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While this was better than Dec’08 (immediately post the 26/11 attacks), data is disappointing. Jan is traditionally considered peak business season for star hotels and average occupancy falling to 58% (vs. 79% in Jan’08) with ARRs down 14% YoY in 10 key cities across India does raise downside risks to earnings. Bangalore and Pune reported … Read more India Hotels – Sharp Decline in Occupancy and Avg Room Rent
Responding to the Reserve Bank of India’s cut in repo and reverse repo rates by 50 basis points each on Wednesday, private sector lender ICICI Bank has announced a 25-50 basis point (bps) cut in interest rates on new home loans. As per the announcement, new ICICI home loans of up to Rs 20 lakh … Read more ICICI Bank slashes home loan rates by just 25-50 bps
Tata Group of companies (represented by five largest listed entities) would generate Rs100 bn in free cash flows in FY2010E, against Rs117 bn in debt coming due for repayment/refinance, implying a funding gap of Rs17 bn. Coverage ratios at the group level are 2.8X net debt/EBITDA (4X debt/EBITDA) and 4.3X EBITDA/interest based on FY2010E EBITDA … Read more Tata Group’s funding challenges manageable – Kotak
India’s tea exports have declined by about 25% in the months of January compared with same month last year. As per the data released by tea board of India, total tea exports in January 2009 stood at 12.69 million kg compared with 16.89 million kg of tea exported in January 2008. The decline was much … Read more Tea exports dip 25%
Retail chain major Subhiksha Trading Services has decided to shed half of its leased properties on account of mounting lease rentals as the company is facing a severe financial crisis. The retail chain, which has around 1,600 shops in India and is spending around Rs 7 crore every month as rent, will save around Rs … Read more Crisis-ridden Subhiksha to shed 50% of leased properties to cut costs
Foreign institutional investors (FIIs) were net sellers of Rs 590.92 crore (provisional) in the cash segment on Thursday, as per information posted on the BSE website. While FIIs made gross purchases of Rs 1,533.35 crore, their gross sales stood at Rs 2,124.27 crore. Domestic institutional investors (DIIs) were net buyers of Rs 479.04 crore (provisional) … Read more FII net sellers of Rs 591 cr in cash segment on Thursday