warburg Pincus acquires Chennai's Appasamy Associates

PSN Appasamy's Appasamy Associates, a key player in Indian ophthalmic market, focuses on affordable equipment and cataract surgeries. Warburg Pincus's investment reinforces growth potential in the sector.

Ashok Leyland posts 7% dip in sales in March

Ashok Leyland had sold 15,562 medium and heavy commercial vehicles in domestic and overseas markets in March while light commercial vehicles comprised 7,304 units totaling 22,866 units.

WeWork India marks maiden entry into Chennai market with Olympia Cyberspace

WeWork India expands to Chennai with 130,000 sq. ft. in Olympia Cyberspace, its eighth city in India. With 54 locations and 90,000 desks in seven cities, the move strengthens their presence. CEO Karan Virwani notes rising demand for flexible workspaces as they aim to cater to diverse businesses

CtrlS Datacenters to invest Rs 4,000 crore in Chennai data centre park

The Chennai campus, in the Ambattur industrial area, will be the company’s fifth hyperscale data centre campus in the country, after those in Mumbai, Hyderabad, Noida and Bengaluru. It is expected to create about 500 direct jobs and 9,000 indirect jobs.