5 Minutes Read

Stock Market LIVE: Nifty trades near 22,450, led by Kotak Mahindra Bank, ICICI Bank

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Stock Market LIVE Updates | Indian benchmark indices Nifty 50 and Sensex are trading with gains after hitting fresh all-time highs. Kotak Mahindra Bank, ICICI Bank, Axis Bank, Tata Consumer Products, IndusInd Bank are the top contributors towards Nifty 50’s upside.

Stock Market LIVE Updates | Indian benchmark indices Nifty 50 and Sensex are trading with gains after hitting fresh all-time highs. Kotak Mahindra Bank, ICICI Bank, Axis Bank, Tata Consumer Products, IndusInd Bank are the top contributors towards Nifty 50’s upside.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Investors line up investments for Ayodhya hospitality sector

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Currently, there are 126 ready-to-be-implemented projects related to tourism in Ayodhya. Of the 126 projects, 46 have signed MOUs, while 80 are non-MOU related. The total cost of all these 126 projects is around ₹4,000 crore.

Investors have signed various agreements for big investments in the hospitality sector on Ayodhya, as the upcoming Ram Temple provides immense potential for religious tourism. Famous hotel brands are establishing their branches in Ayodhya, and approximately 50 major hotel construction projects are currently underway in the city, official sources said.

With several small hotels, resorts, and homestays investing in the region, Ayodhya is emerging as a new hotspot in the hotel industry. In addition, good highways and roads, wall paintings depicting the life of Lord Ram, facade lighting, and a grand entrance adorned with Victorian lamps add to the attraction of Ayodhya.

According to Divisional Commissioner of Ayodhya Gaurav Dayal, 102 intent agreements worth about Rs 18,000 crore were signed for tourism in Ayodhya during the Global investment summit. Even after the GIS, many entrepreneurs have submitted their proposals to the government and district administration for the investment in the tourism sector in Ayodhya, he added.

Currently, there are 126 ready-to-be-implemented projects related to tourism in Ayodhya. Of the 126 projects, 46 have signed MOUs, while 80 are non-MOU related. The total cost of all these 126 projects is around ₹4,000 crore.

Dayal said that around 50 renowned hotels have invested in Ayodhya for large-scale projects, and the construction of their buildings is underway. These hotels include Taj, Marriott, Ginger, Oberoi, Trident, and Radisson, and they will soon be completed and operational. There are plans to develop the ‘Raja Ki Building’ as a heritage hotel, with a major hotel chain expressing interest in investing in this project.

Apart from these, a significant number of small and large hotels are likely to commence operations in and around the Ayodhya region. These hotels will ensure the accommodation for a large number of devotees and tourists visiting Ayodhya. The city is set to witness an investment of approximately ₹420 crore through the four large projects in the hotel industry. The first on the list is Panche Dreamworld LLP, which will establish the ‘Rama Hotels and Resorts’ project at a total cost of ₹140 crore.

Innovators Digital Ads Pvt Ltd will build Solitaire Ayodhya 5 Star hotel for ₹100 crore, Evergreen Infrastructure will establish Shri Ramya Hotel with an investment of ₹90 crore and Samruddhi Swastik Trading and Investment will set up the ‘Vishranti Grah’ at an investment of ₹86 crore, officials said.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Wonderla Holidays eyes expansion in smaller cities, cost-efficient growth

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Arun K Chittilappilly, the company’s Managing Director said the company will explore opportunities to set up new parks in Tier-2 cities on an asset light model, where they do not have to incur too much capex.

Wonderla Holidays, the largest chain of amusement parks in India, is now expanding in smaller cities to save costs, as building there is cheaper. This move by the famous amusement park company is to reach new markets where they can grow more efficiently, showing a flexible growth strategy in the leisure industry.

In an interview with CNBC-TV18, Arun K Chittilappilly, the Managing Director of Wonderla Holidays said, “In smaller cities, we are looking to replicate the Bhubaneswar model. For us, that makes a lot of sense because our capex can be much lower.”

Also Read | 10 stunning hotels in winter wonderlands to experience a magical snow retreat

Chittilappilly expects only marginal 3-5% growth in footfalls for the third quarter. The average revenue per user (ARPU) is ₹1,400. 

