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Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
All eyes are on the BSE Sensex, as it is inching towards 50,000 mark. The SGX Nifty at 14,508 points a gap up opening of about 40 points, even as most Asian markets are trading marginally lower. However, the overnight closing of US stocks presents a positive signal.
The Sensex on Tuesday closed with a gain of 834.0 points at 49398.0 levels, just 600 points away from historical 50,000-landmark; the Nifty gained 240 points at 14521.1 levels while the Nifty futures closed at 14,470.
Going ahead, earnings and global cues would remain on the participants’ radar, said Ajit Mishra, VP - Research, Religare Broking. "Besides, we’re also seeing noticeable buzz across the sectors in run up to Budget. We feel it would be prudent for the markets to spend some time around the current levels," he added.
"Amid all, we suggest not to go overboard and stick to the quality names and accumulate them on dips".
Adani Enterprises: The Adani Group is set to get a concession from the Airports Authority of India for Jaipur, Guwahati, and Thiruvananthapuram airports for the next 50 years. The Airports Authority and the Adani group signed their concession agreement on Tuesday. Informing the exchanges, Adani Enterprises said that it will now be responsible for the Operations, management and development of Jaipur, Guwahati, and Thiruvananthapuram Airports respectively.
Tata Communications: The Government will sell its entire 26.12 per cent stake in the company, erstwhile Videsh Sanchar Nigam Ltd, through offer for sale and strategic sale route in the current fiscal. In a notice, the Department of Investment and Public Asset Management said a part of the shareholding will be offered through OFS and the balance, including any leftover portion in the OFS, will be offered to strategic partner Panatone Finvest Ltd. The transaction is to be completed by March 20, 2021, the DIPAM said.
McNally Bharat: The company on Tuesday informed the exchanges of bagging a series of orders from South Eastern Coalfields Ltd. In a joint venture, the company bagged separate orders worth Rs. 216.53 crore, Rs. 211.22 crore and Rs 173.46 crore for planning, design, engineering, construction, fabrication, erection and commissioning of RCC silos.
Prince Pipes and Fittings (PPF) has confirmed the receipt of Rs. 26.10 crore from Prince Marketing (Promoter group entity). PPF had remitted an advance amount of Rs.40 crore to Prince Marketing for the purchase of immovable property at Dadar (West), Mumbai. The conveyance of the immovable property between the Company (PPF) and Prince Marketing, had not been completed. Accordingly, PPF and Prince Marketing entered into an agreement to record the terms of repayment of the advance amount. Parag Chheda, Joint Managing Director, Prince Pipes and Fittings Limited, said the first major tranche of the total amount will support PPF's balance sheet, which has been the company's key focus.
Vesuvius India has announced that its board on Tuesday accepted the resignation of Subrata Roy, Managing Director, with effect from March 16. Nitin Jain will succeed Roy as Managing Director of the company for a period of five years from March 16, it said in a notice to the stock exchanges. The decision is subject to the approval of the Members of the Company to be obtained at the Company’s next General Meeting.
Welspun Specialty Solutions Ltd (Erstwhile RMG Alloy Steel Ltd) has received reimbursement of power subsidy for previous years of R 9.09 crore from the Gujarat government.
Result Calendar: Wednesday will see a host of big and actively tracked companies declaring their quarterly results. Among them include, Allsec Technologies, AgroTech Foods, Bajaj Finserv, Bajaj Finance, Confidence Energy, Confidence Petroleum, Dhruv Estates, Everest Industries, Excel Realty, Federal Bank, GG Engineering, GMM Pfaudler, Gulshan Polyols, Havells, HDFC Asset Management, Hindustan Zinc, Indo Rama Synthetics, L&T Technology, Newgen Software Tech, Quint Digital, Philips Carbon, Sasken Tech, Sagar Cement, Tejas Network, Tinplate, Udaipur Cement and VST Industries.
IPO update:
The initial public offering of Indian Railways Finance Corp has subscribed 1.22 times on the second day of IPO. The last day for the subscription is today. Ahead of the issue on Friday, it had raised ₹1,389.86 crore from anchor investors at ₹26, which is the upper end of the ₹25-26 price band fixed for the IPO.
Indigo Paints: The Rs. 1,170-crore IPO, at a price band of Rs. 1,488- Rs. 1,490 will open for anchor investors today. The IPO for public will begin on Wednesday. The company has raised Rs 347.91 crore from anchor investors by allotting 23.35 lakh shares at Rs 1490 a share.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
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