TOURISM FINANCE CORP OF INDIA
Modi will likely depart from privatisation plans, will overhaul state-run firms
UNION BUDGET: India plans to overhaul over 200 state-run firms to boost profitability, moving away from aggressive privatisation due to slowed progress and increased political resistance. The new strategy, expected to be announced in the July 23 budget, includes asset monetisation and long-term performance targets, aiming to raise $24 billion for reinvestment
RailTel shares jump 11%, hit fresh 52 week high; multibaggers IRFC, Ircon join party with new peaks
RailTel Share Price: Railway stocks including Railtel Corporation of India, Ircon International, and IRFC are surging to new highs as the market anticipates the Modi 3.0 government's budget announcement on July 23.
TA Associates leads $400-M investment in Vastu Housing
TA Associates, alongside International Finance Corporation, acquired a minority stake in Vastu Housing Finance for ₹3,340 crore ($400 million), valuing the company at ₹10,000 crore. Additionally, Vastu received a $75 million primary capital infusion. Founded in 2015 by Sandeep Menon and Sujay Patil, Vastu is a pan-India diversified lending institution, backed by Multiples Alternate Asset Management and other investors like Norwest Venture Partners, Creation Investments, 360 ONE Asset Management, and Faering Capital.
TFCILTD in focus: Adani Group advisor and former MD & CEO of Karnataka Bank join TFCILTD
TFCILTD, an NBFC, appoints Deepak Amitabh and Dr Mahabaleshwara MS, boosting strategic capabilities. Amitabh, an Adani Group advisor, is strong in financial strategy. Dr. Mahabaleshwara, ex-MD & CEO of Karnataka Bank, enhanced digital footprint, key for financial planning, management, governance, and exploring growth avenues.
Union Budget: Will Budget 2024 book tourism’s ticket to growth?
Budget Expectations: The 2024 interim Budget saw a 44.7% increase in tourism sector allocation, a promising sign for industry growth. With job opportunities on the rise, stakeholders eagerly await the upcoming Budget announcements. Strategic investments in infrastructure and connectivity are crucial for India's booming domestic travel market. Expectations include simplified GST regulations and tax reforms to drive sustainable tourism practices and economic growth.
Budget 2024: Travel agents body demands industry status, GST rate rationalization for tourism sector
Union Budget 2024: On Monday, the Travel Agents Association of India (TAAI) called for several measures to support the domestic travel and tourism sector. These include streamlined visa requirements, promoting visa-free entry for tourists, rationalising GST rates and GST credit, and granting industry status to all stakeholders. The sector contributes 5.8 percent to India's GDP and has an ambitious target of reaching USD 1 trillion by 2047.
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Infrastructure status: Hotel companies' budget wish
The hospitality industry is advocating for infrastructure status in the upcoming budget to access better financing options and attract investment. There is a growing need for more hotel rooms to support the ambitious tourism targets set for the future.
Hotel Association of India seeks infrastructure status for hotels ahead of budget
The hospitality industry is advocating for infrastructure status for hotels ahead of the budget, highlighting the importance of access to finance and investment opportunities. With a focus on job creation and industry growth, government officials are considering expanding the harmonized list of infrastructure to support the sector's development. Stay updated for potential updates in the upcoming budget.
F&O stocks to buy today: RIL, ONGC among top 10 trading ideas for 2 July 2024
Experts provide stock picks like ACC, Deepak Nitrite, HCL Tech, REC, RIL, Bajaj Finance, ONGC, Quess Corp, Usha Martin with targets and stop losses. Market poised for higher open, Nifty bullish trend observed with broader trading range.
World Bank member IFC invests Rs 650 cr in Mindspace REIT’s sustainability-linked bonds
Global development institution International Finance Corporation (IFC), a member of the World Bank Group, has invested over Rs 650 crore in K Raheja Corp-backed Mindspace Business Parks REIT through an issue of sustainability-linked bonds.
Going forward, expect good growth from Aadifidelis Solutions: Shikhar Aggarwal, BLS International
Shikhar Aggarwal, Joint MD, BLS International Services talks about inclusion in Nifty tourism index, synergies from buying stake in Aadifidelis Solutions and more. Aggarwal also discusses the major contract renewals which are expected in the next six to nine months. He also says that in one, one-and-a-half years, multiple contracts are expected from European and North American markets
India has made huge strides, but the new govt still has a lot to do
The past decade in India has seen significant transformations in infrastructure, economic reforms, and digitization, laying the groundwork for sustained growth. The challenge for the new government is to maintain an 8%-plus growth rate and increase per capita income. To achieve this, private investment must drive growth, with investments rising to 32-35% of GDP. Scaling up manufacturing, outcome-oriented skill development, supporting women and youth entrepreneurs, reforming municipal governance, realizing tourism potential, accelerating R&D, and addressing urban challenges are key areas for action.