The company will open its new park in Bhubaneswar in the summer of 2024. Chittilappilly said the reason for choosing Bhubaneshwar for the new park was the support from the Odisha government in terms of nominal land leasing rates and investment subsidy.

Also Read | Goa is now the go to holiday destination for tourists from this central Asian country

“This, for us, is kind of an asset-light model that we have not done before, wherein we do not invest in the land, and that keeps our capex low,” Chittilappilly explained.

However, being a tier-2 city, the revenue from the park may not match the parks in other bigger cities, he noted.

The company is also in talks with the governments of Madhya Pradesh, Uttar Pradesh, and Punjab. Another park in Chennai is also currently under construction and is expected to come become operational in  September 2025.

Wonderla shares have gained close to 138% year to date. The company, headquartered in Bidadi near Bengaluru, Karnataka, has a market capitalisation of around ₹4,746 crore.

For more details, watch the accompanying video

Also, catch all the live updates on markets with CNBC-TV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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OYO partners with Khelo India and others to champion differently-abled talent nationwide

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

As part of this commitment, OYO has partnered with prominent events supporting differently-abled talent across India, including the Khelo India Para Games, Para Kabaddi Impact Tournament, and Divya Kala Mela. The company is urging its partner hotels to ensure wheelchair-friendly amenities such as ramps and wider doorways.

Global hospitality company OYO announced on Tuesday, December 26, that it will have a major focus on inclusivity in 2024. This initiative aims to provide equitable access to quality accommodations for differently-abled individuals, with a particular emphasis on wheelchair-friendly infrastructure.

As part of this commitment, OYO has partnered with prominent events supporting differently-abled talent across India, including the Khelo India Para Games, Para Kabaddi Impact Tournament, and Divya Kala Mela. The company is urging its partner hotels to ensure wheelchair-friendly amenities such as ramps and wider doorways.

OYO is currently providing specialised and accessible accommodation for over 150 differently-abled participants in the ongoing Divya Kala Mela across various cities in India, the company said in a statement.

It has identified and mapped more than 200 hotels based on specific accessibility criteria in cities such as Varanasi, Hyderabad, Bangalore, Chennai, Patna, Surat, Nagpur, Ahmedabad, and Shimla, OYO informed.

Earlier this year, OYO partnered with Khelo India Para Games 2023 in Delhi, providing accommodation to over 1500 participants across 45 hotels. OYO’s role extended beyond accommodation to event management, including catering and coordination, with dedicated teams offering round-the-clock assistance, it said in the statement.

In addition to these events, OYO is collaborating with organisations like the Wheeling Happiness Foundation to extend support to differently-abled sportspersons. This includes providing accommodation for participants in the national-level tournament ‘Para Kabaddi Impact 2023’ held in Gurgaon.

Varun Jain, Chief Operating Officer of OYO, expressed enthusiasm for the initiative, stating, “At OYO, we believe in creating a world where everyone feels welcome. Through its extensive network of hotels, OYO aims to create a more inclusive environment for all guests, ensuring that individuals with disabilities have access to comfortable and convenient accommodations across India.”

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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PRS Oberoi passes away at 94: Tributes pour in for the pioneer of Indian hospitality industry

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Industrialists and leaders, including Union Minister Rajeev Chandrasekhar and West Bengal CM Mamata Banerjee, paid tributes acknowledging him as a global pioneer who redefined the Indian hospitality landscape.

Prithvi Raj Singh Oberoi, the pioneer of the Indian hospitality sector and known for shaping luxury hotel business in the country, passed away on Tuesday, November 14, at the age of 94. The Chairman Emeritus of the Oberoi Group has left behind a huge legacy and a remarkable success story for the hospitality sector in India.

Revered for revolutionising the landscape of the Indian hotel industry, PRS Oberoi was known for building an empire in the luxury hospitality segment after he inherited the country’s first five-star hotel from his father.

Industrialists and leaders, including Union Minister Rajeev Chandrasekhar and West Bengal CM Mamata Banerjee, paid tributes acknowledging him as a global pioneer, who redefined the Indian hospitality landscape.

Union Minister Rajeev Chandrasekhar extolled him as the visionary who propelled Indian hospitality onto the global stage.

