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The Economic Times

NCLAT stays order to re-run Rajesh Business' bankruptcy process

The National Company Law Appellate Tribunal has stayed a lower court's order to restart the bankruptcy process for Rajesh Business & Leisure Hotels after an appeal by ICICI Bank. The tribunal allowed all parties to file replies within two weeks, while staying the order that had cited procedural issues.

The Economic Times

Tata Technologies to drive aerospace growth amid supply chain crisis, airline cabin refurbishments

Tata Technologies is set to experience significant growth in the aerospace sector due to a supply chain crisis. The company has partnered with major aircraft manufacturers and MRO firms to expedite processes, focusing on cabin refurbishments and productivity improvements. This growth is driven by rising demand for premium seating among leisure travelers.

CNBC TV18

Ventive Hospitality IPO Alert: Firm files draft papers for fresh issue with SEBI

Ventive Hospitality is a hospitality asset owner with a primary focus on luxury offerings across business and leisure segments, as per the draft filed with the market regulator.

Business Standard

Balmer Lawrie eyes Rs 6K cr revenue by 2030, to hire consultant for growth

Diversified PSU Balmer Lawrie & Company is aiming at a revenue of Rs 6,000 crore by 2030 and is in the process of engaging a consultant to prepare a comprehensive growth plan, a top official said on Friday. The company, which operates across several business verticals, including grease and lubricants, industrial packaging, logistics and travel and vacations (T&V), has a current revenue of Rs 2,400 crore. "We are targeting a revenue of Rs 6,000 crore by 2030 and looking to appoint a consultant to guide us," Balmer Lawrie CMD Adhip Nath Palchaudhuri said. He also said the key focus areas for growth are travel and vacation, grease and lubricants, logistics, and industrial packaging. Palchaudhuri noted that the T&V vertical has substantial growth potential. "Around 80 per cent of the business lies outside government departments, predominantly in the private sector. We are actively promoting our services to capture a significant share of the leisure travel market," he said. The

The Economic Times

The Chapter to invest Rs 850 cr in luxury villas across leisure destinations

The Chapter, a luxury home developer backed by prominent investors, is set to invest over Rs 850 crore in developing high-end villas in prime leisure destinations across India. With significant projects planned for Goa, Alibaug, Karjat, and Kasauli, this initiative aims to meet the growing demand for exclusive living spaces among affluent buyers seeking privacy and luxury.

Business Standard

Elan Group gives Rs 500 cr contract to Leighton Asia for mall in Gurugram

Realty firm Elan Group has given a Rs 500 crore contract to Leighton Asia for the development of its shopping mall in Gurugram. In a statement, the company said it has "awarded the construction contract worth over Rs 500 crore to the Australian CIMIC Group's construction company, Leighton Asia, for its newly launched commercial mall, Elan Imperial." Located in Sector 82 in Gurugram, this mixed-use project includes a luxury retail mall, a five-star hotel and branded residences. Leighton is set to begin construction in November 2024. In August last year, Leighton was awarded with Rs 1,000 crore contract to construct Elan Group's flagship residential development, Elan The Presidential' in Sector 106, Gurugram. Rakesh Kapoor, Chairman, Elan Group, said the company has partnered again with Leighton. "With Elan Imperial, we aim to create a truly extraordinary destination for shopping, dining and leisure. This luxury mall will be the first of its kind in Gurugram, seamlessly integrating

The Economic Times

Europe's STOXX 600 climbs as upbeat earnings buoy travel and leisure, financial stocks

European stocks climbed on Wednesday, driven by gains in travel, leisure, and financial sectors. The STOXX 600 index rose by 0.5%, encouraged by signs of slowing U.S. inflation and potential Federal Reserve rate cuts. Key performers included Flutter, UBS, and Straumann, while Thyssenkrupp and Carlsberg faced declines.

The Economic Times

NCLT dismisses resolution for Rajesh Lifespaces' hotels business, orders rerun

The NCLT has dismissed the resolution plan for Rajesh Business & Leisure Hotels due to non-compliance and procedural irregularities. Stakeholders contest approval process. Legal experts highlight importance of adherence to IBC regulations. RP and CoC allowed to restart resolution process.

The Economic Times

Heatwaves burn a hole in hotels' revenue growth

Heatwave conditions and the seasonality of the hotel business impacted revenue growth in May 2024, with average revenue per available room growing only 2-3% year-on-year. Despite air passenger traffic rising 4.4%, occupancy rates remained flat at 60%. High temperatures affected leisure destinations, while business hotel demand recovered in major cities. Analysts expect similar trends in June and muted booking growth for the quarter.

The Economic Times

Rise in value-seeking customers, key FMCG sectors face tampering of growth: Report

The report highlighted a significant shift in consumer spending patterns with a rise in value-seeking buyers, which is evident across consumer businesses. While the consumer may increase their spending on leisure activities, suggesting a good performance for the aviation and hotel industries in FY2024-25, it added.