Tuesday, March 17
Star Air is set to enhance regional connectivity by launching direct flights from Kolhapur to Bengaluru, Hyderabad, and Nagpur, commencing May 15. This expansion will increase the cities served from Kolhapur to seven, with weekly frequencies rising to 28. Furthermore, the airline will upgrade its aircraft on key routes, introducing 76-seater ERJ-175s with business class cabins.
Amidst heightened tensions between India and Pakistan, approximately 100 flights to and from Delhi's Indira Gandhi International Airport were cancelled on Sunday. This disruption stemmed from increased security measures and temporary closures of several airports in northern and western India. While Delhi Airport is operating normally, passengers may experience schedule changes and longer security processing times, according to DIAL.
India's recent free trade agreement with the UK excludes British wines from import duty concessions and offers limited relief on UK beer, prioritizing domestic industry and ongoing trade talks with the EU. The agreement will gradually reduce duties on UK whiskey and gin, while easing duties on Indian exports like garments and leather.
Trinity has awarded BL Kashyap and Sons Ltd a Rs 510 crore contract to construct its luxury residential project, Sky Palazzo Residences, in Gurugram's Sector 88B. This project, featuring a man-made beach and high-end amenities, aims to redefine urban living. Trinity will invest Rs 1,200 crore in the development, with the first phase including 345 apartments.
Faced with deposit growth challenges, Canara Bank launched an internal campaign, tasking its 82,000 employees to mobilize deposits. This initiative, started in January 2024, resulted in the collection of Rs 16,700 crore in just ten weeks. The employee-led drive lowered the bank's credit-deposit ratio and reduced reliance on high-cost bulk deposits.
India and the European Union are set to begin the 11th round of FTA negotiations, aiming to finalize the first phase soon and the second by 2025. Discussions will cover market access, investment, and government procurement. Both sides seek enhanced trade opportunities, with the EU focusing on duty reductions and India on improved access for key exports.
Godrej Properties is set to launch residential projects worth Rs 40,000 crore in FY26, aiming to solidify its position as the top listed real estate developer. Driven by strong housing demand and a robust financial position bolstered by a recent QIP and operating cash flow, the company anticipates sales bookings of Rs 32,500 crore.
India's GDP is projected to grow at 6.5% this fiscal year, demonstrating resilience against geopolitical disruptions. CII President Sanjiv Puri emphasizes strategic bilateral trade agreements to counter rising global protectionism. Focus on internal economic drivers like agriculture and domestic competitiveness is crucial, with expectations of further interest rate easing and a rise in rural consumption.
Foreign investors have injected over Rs 14,167 crore into the Indian equity market this month, signaling strong confidence despite geopolitical tensions. This inflow, driven by positive global cues and robust domestic economic fundamentals, follows April's net investment of Rs 4,223 crore, reversing a three-month outflow trend.
Budget 2025 income tax expectations: Financial experts suggest that Finance Minister Nirmala Sitharaman, in Budget 2025, should tweak NPS to boost retirement savings by increasing tax deduction ceilings and revising withdrawal options, making it more attractive for small savers and middle-income earners.