Chairperson of Mahindra and Mahindra, Anand Mahindra reminisced about Oberoi as the pioneer who positioned an Indian hotel at the zenith of global rankings.


West Bengal Chief Minister Mamata Banerjee extended her condolences to the Oberoi family, revering him the “Hospitality tycoon of India.”


Amitabh Kant, the former CEO of NITI Aayog, eulogised Oberoi as one of the preeminent hoteliers in the world.


Advaita Kala, an author and screenwriter, tweeted that his legacy and the ‘investment’ he made in thousands of people like her will continue on through them.


Khushwant Singh, a prominent Indian author, paid homage to PRS Oberoi while recalling the time spent writing Oberoi’s short biography.


Naveen Narayanan, the Global Head of HR at Biocon Biologics, hailed PRS Oberoi as a legend of Indian hospitality, marking the conclusion of an era in the industry.


PRS Oberoi, the former executive chairman of EIH Limited, the flagship of The Oberoi Group, widely acknowledged for transforming India’s hotel industry, has earned many accolades for his leadership. In January 2008, he was honoured with the Padma Vibhushan, India’s second-highest civilian award. The International Luxury Travel Market (ILTM) bestowed the Lifetime Achievement Award upon him in December 2012, recognizing his global impact on The Oberoi Group’s evolution into a top-tier luxury hotel chain.

In 2010, PRS Oberoi was named Corporate Hotelier of the World by HOTELS magazine and he was recognised as the visionary of modern luxury hospitality in India. The magazine’s November edition featured him as the driving force behind the company’s transformation into one of the world’s most esteemed luxury hotel groups.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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PRS Oberoi, who put India’s first five star hotel on the global luxury map, passes away

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Popularly known as ‘Biki’, PRS Oberoi inherited India’s first five-star hotel, founded by his father (an immigrant in Delhi with roots in the Punjab province in modern-day Pakistan). Today, the Oberoi chain of hotels and resorts are spread across seven countries, and popular among global travellers seeking luxury.

Chairman Emeritus of the Oberoi Group, Prithviraj Singh Oberoi died on Tuesday (November 14) morning at the age of 94 years. Popularly known as “Biki”, PRS Oberoi is known for changing the face of Indian hospitality industry, had a net worth of $460 million, as per the latest data from Forbes.

His son Vikram is the managing director and CEO of EIH Limited (formerly known as East India Hotels), which owns and operates the Oberoi chain, which is currently spread across seven countries.

The cremation ceremony will be held at the Bhagwanti Oberoi Charitable Trust, Oberoi Farm, Kapashera, starting at 4 pm today. ” We extend a heartfelt invitation to those who know Mr. Oberoi to attend and pay their respects. Additionally, prayers will be held for him at our hotels and the Corporate Office today. As we mourn the loss of a true icon, we also aim to celebrate the extraordinary legacy Mr. P.R.S. Oberoi leaves behind. In the coming days, we will share details of our plans to honour and remember him.”

Biki was born in 1929, to late Rai Bahadur MS Oberoi, the founder of The Oberoi Group, who had his roots in the Punjab province in modern-day Pakistan.

The International Luxury Travel Market (ILTM) conferred him with the Lifetime Achievement Award in December 2012 He stepped down as the chairman and director of EIH Limited on May 3, 2022.

In 2007, a year before he got the Padma Vibhushan from the Indian government, he was felicitated by CNBC TV-18, at the India Business Leader Awards. In 2015, he was voted among CNBC TV-18’s Top 15 Indian Business Icons.

Other awards:
‘2010 Corporate Hotelier of the World’ award by HOTELS magazine,

Lifetime Achievement Award in 2014 by Forbes India Leadership Awards,

Oberoi finished his schooling  at St. Paul’s School, Darjeeling. Later, he graduated in Hotel management from Lausanne, Switzerland.

At the ripe old age of 83, in 2012, he roped in renowned American interior designer Adam Tihany to upgrade India’s first five star hotel, The Oberoi New Delhi. “A luxury hotel is like a beautiful woman. If you do not look after her and bejewel her from time to time, no one will desire her,” is one of the famous quotes attributed to Oberoi.

