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Holy cities like Ayodhya drawing retail giants

March 28, 2024 - 4:24pm
With rising spiritual tourism, retail brands are expanding their presence in cities like Ayodhya, Varanasi, Amritsar, Puri, Tirupati, and Ajmer, and also offering products to cater to the needs of pilgrims, according to CBRE. Real estate consultant CBRE on Thursday released a report 'Decoding Real Estate through the Spiritual Tourism Lens', highlighting that retail chains are capitalising on the surge in spiritual tourism across 14 key cities in India. The report identifies Amritsar, Ajmer, Varanasi, Katra, Somnath, Shirdi, Ayodhya, Puri, Tirupati, Mathura, Dwarka, Bodh Gaya, Guruvayur, and Madurai as key cities witnessing this retail boom. The consultant noted that retail brands are strategically adapting their offerings in both established mall clusters and high-street locations to cater to the growing tourist population. In Ayodhya, Manyavar, Reliance Trends, Raymonds, Market99, Pantaloons, Domino's, Pizza Hut, and Reliance Smart have opened their retail stores, the report said. Manyavar, Reliance Trends, Zudio, Pantaloons, Shoppers Stop, Burger King, Domino's, Pizza Hut, McDonald's, Spencer's, Reliance smart, Croma and Reliance Digital are present in Varanasi. Anshuman Magazine Chairman & CEO, India, South-East Asia, Middle East & Africa, CBRE, said, "The rapid expansion of spiritual tourism in India is driving the growth of the country's faith-based tourism market." The government initiatives to promote tourism and improve connectivity between pilgrimage sites are further boosting this growth, he added. "The rise of online retail platforms offering easy access to faith-based products and services is also a key factor," Magazine said. Retail brands across segments, including fashion & apparel, food & beverage, hypermarkets, homeware & department stores, and consumer electronics brands, are expanding by tailoring the offerings to the pilgrim's needs. Ram Chandnani, Managing Director, Advisory & Transaction Services, CBRE India, said, "Driven by the growing popularity of spiritual tourism, investors are flocking to capitalise on the market's potential. Guided by a commitment to cater to the unique needs of spiritual travellers, these investments aim to deliver high-quality accommodations, bolster infrastructure, safeguard heritage sites, and ultimately drive regional economic growth." This trend has created opportunities for the hospitality and retail sectors to thrive in these destinations, he added.
Categories: Business News

2 IPOs, backed by Vijay Kedia and Ashish Kacholia, booked over 10x each on Day 2

March 28, 2024 - 3:30pm
Continuing the positive trend seen on the first day, the SME IPOs of TAC Infosec and Radiowalla Network, backed by marquee investors Vijay Kedia and Ashish Kacholia, respectively, were subscribed over 10 times on the second day of the bidding process.Here's a look at all the details:TAC Infosec IPOThe IPO of TAC Infosec, in which Vijay Kedia has invested, sailed through on the first day of the bidding. The issue picked up momentum even on the second day with an overall subscription of 17 times so far.The company has fixed a price band of Rs 100-106 per share.Investors can bid for 106 shares in one lot and then in multiples. The cybersecurity company's public offer comprises a fresh equity issue of 28.2 lakh shares.The issue is being made through the book-building process, wherein 50% of the offer is reserved for qualified institutional buyers, 15% for non-institutional investors and 35% for retail investors.TAC Infosec is engaged in the business of providing risk-based vulnerability management and assessment solutions, cybersecurity quantification and services of penetration testing to organisations of any scale, size, and business through the SaaS model.Also Read: SRM Contractors IPO marching towards 50x subscription on final day. Check GMP and other detailsRadiowalla Network IPOAce investor Ashish Kacholia-backed Radiowalla Network, one of the leading providers of B2B customer engagement services, has also seen its IPO get over 10x subscriptions on the second day of the bidding.As of the RHP, Kacholia holds about 10.6% equity in the company.The company is aiming to raise Rs 14.25 through this IPO, which will close on April 2. The issue size is up to 18.75 lakh shares at face value of Rs 10 each.The IPO is priced in the range of Rs 72-76 per share, where investors can bid for 1,600 shares in one lot and then in multiples.In the IPO, around 5.26 lakh shares will be allocated to anchor investors, around 3.53 lakh shares are reserved for qualified institutional buyers, 6.17 lakh shares for retail investors and the rest for non-institutional investors.Radiowalla Network specialises in B2B-focused customer engagement services. The company offers a comprehensive range of solutions, including in-store radio, corporate radio services, and a variety of audio and visual advertising options.
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India's borders totally secure: Rajnath Singh

