Destinations Financial News

NEW DELHI : India's small cities and towns, once emblematic of neglected infrastructure and stagnant lifestyles, are now hotspots of rising consumption—a pattern not gone unnoticed by India’s hospitality sector. Demand for hotels and resorts in small cities and towns, especially those categorized as tier 3 and 4, is climbing at an unprecedented rate. Cities such as Mhow, Silvassa and Rewa, which offer attractive investment opportunities at lower land acquisition and operational costs, are emerging as compelling destinations for a good number of hospitality companies.

West Bengal killed six people on Monday after the state witnessed significant rainfall across districts. The sudden change in weather was seen as a relief from prolonged heatwaves. However, harsh weather resulted in infrastructure damage and even impacted flight services in the state.

New Delhi: India on Monday permitted export of 14,000 million tonnes of non-basmati white rice to Mauritius, the Directorate General of Foreign Trade (DGFT) said in a notification. “The export of 14,000 MT of Non-Basmati White Rice to Mauritius has been permitted through National Cooperative Exports Limited (NCEL),” the DGFT said. In July 2023, the government had prohibited the export of non-basmati white rice but it had said exports would be allowed on the basis of permission granted to other countries to meet their food security needs and based on requests from those countries.

Indian oil refiner Reliance Industries has resubmitted a request to the U.S. for an authorization to import crude oil from sanctioned Venezuela, three people close to the matter said, and resume oil trade between the OPEC producer and the once second-largest destination for its oil. French oil producer Maurel & Prom separately on Monday said the U.S. on Friday granted it a license to conduct oil and gas operations in Venezuela for the next two years. The U.S. in April did not renew a general license for Venezuela to export oil and fuel to its chosen markets, and gave 45 days to companies to wind down transactions. But the U.S. had said some individual authorizations to foreign firms seeking to do oil business with Venezuela would be issued.

Gold rate today jumps after disappointing US non-farm payroll data, slide in US dollar rate, Xi Jinping's Europe trip According reports, Chinese consumers have increasingly turned to gold amid waning confidence in conventional investment avenues such as real estate or stocks. Concurrently, the nation's central bank has consistently bolstered its gold reserves while reducing its holdings of U.S. debt.

Milan, 6 May 2024 – AC Milan and TG.Casino are delighted to announce a new partnership, which sees the crypto casino platform become the Official Regional iGaming Partner of the Rossoneri in Europe. 

Taarak Mehta Ka Ooltah Chashmah' actor Gurucharan Singh, who has been missing for almost two weeks, is suspected to have orchestrated his own disappearance, according to reports. The Delhi Police are actively investigating this perplexing case. The disappearance saga began on the evening of April 22 when Gurucharan Singh, known for his role as Roshan Singh Sodhi on the popular show, was expected to board a flight from Delhi to Mumbai but never did. His father raised concerns and filed a missing person report, stating that Gurucharan had left for Mumbai on April 22 at 8:30 pm but never reached his destination nor returned home, and his phone was unreachable.

Minor Hotels, a global hotel owner and operator with more than 540 properties in 56 countries said on Thursday that it plans to expand its presence in the Indian hospitality market and is targeting 50 new openings within the next decade. The group said it will focus its strategy on the upper-upscale and luxury hotel segments, where it expects strong interest from owners for its Anantara, Avani, and NH Collection brands. Minor said for Anantara Hotels & Resorts, the group is building on 'core brand differentiators' by targeting opportunities in Ayurvedic wellness retreats, wilderness lodges, and historical palaces. It also believes Avani Hotels & Resorts is well positioned to fill a significant gap in the lifestyle hotel space across India, while NH Collection Hotels & Resorts will prove attractive for upper- upscale conversion opportunities.

India is one of the «fastest-growing markets» for online accommodation hosting platform Airbnb and the country has the potential to be among its top 10 global markets in the coming years, according to its Chief Business Officer Dave Stephenson. The company is investing in India to tap the opportunity of a rapid rise in tourists travelling to foreign destinations as well as domestic places that are rapidly growing post-pandemic and where 90 per cent of its first-time bookers are Gen Zs. «It (India) is one of our growth markets and we see a huge opportunity for growth in India in the future. In India, nights booked grew by almost 30 per cent YoY (Year-on-Year) in 2023 compared to 2022, which is a positive sign,» Stephenson told PTI.

Reuters reported on Thursday. The move by the Food Safety and Standards Authority of India comes at a time when the country’s popular spice brands are under scrutiny for quality-related concerns after Hong Kong and Singapore banned certain readymade spices from MDH and Everest—considered household names in India for spicing up our daily food palette. The development is not good news for the world’s largest spice producer and consumer.