He established The Oberoi Centre of Learning and Development at New Delhi in 1967.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

 Daily Newsletter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Previous Article

Oil Fluctuates as Traders Assess China’s Vow, Unrest in Libya

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today's market

index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Cricket fever boosts Indian hospitality; hotel reservations soar as World Cup returns

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

Indian Hotels’ CEO Puneet Chhatwal’s comments offer a hopeful glimpse into the future of the hotel and hospitality industry. With demand consistently outpacing supply, combined with substantial infrastructure investments on the horizon, the sector appears well-prepared to thrive in the years ahead.

The ICC Cricket World Cup has triggered a remarkable surge in hotel and homestay reservations, particularly in cities scheduled to host matches featuring the Indian cricket team, exclusive data shared with CNBC-TV18 by Make My Trip reveals.

In an interview with CNBC-TV18 Puneet Chhatwal, MD & CEO of Indian Hotels Company, shared his readings on the current and future prospects of the hotel and hospitality sector.

Chhatwal expressed optimism for the hotel sector across various timelines, emphasising its potential for short-, medium-, and long-term gains.

One key factor contributing to the sector’s performance is the strong demand that has consistently outpaced supply. This dynamic has played a pivotal role in driving the hotel industry’s growth and profitability.

Talking about the World Cup, he said, “There is a big benefit in all the cities that the World Cup is being played, especially on the dates when you have favourite teams playing, there is a big increase in occupancy and in rates.”

On business, he said that Indian Hotels is setting ambitious targets for itself. Chhatwal expressed confidence in achieving a 33% margin by 2025, demonstrating the company’s commitment to financial excellence.

Chhatwal said the company plans to establish 15 exclusive Chambers, which are invitation-only clubs. Currently, the Chambers boast a membership exceeding 3,000, with expectations of continued growth in the exclusive club.

He also shared positive news about the industry’s performance, highlighting an expected double-digit rate increase at the industry level during the second quarter.

“With the wedding season around the corner, the festival season coupled with the World Cup, we see no reason why this trend that we witnessed in the last year should not continue in this year. There is nothing that makes us believe, including business on the books that we share within our fraternity,” said Chhatwal.

According to the data provided by Make My Trip, there has been an expansion in the advance booking window for homestays in cities hosting the ICC Cricket World Cup. The percentage of bookings made well in advance (30+ days prior to check-in) has increased to 22% from 13% for this cricketing event. In comparison, for other periods, only 13% of bookings were made well in advance.

There is also a clear trend of longer stays during check-ins, particularly in hostels and homestays. The average duration of stay in hostels has risen from 1.6 nights to 2.3 nights, and for homestays, it has extended from 2.1 nights to 2.4 nights.

India is hosting the ICC Cricket World Cup after a hiatus of more than a decade. The nation is set to welcome 48 matches across 10 different venues, where the world’s top 10 cricketing nations will compete for the highly sought-after championship.

For more details, watch the accompanying video

Also, catch all the live updates on markets with CNBC-TV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Domino’s slashes pizza prices up to 50% ahead of World Cup

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Starting today, customers can enjoy their favourite large vegetarian pizzas from Domino’s for just Rs 499, down from the previous price of Rs 799. Similarly, non-vegetarian pizza lovers can relish large pizzas for an attractive price of Rs 549, a substantial drop from the previous rate of Rs 919. These aggressive pricing adjustments are expected to not only attract new customers but also retain loyal ones who may have been exploring alternative pizza options.

Fast food giant Domino’s has slashed prices on its pizza range by up to 50% in the buildup to the cricket World Cup.

Starting today, customers can enjoy their favourite large vegetarian pizzas from Domino’s for just Rs 499, down from the previous price of Rs 799. Similarly, non-vegetarian pizza lovers can order large pizzas for an attractive price of Rs 549, a substantial drop from the previous rate of Rs 919.

The quick-service restaurant (QSR) chain hopes to use the offer to drive sales and fend off competition in a sporting event that has a festive fervour to it and sees a spike in delivery orders.

In addition to the substantial price reduction on large pizzas, Domino’s India has introduced Everyday Value offers to cater to a wider audience. The Howzzat50 offer gives customers a flat 50% discount on pizzas.

While the ODI World Cup naturally generates high demand for fast food, Domino’s India wants to get ahead of the competition by deploying a strategic price cut likely due to competition from other food categories and cuisines such as burgers and biryani in particular.

