leisure Hotels Group to invest Rs 100 cr to add 8 properties
New Delhi: Hospitality chain leisure Hotels Group is looking to invest around Rs 100 crore to add eight properties by the end of 2020 and come up with seven more hotels that will be managed by the company but funded by asset owners, a top company official said. The group currently operates 26 boutique properties with around 700 rooms across the country. The company plans to add a total of 15 hotels, of which, it will own eight properties. The seven other hotels that it plans to add will be managed by the company and for them the investments will be mainly made by the asset owners. “We are planning to add 15 hotels by the end of 2020. Out of them, eight will be owned by us and we will be spending around Rs 100 crore for these properties,” leisure Hotels Group Director Vibhas Prasad told PTI. The seven other hotels that the company plans to add will be managed by the company and for them the investments will be mainly made by the asset owners, he added. The new properties will come up at various locations in Uttarakhand, NCR and Goa, Prasad said. On being asked about how the company plans to fund the acquisition, Prasad said: “It will be a mix of debt and internal accruals. Our expenditure is mainly on the properties that we own and operate.” Going forward, the business model the company will follow will be a mix of owned hotels and managed properties, he added. Founded in 1989, the company’s portfolio comprises of hotels, resorts, luxury villas and camps.
Nine of top-10 most valued cos add Rs 65,129 cr in m-cap
New Delhi: Nine of the top-10 most valued Indian companies together added Rs 65,128.77 crore in market capitalisation (m-cap) last week, with RIl recording the maximum surge in its valuation. Tata Consultancy Services (TCS) was the only one to see erosion from its m-cap, while the rest nine companies, including HDFC Bank, ITC, Hindustan Unilever ltd (HUl) and HDFC registered gains. Over the last week, the m-cap of Reliance Industries ltd (RIl) soared Rs 21,920.73 crore to Rs 6,26,261.50 crore. ONGC’s valuation jumped Rs 8,983.26 crore to Rs 2,40,366.49 crore and that of HUl advanced by Rs 8,939.5 crore to Rs 3,26,042.97 crore. The m-cap of ITC soared Rs 7,810.75 crore to Rs 3,46,479.93 crore and that of Kotak Mahindra Bank surged Rs 6,460.57 crore to Rs 2,41,166.28 crore. HDFC Bank’s market capitalisation advanced by Rs 5,921.1 crore to Rs 5,22,160.91 crore and Maruti Suzuki India added Rs 1,789.83 crore to Rs 2,63,966.62 crore. The m-cap of Infosys went up by Rs 1,769.14 crore to Rs 2,57,945.41 crore and that of HDFC rose by Rs 1,533.89 crore to Rs 3,22,065.11 crore. On the other hand, TCS’ valuation slumped Rs 3,876.44 crore to Rs 6,62,458.36 crore. In the ranking of top-10 firms, TCS stood at number one position followed by RIl, HDFC Bank, ITC, HUl, HDFC, Maruti, Infosys, Kotak Mahindra Bank and Oil and Natural Gas Corporation (ONGC). Over the last week, the Sensex gained 620.41 points, or 1.78 per cent, to settle at 35,535.79.
RINl aims Rs 18K cr turnover in FY19
New Delhi: RINl, also known as Vizag Steel, is expecting to garner Rs 18,000 crore turnover in the current fiscal, a top company official has said. Rashtriya Ispat Nigam ltd (RINl) is the second largest steel-making company in the public sector. The company aims to achieve a turnover of over Rs 18,000 crore in 2018-19, RINl chairman and managing director (CMD) P Madhusudan has said in a statement. The company’s turnover in 2017-18 fiscal stood at Rs 16,625 crore. Explaining further, the CMD said the company is targeting saleable steel output of 5.7 million tonnes (MT) in the ongoing fiscal. In 2017-18, the company’s saleable steel output was at 4.5 MT. The company posted an EBIDTA of over Rs 200 crore (provisional) during 2017-18, the CMD said. RINl, he said, is targeting hot metal production of 6.4 MT and liquid steel output of 6.3 MT this fiscal. last month, the company had said that it was expecting to be back in the black in 2018-19 after a gap of three years. RINl produces special steel, including wire rod coils, rounds, billets of different grade and dimensions.