Deloitte has been selected to manage the resolution process for Jaiprakash Associates amid its insolvency case involving claims over Rs 51,509 crore. The company’s major creditors—SBI, ICICI Bank, and IDBI Bank—hold nearly 60% of its debt. Jaiprakash Associates' diverse assets include cement plants, real estate in YEIDA, hotels in multiple cities, and India's only Formula One track.
11 Sep, 2024, 10:57 PM IST
Paralympic champion Kumar Nitesh has urged for para badminton to be managed by the Paralympic Committee of India instead of the Badminton Association of India. He highlighted issues such as lack of recognition, administrative delays, and logistical problems that hinder the progress of para shuttlers.
11 Sep, 2024, 07:40 PM IST
9 individuals joined the 2024 Hurun India Rich List, driven by successful IPOs. Entries include Pradeep and Pankaj Rathod of Cello World.
03 Sep, 2024, 12:27 PM IST
The Delhi High Court has ruled that Taj Iconic Membership's managing director is permanently restrained from using the 'Taj' name, logo, and content. The court also directed the transfer of Taj Iconic's domain to The Indian Hotels Co Ltd (IHCL). Taj Iconic was found guilty of trademark infringement and defrauding a jeweller of gold coins worth Rs 51 lakh.
02 Sep, 2024, 09:02 PM IST
Realty developer M3M India and Oravel Stays, the parent company of OYO Hotels & Homes, have signed an MoU to expand the Sunday hotel brand in India. The first project will be a 220-key hotel at M3M SkyLoft, Gurugram, spanning 1.67 lakh square feet. Located near Cyber City 2, this hotel aims to attract business travelers and conference attendees.
30 Aug, 2024, 09:32 AM IST
Puneet Chhatwal, MD & CEO of IHCL, discusses the expected long-term growth in India's hospitality sector. He highlights the increasing demand for talent and business travel, and IHCL's strategy of launching and re-imagining properties. Chhatwal anticipates significant contributions to the economy, with double-digit growth fueled by innovative initiatives and strong market demand.
30 Aug, 2024, 08:11 AM IST
Political unrest in Bangladesh is causing a significant drop in inbound tourism to India. Bangladeshi travelers, who usually make up 23% of India’s inbound tourism—primarily for medical and shopping reasons—have seen a 90% decline in outbound travel due to recent turmoil. With flights disrupted and visa services limited, travel between the two countries has nearly halted. This decline, particularly affecting popular destinations like Kolkata and Northeast India, has led to a 40% drop in bookings from Bangladeshi visitors. 19 Aug, 2024, 08:19 AM IST
Manu Bhaker's coach Jaspal Rana criticised the national federation's inconsistent Olympic selection policy, which he believes has harmed talented shooters. He called for a stable policy and better support for personal coaches at national camps. Rana warned that this inconsistency could damage more young talents if not addressed. 18 Aug, 2024, 11:07 AM IST
Updated claims as of end July show that financial creditors including homebuyers are owed a total of Rs 51,510 crore led by SBI which with close to Rs 15,500 crore is the largest creditor with 30% of the debt followed by ICICI Bank with 18% and IDBI Bank with 11%. All three together hold close to 60% of the debt and adding LIC's 6%, make the 66% vote needed to approve a resolution. 16 Aug, 2024, 10:20 AM IST
While the under current of the market is still bullish but as corrections and consolidation are part of every bull market, it would be better that investors better be ready to deal with volatility at every point of time. If it comes due to international reasons then the initial part of any volatility is led by large caps, there is a higher probability that the large caps are able to stabilize much before any part of the market. But if it comes due to local reasons, then it is midcap which comes under pressure. If one is thinking of fresh exposure to the market it would be better to stick with large caps. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks. 14 Aug, 2024, 12:49 PM IST
The Jhunjhunwala family's wealth in listed firms, which surpassed ₹50,000 crore for the first time in the March quarter, declined by nearly 8% to ₹47,053 crore by the end of the June quarter. Stocks like Titan, Crisil, and Sun Pharma Advanced Research fell between 10% and 35% during this period. 12 Aug, 2024, 05:58 AM IST
he record date is the date set by the company to decide the shareholders who are eligible to receive the offer. To be eligible for a buyback offer, bonus issue or a stock split, the shares should be in the demat account on the record date. 10 Aug, 2024, 04:50 PM IST
If you are thinking why Bank nifty was amongst the indices which got hit maximum on Monday. The answer is simple, the first part of every correction is also led by large caps stocks and that too specifically the stocks from the sectors which have big ownership by FPI. The biggest FPI exposure is in banking and IT stocks and that is the reason why banking was hit. The other fact is, large caps are the one to bounce the first because the same FPI will come and buy large, though it might from a different sector. Also a correction which has emanated from global markets tends to be stronger, but also short lived. Yes, this is happening due to unwinding of the Japanese carry trade. But a simple point, unwinding of carry trade has a limit and when that gets over, probably the Indian market will be an out performer. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks. 06 Aug, 2024, 03:43 PM IST