Domino’s has also seen some moderation in key input costs like dairy and cheese, which allows the company to pass on the benefits to its customers.

Domino’s India recently broadened its reach by launching 23 new outlets and venturing into one new city taking the total number of stores to 1,838 spread across 394 cities.

Additionally, the company introduced four new eateries for Popeyes and made its debut in two new cities, Manipal and Coimbatore, resulting in a total of 17 restaurants across four cities.

On September 27, Karan Taurani, a Senior Vice President and Research Analyst at Elara Capital stated that the pizza industry is encountering fierce competition, and its potential for growth might not be immediately apparent. In fact, when reviewing market share statistics over the past 3-4 years, it becomes clear that the pizza sector has lost ground within the larger quick-service restaurant (QSR) chain sector.

“If you look at the market share numbers over the last 3-4 years, pizza has lost market share as a category within the overall QSR chain. So, it’s a win-win for burger, fried chicken for aggregators like Zomato, over the near to medium-term,” said Taurani.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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World Tourism Day 2023 | Taking a slice out of rural India  

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Summary

Rural tourism, a relatively new concept has started expanding its base in Madhya Pradesh. The project was kicked off in 2019 and now has around 220 stay homes in various villages. The tourists are offered various kinds of rural experiences like farming, milking a cow, drawing water from a well, playing a dholak and even cooking the local cuisines. Vanita Srivastava here explores the immense tourism potential of India’s rural life. 

Sumit Pandey wears a smile reminiscing his three-day stay in Ladpura, a hamlet near Orchha in Madhya Pradesh. The rural experiences that he savoured are still alive—and he is planning a revisit in the winters.

 “We were a group of 8 family members and this was a truly exhilarating experience. Imagine getting up in the morning and moving around in the farms, making rotis on chullahs. We even planted roses and marigolds on the premises.” 

Forget making a trip to Paris and Maldives. How about swapping the luxurious ambience with a rustic, natural flavour—something that takes a slice out of India’s rural life? How about experiencing a bullock cart ride instead of taking a ride on a fancy car?  How about having rotis baked on chullah and local veggies straight from the farms?

Rural tourism—a relatively new concept has started expanding its base in Madhya Pradesh. The project was kicked off in 2019 and now has around 220 homestays in various villages. The tourists are offered various kinds of rural experiences like farming, milking a cow, drawing water from a well, playing a dholak and even cooking the local cuisines.  In the evening there is a cultural feast oscillating through folk songs and dances. The United Nations World Tourism Organisation (UNWTO) has defined rural tourism as a type of tourism in which a visitor’s experience is related to a wide range of products generally linked to nature-based activity, agriculture, rural lifestyle/culture, angling and sightseeing.

Minesh Dave had stayed in Ladpura village a few months back with his family.  “What I liked most was the Bundeli food.  It was a blissful feel to live in the rural settings and inhale the village aroma. This is a different kind of tourist experience. Besides being extremely budget friendly, they are clean and the people are very hospitable.”

Uma Pathak a homestay owner in the village acknowledges that four years back she was sceptical about how the concept would fructify. “Today I am happy that I forayed into this business.  This has been a learning experience for me.  Besides the regular rural experiences, we also teach the tourists on how to make our local cuisines.”

Balbeer who owns a homestay in Madla village in Panna district is also very optimistic about rural tourism. “Since the last three years, the tourist graph has grown.”

Kamlesh Yaduvanshi, who has a homestay in Sabarwani dittos, says; “There are some days when the bookings are robust but there are also lean days. The village excursions offer tourists a unique insight into rural life, allowing them to connect with the local communities.”

Madhya Pradesh Tourism Board actively promotes rural tourism currently with its various activities. 

“We have embarked on an ambitious journey to promote rural tourism. This endeavour adopts a unique cluster-based approach within each cultural zone, placing the community at the heart of the initiative, This community-driven and community-led approach, holds immense promise for sustainable development, cultural preservation, and authentic experiences,” says Sheo Shekhar Shukla, Managing Director of Madhya Pradesh Tourism Board.

The Board has been implementing the project and has mapped a strategy to tap its potential for increasing the number of tourists. Marketing is still a challenge for these homestay owners and a multi-pronged plan should be chalked to rope in various stakeholders.