PhonePe launches secured loans in partnership with a bunch of NBFCs
PhonePe, a Bengaluru based fintech major, has launched secured loan products in partnership with non-banking finance companies like Tata Capital and L&T Finance. The Walmart owned company is offering six credit products to its customers.
Share market update: Most active stocks of the day in terms of total traded value
The NSE Nifty index was trading 0.35 points down at 22200.2
Maldives gets IMF debt warning as more Chinese loans loom
Maldives warned by IMF of 'debt distress' due to heavy borrowing from China. Urgent need to increase revenue, reduce spending, and limit external borrowing to avoid economic crisis amid high risks and dependence on Chinese funding.
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.
Q4 results this week: Zomato, Airtel, M&M among 501 companies set to announce earnings this week
Some notable companies that will announce their earnings this week include Varun Beverages, Zomato, Airtel, Siemens, Power Finance Corp, Mahindra and Mahindra, HAL, and JSW Steel, among others. Overall, around 501 companies are set to release their quarterly numbers this week.
What's the new RBI proposal giving cold sweats to lenders?
The Reserve Bank of India (RBI) has proposed stringent new rules for project finance, aiming to minimize risks associated with long-gestation infrastructure projects. These regulations include higher provisioning during construction phases and classification of delayed projects as non-performing assets. However, banks and NBFCs fear these rules may hinder project viability and impede India's capital expenditure momentum.
Share market update: Most active stocks of the day in terms of total traded value
The NSE Nifty index was trading 70.8 points down at 22231.7
Govt evaluating RBI proposal for higher infrastructure provisioning; bankers, NBFCs voice concern
Lenders may oppose the draft rules, which proposes provisioning of up to 5% from current 0.4%, due to concerns over rising interest rates and potential disruption to capital expenditure. Banks plan to lobby against the steep increase, arguing it could affect project viability and economic momentum. State-owned NBFCs and infrastructure firms are also raising concerns, emphasizing the need to balance risk and support for infrastructure financing.
PFC seeks legal view on Shapoorji Pallonji promoters' Rs 15,000 crore loan ask
State-owned Power Finance Corp (PFC) is seeking legal counsel regarding the approval of a ₹15,000 crore loan to the promoters of the Shapoorji Pallonji (SP) Group, leveraging their 18.37% shareholding in Tata Sons as collateral. Earlier this year, the Mistry family, who are the promoters, proposed obtaining funds from the lender based on cash flows from their real estate business and their Tata Sons shares.
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.
Share market update: Most active stocks of the day in terms of traded value
The NSE Nifty index closed 33.15 points down at 22442.7
Akash Bhanshali picks stake in this multibagger, trims in 2 other smallcaps
Bhanshali has added Pan Electronics India into his kitty with purchase of a 2.50% stake in the January to March period. The stock has been in top form this year with over 70% returns so far. Over a one-year period the gains extend to 97%. This is significantly higher than the 26% returns given by Nifty in the same period.
Rewind! Let's take a look at India's largest FPOs
As Vodafone Idea gears up to raise as much as Rs 18,000 crore through India’s largest FPO, let's take a look at other mega follow-on offers before this one: (Source: ETIG)
Ferns Estates buys luxe hotel in Goa for Rs 175 cr
Bengaluru's Ferns Estates has acquired a luxury hotel in Goa with plans to develop additional suites, aiming to capitalize on the high demand for such accommodations. The company secured a ₹150 crore project loan from Bajaj Finance for this expansion. With Goa being a popular tourism destination, the move is expected to enhance Ferns Estates' profitability. Additionally, the company plans to add about 1,000 keys to its resort portfolio over the next 3-5 years, targeting diverse locations to cater to a wide range of travelers.
Mutual Funds exited these 5 stocks in February. Do you own any?
India mutual funds have exited these 5 stocks from their portfolio in February, according to the data pulled out from ACE MF.
Tourism Finance Corporation hit 5% upper circuit amid block deal
TFCI Share Price: As per reports, on Tuesday, 13% of Tourism Finance's equity changed hands in a block deal. The buyers and sellers in the deal are not known.
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