Shares of ITC Hotels Ltd, the demerged hotels business of FMCG conglomerate ITC Ltd, listed on the stock exchanges on Wednesday. The stock listed at Rs 188 on the BSE, while on the NSE it began the trade at Rs 180. Later the stock declined 5 per cent to Rs 178.60 on the BSE.
Domestic passive mutual fund (MF) schemes will have to sell around Rs 1,500 crore worth of ITC Hotels shares once the demerged entity lists on the exchanges, according to estimates. Passive MF schemes - especially those tracking the Nifty 50 and Sensex - will have to offload their holdings in ITC Hotels as the stock will be excluded from the indices.
4.5 million weddings are expected across India.
India's live events scene is hitting a high note. With global performers adding the country to their tour maps and the government aiming to double the concert economy, hotels in key metro cities are bracing for sold-out weekends. Travel operators, too, are curating packages built entirely around concerts.
Travellers are turning concerts into full-fledged weekend getaways, giving rise to the 'gigcation' -- a short, experience-led micro-holiday.
Strong demand for cultural and spiritual hubs is expected for destinations like Varanasi, Kolkata during Durga Puja, and Pushkar for the camel fair, besides leisure destinations like Goa, Udaipur, Jaipur and Coorg.
Diversified entity ITC Ltd on Monday said it will demerge its hotels business by incorporating wholly-owned subsidiary ITC Hotels Ltd, paving way to attract appropriate investors and strategic partners. With the company's hotels business maturing over the years, the company said the vertical is ready to chart its own growth path as a separate entity in the fast-growing hospitality industry. "The Board of Directors of ITC Ltd at its meeting held on July 24, 2023, evaluated and discussed various alternative structures for the hotels business.
ITC's move to demerge the hotel business into a new entity, ITC Hotels Ltd, is a step in the right direction and will allay investor's concerns on the company's capital allocation strategy in the medium-to-long term, said analysts at Morgan Stanley in a note. According to the company, the board of directors has approved in principle the demerger of the hotels business, wherein ITC will hold a 40 per cent stake in the new entity, and the remaining 60 per cent will be held directly by shareholders. The scheme of arrangement shall be placed for approval of the Board at its next meeting to be convened on 14th August 2023.
With the rise of wellness tourism and experiential travel, specialised jobs are being created in spa management, event planning and local experience curation, besides social media management.
'It's clear that fans are eager to be part of the live stadium experience, reflecting a growing trend of travel driven by marquee sporting events.'
Wishing to arrange a wedding in India in a royal way with a procession of vintage cars, liveried guards, horses with lancers and ornate ceremonies in the style of the Maharajas in heritage palaces? A travel company offers it all.
Vance is expected to be accompanied by at least five senior officials, including from the Pentagon and the State Department, the people cited above said.
'We are certainly open to inorganic opportunities to grow.'
Dipak Haksar, bottom, left, chief executive, ITC Hotels and WelcomHotels, tells Ajay Modi that FY19 is going to be a year of strong growth, and tariffs are likely to see a substantial improvement in the fourth quarter
Soccer's player transfer system will be in the spotlight and could even be on the brink of collapse on Friday when the Court of Justice of the European Union (CJEU) announces its ruling on former France player Lassana Diarra's case against FIFA.
A B de Villiers, who is not keen on coaching, could take over as RCB mentor.
Here's your opportunity to sample ilish dishes from the royal homes of Bengal, says Avishek Rakshit.
The country's leading players, including Ravindra Jadeja and VVS Laxman, will go under the hammer in the players' auction for the fifth Indian Premier League in Bangalore on February 4. Besides Jadeja and Laxman, several other Indian and foreign cricketers will be up for grabs when proceedings begin at 11:00 IST at the ITC Royal Gardenia Hotel.
The outgoing chairman believed in building for the future; for his successor, the challenge will be to maintain the momentum, says Ishita Ayan Dutt.
As many as 144 players, including Indian Test batsman VVS Laxman, pacer S Sreesanth and all-rounder Ravindra Jadeja, will go under the hammer at the players' auction for the fifth edition of the Indian Premier League in Bangalore on February 4.
India is leaving no stone unturned in the grand welcome and stay of China's President Xi Jinping during his visit to the shore town of Mahabalipuram for his second informal summit with Prime Minister Narendra Modi. From a grand welcome to cultural programmes, Jinping is getting the royal treatment. During his stay for the summit, Jinping will be housed at ITC Grand Chola Hotel, a 5-star hotel, where comfort and opulence is guaranteed. Take a look.
The Indian Premier League 2022 Player Auction came to an abrupt halt after auctioneer Hugh Edmeades collapsed on stage.
Ishan Kishan's Rs 15.25 crore winning bid from Mumbai Indians bettered the Rs 14 crore figure that Chennai Super Kings paid to retain Deepak Chahar.
'With Ramaland, the tourism department is looking to attract children and adults alike. It'll be learning with entertainment.'
Ahead of Saturday's event, here's a lowdown of ready references for the auction.
Here's the complete list of which team bagged who, and for how much!
Punjab Kings head coach Anil Kumble was extremely satisfied with the new players, including Liam Livingstone and Odean Smith, coming to his franchise during the IPL 2022 Player Auction, the dynamics of which were "very different and challenging".
A few days ago, Reliance Retail surprised the market by acquiring the Campa brand from Delhi-based Pure Drinks Ltd for Rs 22 crore. A successful cola brand in the eighties, especially in North India, Campa Cola thrived when Coke exited India in the late seventies. When the Atlanta-based major returned and PepsiCo set base in India, it went down fighting.
The hospitality sector has been hit very hard by the pandemic. In the past 18 months, it has lost business, first because of the harsh lockdowns and after that because of lack of demand due to the ensuing economic slowdown. Most hospitality businesses have sustained low revenues and losses since April 2020. Is this the classic case of a beaten-down cyclical sector that may be close to bottoming out?
From India, Reliance Industries is the only one in the overall top-200 list and is followed by HDFC Bank at 209th, ONGC at 220th, Indian Oil at 288th and HDFC Ltd at 332nd place.
Rediff.com encapsulates all the sporting action from the past week in this eye-catching photo feature.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Ajit Mishra, vice president, Research, Religare Broking, answers your queries.
Twenty-four players, including 14 Indians (of which three are uncapped) and ten overseas, were retained as the retention window for the 2014 Pepsi IPL season closed at 1700 hours on Friday.
ITC Hotels- The Grand Central, The Luxury Collection, in Mumbai, has recorded a 15 per cent rise in bookings for September month as compared with last year's booking of 60 per cent for the same month.
NCA came into the picture at just the right time to rebuild their bodies and careers.
The Bollywood stars turned showstoppers for designer Manish Malhotra at Lakme Fashion Week Winter/Festive 2016.
The Board of Control for Cricket in India's disciplinary committee has given former Rajasthan Royals off-spinner Ajit Chandila time till March 12 to submit his reply after the Board's Anti-Corruption Unit chief, Ravi Sawani, found him guilty of spot-fixing during last year's Indian Premier League.
Of the 30-share Sensex pack, 15 today closed in the red
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