“This initiative represents a powerful model for responsible tourism, fostering economic growth while safeguarding local traditions and empowering the rural communities. By promoting rural tourism, Madhya Pradesh is not only enriching its cultural tapestry but also creating a more inclusive and economically vibrant state for both its residents and visitors,” said Manoj Singh, Director (Skill), MPTB.

Rural tourism has helped increase community participation, especially women in the tourism sector. Besides social development it has also helped economic growth in rural areas.

A recent study — The benefits of tourism for rural community development—published in Nature journal shows that using rural tourism as a revitalisation strategy is beneficial to non-urban communities in terms of their economic, socio-cultural, environmental, and leisure and educational development.

“The contribution from the economic perspective is particularly important. These findings suggest that national, regional, and local governments or community developers should make tourism a strategic pillar in their policies for rural development and implement tourism-related development projects,” notes the study.

 

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
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Mahindra Holidays set to expand in Uttarakhand with 1-2 new resorts this year

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

 Listen to the Article (6 Minutes)

Summary

In an interview with CNBC-TV18, Kavinder Singh, the MD and CEO of Mahindra Holidays & Resorts, unveiled the company’s ambitious plans for expansion and development in Uttarakhand. The company has recently signed a Memorandum of Understanding (MoU) with the Uttarakhand government to establish and develop Club Mahindra Resorts in the picturesque state.

Mahindra Holidays & Resorts, a renowned player in the Indian hospitality industry, is set to make a substantial investment of Rs 1,000 crore for the construction of 4-5 resorts in Uttarakhand over the next few years.

In an interview with CNBC-TV18, Kavinder Singh, the MD and CEO of Mahindra Holidays & Resorts, unveiled the company’s ambitious plans for expansion and development in Uttarakhand. The company has recently signed a Memorandum of Understanding (MoU) with the Uttarakhand government to establish and develop Club Mahindra Resorts in the picturesque state.

Singh shared insights into the company’s immediate plans, stating that they are eager to break ground in 1-2 resorts within Uttarakhand this calendar year.

He said, ” The government (Uttarakhand) is moving extremely proactively, and they have a good tourism policy in place which came out in 2023. The idea is to help us source those land parcels through the support of the government and then we start breaking the ground. Even as we finish this calendar year, at least one or two resorts – that is the objective.”

The decision to collaborate with the Uttarakhand government to build Club Mahindra Resorts aligns with the company’s vision to expand its footprint in prime vacation spots across the country. Uttarakhand, known for its breathtaking landscapes, pristine hill stations, and cultural richness, presents an ideal canvas for the creation of these resorts.

This strategic move not only signifies Mahindra Holidays & Resorts’ commitment to fostering tourism and economic growth in Uttarakhand but also offers travellers a chance to explore the beauty of the state while enjoying the luxury and comfort synonymous with the Club Mahindra brand.

With this substantial investment and the promise of 4-5 new resorts in Uttarakhand, Mahindra Holidays & Resorts aims to cater to the growing demand for unique and enriching vacation experiences. This exciting development is set to contribute to the state’s tourism sector while providing travellers with exceptional opportunities to create cherished memories in the heart of Uttarakhand’s natural splendour.

As the company forges ahead with its expansion plans in partnership with the Uttarakhand government, it not only exemplifies its commitment to the hospitality industry but also showcases its dedication to the promotion of responsible tourism and sustainable development in one of India’s most scenic states.

For more details, watch the accompanying video

Also, catch all the live updates on markets with CNBC-TV18.com’s blog

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

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index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -72.15
sensex ₹1,882.60 +28.30
nifty IT ₹2,206.80 +30.85
nifty bank ₹1,318.95 -14.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95
index Price Change
nifty 50 ₹16,986.00 -7.15
sensex ₹1,882.60 +8.30
nifty IT ₹2,206.80 +3.85
nifty bank ₹1,318.95 -1.95

Currency

Company Price Chng %Chng
Dollar-Rupee 73.3500 0.0000 0.00
Euro-Rupee 89.0980 0.0100 0.01
Pound-Rupee 103.6360 -0.0750 -0.07
Rupee-100 Yen 0.6734 -0.0003 -0.05
Quiz
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