If you are thinking why Bank nifty was amongst the indices which got hit maximum on Monday. The answer is simple, the first part of every correction is also led by large caps stocks and that too specifically the stocks from the sectors which have big ownership by FPI. The biggest FPI exposure is in banking and IT stocks and that is the reason why banking was hit. The other fact is, large caps are the one to bounce the first because the same FPI will come and buy large, though it might from a different sector. Also a correction which has emanated from global markets tends to be stronger, but also short lived. Yes, this is happening due to unwinding of the Japanese carry trade. But a simple point, unwinding of carry trade has a limit and when that gets over, probably the Indian market will be an out performer. ET screener powered by Refinitiv’s Stock Report Plus lists down quality stocks with high upside potential over the next 12 months, having an average recommendation rating of “buy” or "strong buy". The screener applies different algorithms for all BSE and NSE stocks. 06 Aug, 2024, 06:00 AM IST
Facing financial distress, Jaypee Group is seeking ₹10,000 crore in high-cost financing from global credit funds such as Varde Partners, Ares, Cerberus, and Hillhouse to rescue its flagship company, Jaiprakash Associates Limited (JAL), from insolvency. JAL was admitted for insolvency on June 3 by the NCLT following a petition by ICICI Bank. Key issues include disputes with land authorities and principal repayments due in 2037. The company plans to refinance loans and sell assets, including real estate, cement plants, and a Formula One racetrack. 02 Aug, 2024, 12:21 AM IST
Out of the lot, 5 are Nifty companies, i.e, Ultratech Cement, Maruti Suzuki, Cipla, Divi’s Laboratories and Hero Motocorp. Other names include companies like Vedanta, Oberoi Realty, Sundaram Finance etc. 27 Jul, 2024, 12:43 PM IST
Advocates from the hospitality industry are urging the government in the upcoming Union Budget to classify hotels as infrastructure to enhance investment appeal and move away from luxury or 'sin' goods labels. They seek incentives like tax breaks for eco-friendly practices, highlighting tourism's potential for GDP growth and job creation. 07 Jul, 2024, 12:17 PM IST
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. 06 Jul, 2024, 12:49 AM IST
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. 05 Jul, 2024, 11:33 PM IST
Bankers said guarantees by chairman Gaur and vice chairman Sunil Kumar Sharma totalling close to Rs 800 crore are of little consequence after nearly seven years since the company was first referred to bankruptcy by the Reserve Bank of India (RBI) in 2017 among the 26 large defaulters of bank loans during that period. 02 Jul, 2024, 12:01 AM IST
EIH Associated Hotels surged 17% to Rs 845 on BSE as it plans to issue bonus shares. The company's strong performance is evident from Trendlyne data. It is part of The Oberoi Group, known for luxury hotels and various services. 10 Jun, 2024, 01:08 PM IST
Jaypee home buyers: Jaiprakash Associates Ltd (JAL) is currently in the process of insolvency proceedings, and an appointed resolution professional by the NCLT will now assume control. As per a news report from the Times of India, the board, previously led by the Gaurs, will cease to function. 04 Jun, 2024, 01:02 PM IST
Grover said the company is also conducting a pilot in Mumbai for ‘Mehfil-e-Behrouz’. “Under this, we will arrange a buffet-like setup for people wishing to host a gathering through Behrouz complete with table runners, and kebabs and curries as accompaniments,” he added. 27 May, 2024, 10:56 PM IST
According to MakeMyTrip's summer travel trends, the family travel segment has grown by 20% this year, as compared to the summer of 2023, while solo travel grew by 10% over last year's numbers. In terms of most booked holiday packages this summer, destinations with cool mountain terrains are the top picks with Himachal Pradesh, Kashmir, Goa, Kerala and the North East emerging as most sought after places. 27 May, 2024, 12:49 AM IST
Relais & Châteaux plans to expand in India due to high trip spend. President Gardinier studies properties fitting association's DNA. Emphasis on local design and gastronomy. Top source markets are US, France, UK. 06 May, 2024, 08:39 AM IST
Founded by an Indian-American couple from Bihar, Florida-based Cricketbuster is trying to capture this "cricket mania" among the Indian-American population and those from the cricket-playing nations by offering them customisable travel packages that include official match tickets, hotels, flights, cruises and many other attractions for international cricket tournaments and the all-important T20 leagues all across the world. 07 Apr, 2024, 10:49 AM IST
KB Kachru elected president of HAI, succeeding Puneet Chhatwal. Rohit Khosla as VP. New management team elected for a two-year term. Dr JK Mohanty, Sanjay Sethi, MP Bezbaruah, IHCL Seleqtions, Shashank Bhagat, Sonali Chauhan also elected. 20 Mar, 2024, 10:41 AM IST
With the state Congress regime’s second budget slated for Friday, hotels and restaurants are pressing the government for the industry status and easing out licensing challenges. An industry status like restaurants in Gujarat and neighbouring Maharashtra enjoy, would give them benefits in property tax and electricity tariffs. 14 Feb, 2024, 09:30 PM IST
Earlier in the day, India's G20 Sherpa Amitabh Kant had asked the hospitality and tourism sector players to tell politicians about the creation of 25 million jobs by 2030 while seeking their help for the demand of industry and infrastructure status. 12 Feb, 2024, 05:45 PM IST