March 28, 2024 - 2:48pm
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'Start accumulating stocks down 20-40%'

March 28, 2024 - 2:20pm
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IPL 17 shows record-breaking viewership

March 28, 2024 - 2:06pm
The 17th edition of the IPL registered record-breaking viewership on the opening day with 16.8 crore people watching the glittering ceremony and the game, according to the host broadcaster. Disney Star, the official broadcaster, said the opening day also registered a watch-time of 1276 crore minutes -- the highest-ever for the first day of any season. The 17th season of IPL also witnessed the highest-ever peak TV concurrency for an opening day, with 6.1 crore viewers watching the broadcast simultaneously on the Disney Star network. Defending champions Chennai Super Kings defeated Royal Challengers Bengaluru by six wickets on the opening day of the ongoing IPL in Chennai on March 22. "This is a monumental achievement, made possible by fans' love for Star Sports and an unwavering commitment of the network to 'serving fans'. We would also like to thank all our partners and extend heartfelt gratitude to the BCCI for their support of the wide array of initiatives that Star Sports has continually undertaken to grow Cricket and TATA IPL," a Star Sports spokesperson said in a release. "This growth is a reaffirmation of the incomparable capacity of Live Cricket to aggregate audiences on TV and provides a blockbuster start to the tournament. We will continue to enrich the magic of one of the world's biggest sporting events to take forward the launch momentum and deliver unprecedented viewership." The record-breaking TV viewership on the opening day comes on the back of an array of programmes in the lead-up to the 17th season which attracted more than 24.5 crore viewers till a week prior to the start of the tournament.
Categories: Business News

RBI's hand behind today's rally in banks, other financial stocks

March 28, 2024 - 1:10pm
Shares of banks and NBFC shares like Bajaj Finance on Thursday rose up to 4% after the Reserve Bank of India (RBI) relaxed rules regarding provisions for investments in Alternative Investment Funds (AIFs) by all regulated entities. Led by healthy buying seen in banks and other financial stocks, Nifty rallied over 200 points today and crossed the 22,300 level.Bajaj Finserv and Bajaj Finance rallied 4% each, while heavyweights ICICI Bank, HDFC Bank, and SBI were the top contributors to the upside seen in Nifty as well as Sensex.RBI's December circular prohibiting regulated entities such as NBFCs from investing AIFs having downstream investments either directly or indirectly in a debtor company of the entities had stressed investors. The rules also required entities to liquidate their investment within 30 days from the date of downstream investment or make 100% provision.Now, the RBI has tweaked the rules. Rather than a 100% provision, banks and NBFCs need to set aside funds to only cover that part of their investment in an AIF that is further invested in the debtor company.The revised circular excludes investments in equity shares of debtor companies but includes other investments like hybrid instruments.Also read | RBI issues advisory on banks' investments in alternative investment funds"This relaxation will certainly help the AIF as well as the financial services industry, as the maximum investment would be in the nature of equity investments by AIFs. The situation of hybrid instruments is not exempted. This would include investment in compulsorily convertible preference shares (CCPS) by AIFs; this may not be intended as CCPS are quasi-equity and not a debt instrument. There is an adequate case for exempting CCPS investments as well," Punit Shah of Dhruva Advisors said.Technically, the reading of the circular is that in a Rs 1,000 crore fund, for example, if the RE investment is Rs 100 crore and if the AIF, for example, has invested in common debtor entity which is only Rs 50 crores, then now the provisioning requirement would be to the tune of the Rs 50 crores and not the entire Rs 100 crores of AIF exposure by the RE, Dipen Ruparelia, Head of Products, Vivriti Asset Management, said.Previously, the interpretation was that even in the case of the exposure by the AIF was only Rs 10 crore, the provisioning requirement was on the entire investment of Rs 100 crore by the RE.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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