Over the last few years, the Indian real estate sector has observed a notable shift, as homebuyers are increasingly looking out for serene and offbeat destinations that are far away from the hustle and bustle of metropolitan cities. Cities like Sonipat, Bhiwadi, Panchkula, and Meerut have emerged as premier locales for residential investments, boasting a blend of natural beauty, cultural richness, and a growing economy. This transition reflects a desire for a better quality of life, where serenity meets modern amenities in a relaxed environment.

In the ever-evolving landscape of India’s real estate sector, 2024 is poised to witness a heightened surge in the investments by non-resident Indians (NRI), particularly in the luxury residential market. As per a NoBroker report, between 2019 and 2020, NRIs constituted 10% of total real estate investments in India, which surged to 15% in 2023 and are projected to reach 20% by 2025. This surge in interest in luxury properties is fuelled by various factors that make the industry an increasingly lucrative investment opportunity for them.

Royal Green Realty has announced the launch of the new phase of its Royal Green County project in Bahadurgarh, Haryana, named ‘The Select.’ Spanning across 40 acres of land, this project comprises villas, floors, plots, first-time SCO, etc.

IndiGo makes long-haul foray, orders 30 wide-body aircraft "There is a linear decline in market share of Indian carriers in international markets beyond 5-6 hours. Indian carriers are signifiantly under-represented in wide-body, long-haul market. We should be able to compete with global aviation hubs," Elbers said in a conference call with analysts and journalists.

Securities and Exchange Board of India (SEBI) guidelines for Small and Medium REITs (SM-REITs) is expected to list over Rs 4,000 crore worth of existing fractional assets under management owned by multiple platforms over the next 2-3 years. SEBI has recently issued guidelines for Small and Medium Real Estate Investment Trusts (REITs), which are expected to facilitate the listing of a significant number of previously unregistered fraction ownership platforma (FOPs) like Strata, hBits PropertyShare, Assetmonk, Alyf, YOURS and WiseX dealing in real estate assets. The move is aimed at promoting transparency and accountability in the real estate sector, and is likely to provide a boost to the Indian REIT market. “SM REITs will not only foster retail investors’ interest in the real estate sector but will ensure investment portfolio diversification in a regulated environment.

Tata group-backed Indian Hotels Company (IHCL) has set an ambitious aim of a double digit topline growth this fiscal, besides plans of opening 25-30 hotels. It will also launch hotels overseas, but its primary target will remain India's thriving hospitality industry. “Our commitment extends to maintaining zero net debt while accumulating cash reserves, positioning us strategically for future investments in cash deployment, capex, M&A, or strategic reserves,” Puneet Chhatwal, MD and CEO of IHCL, told ET in an interview. Chhatwal said while FY2025 will be a 'breakthrough year' for international expansion, the primary focus will remain on the Indian subcontinent.

multi-billionaire family of Indian origin made their fortunes in fertilisers and polymers after shifting base to South-East Asia. Today, it is a materials powerhouse across the petrochem value chain. But these days top guns of India Inc chase them for another reason altogether. Their three-year-old project of passion — spread across 1,100 hectares in the heart of Tuscany, Italy — has become one of the hottest holiday destinations for those seeking ultra-chic experiences. After all, if you get the finest vegetarian food in a luxury villa along with an inbuilt village centre, spa and a golf course, all along with a swirl of the finest Tignanello Toscana as a sundowner, why should the bill be a bummer?

ALSO READ: India approves export of 10,000 tonnes of onion each to Sri Lanka, UAE On December 8, 2023, the Indian government had banned export of onions. The ban on export of onions was imposed to ensure adequate domestic supply against the backdrop of estimated lower Kharif and Rabi crops in 2023-24 compared to the previous year.

NEW DELHI : Indian hotel companies booked record profits in the just concluded financial year riding the long tail of revenge tourism. But this summer’s delivered a reality check. Large hotel chains including Hyatt, Marriott and Taj face a double whammy this year as they navigate a scorching summer as well as seasonal lulls amid the ongoing Lok Sabha election.

Top Events of the Day: Prime Minister Narendra Modi will hold four rallies in the North Karnataka region in Belagavi, Uttara Kannada, Davanagere and Ballari on April 28. Orange alert issued over severe heatwave until April 28. Congress in Karnataka to stage protest on Apr 28 against 'paltry' drought relief given by Centre and more PM Modi will begin a full-fledged campaign in parts of Karnataka: Prime Minister Narendra Modi will address four rallies in the North Karnataka region in Belagavi, Uttara Kannada, Davanagere and Ballari on Sunday.