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Suzlon promoters sell 1.45% stake; Lalithaa Jewellery files for IPO
Tanti Holdings and three other promoter group entities sold 1.45 per cent stake in Suzlon on Monday. They sold 198.2 million shares at ₹66 apiece to raise ₹1,309 crore. Among the buyers were Motilal Oswal Mutual Fund, ICICI Prudential Life, Goldman Sachs, and Societe Generale. Shares of Suzlon closed at ₹67, up 0.6 per cent over previous close.
Lalithaa Jewellery files for ₹1,700 cr IPO
Jewellery player Lalithaa Jewellery Mart has filed preliminary papers with markets regulator Sebi seeking its approval to raise ₹1,700 crore through an initial public offering (IPO). The Chennai-based company's proposed IPO is a combination of a fresh issue of shares worth ₹1,200 crore and an offer-for-sale of equities valued at ₹500 crore by M Kiran Kumar Jain, according to the draft red herring prospectus. The issue includes a reservation for a subscription by eligible employees, and a discount is being offered to such employees. According to the draft papers filed on Friday, proceeds from the fresh issue to the tune of ₹1,014.50 crore will be used for setting up new stores, and a portion would be utilised for general corporate purposes.
Wipro shares worth ₹5,058 crore got traded among the promoter group entities under the block deal window on Monday. Data provided by stock exchanges showed Azim Premji Trust as the seller and Hasham Traders, Prazim Traders, and Prazim Trading & Investment as the buyers. A total of 202.3 million shares were traded at ₹250 apiece.
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Mint
an hour ago
- Mint
China's Bankers Ditch Global Hotel Chains as Travel Budgets Bite
(Bloomberg) -- These days, Shanghai-based banker Jason Zhang can no longer stay at the Westin hotel in downtown Beijing's financial district after his company cut its travel budget. Instead, he had to settle for a cheaper domestic hotel chain. To his surprise, the discount in room rate didn't lead to a discount in experience. Yes, the expansive breakfast buffet is gone, but Zhang relishes the local dishes served at the domestic chain Atour. Its pillows and comforters are so popular that many guests buy them after checking out. There's no scramble to pack and leave in the morning as checkout can wait until 6 p.m. Zhang is not alone in switching hotels. Chinese banks have scaled back travel perks since last year, barring staff from flying business class and booking pricey hotels, as China's economy slows and companies tighten their purse strings. And while it's making things tough for the top-end international brands, the greater financial prudence has opened up opportunities for smaller local chains that focus on the needs of business travelers. While spending on work-related travel in China slowed in 2024, it still grew to a record $372.5 billion, according to market researcher China Trading Desk. But much of the growth is being captured by hotels offering modest accommodation rather than the luxury end of the spectrum. Mid-range local brands could expand their market share from 45% in 2023 to up to 75% by 2028, the consultancy says. That's giving domestic chains a boost. Atour Lifestyle Holdings Ltd posted record revenue growth of 55.3% to 7.25 billion yuan ($1 billion), thanks in part to sales of its pillows and comforters. Another hotel chain H World Group Ltd saw revenue jump almost 10% year on year. This is in contrast to the major international brands, which are struggling in the Greater China region compared to the rest of the world. InterContinental Hotels Group Plc saw room revenue for business trips in the region decrease 5%, compared with a 2% increase globally. Hilton Worldwide Holdings Inc. says its revenue per room in Asia Pacific was flat, dragged down by China. Marriott International Inc. also saw its Greater China revenue decline, citing weaker domestic demand. 'The primary driver behind this transformation is corporate cost-cutting measures,' said Subramania Bhatt, chief executive officer of China Trading Desk. 'Beyond price, local brands have developed several competitive edges that appeal to business travelers.' While tighter travel budgets are a key reason some are switching hotel brands, it's only part of the story. Local chains unable to match international five-star chains in prestige and glamor are trying to make up in other ways. Yongbin Xu, a director at a private fund management company in Shanghai, used to stay at Marriott or Shangri-La hotels on work trips but has now switched to Intercity, an upper mid-scale brand operated by H World Group. He made the change not because of corporate cutbacks, but because he likes the location and service of Intercity hotels. A room at a Shangri-La or Marriott hotel in Shenzhen costs between 1000 yuan and 1200 yuan per night, while Intercity charges around 700 yuan for a room in the central business district. 'Of course, those hotels sacrifice some services, but for business trips, I don't have time to use the swimming pool or other high-end services,' said Xu. Xu's favorite service at H World: Robots that help ferry food deliveries from the hotel entrance to his room upstairs, whereas international brands ask guests to go all the way down to the entrance to pick them up themselves. Another perk that has won over many local travelers is free laundry, either through self-service washing machines or through a pick-up service. By contrast, it normally costs from 30 to 100 yuan per item for laundry services in the five-star hotels in Beijing and Shanghai. Local chains have also sought to gain an advantage over their larger rivals by the strength of their mobile apps, through which guests can access a broad array of services, such as selecting your own room or requesting more water, without having to speak to reception. While Chinese domestic hotel brands have become more competitive, they also face a number of challenges, including rising operational expenses and cut-throat price competition due to the surge in the supply of rooms in smaller hotels, guesthouses and home-rental apps in the country. By the end of 2024, the number of hotels in China had risen to 348,700, with 17.6 million rooms, both record highs, according to a report by the China Hotel Association. This weighed on the average room rate for both domestic and international brands, which declined between 2% and 7% last year. And prices may face even greater pressure in the coming years as the major chains keep expanding to meet rising demand from Chinese travelers. 'The downward trend in hotel prices and profits will continue this year due to oversupply, increasing the risk of investing in new hotels,' said Zhao Huanyan, a Shanghai-based independent hospitality industry consultant. Despite stronger sales, H World Group saw its profit decline last year due to expenditure on renovation and service upgrades. For Atour, its breakneck expansion appears to have led to a lapse in quality control. The pillow cases at one of its hotels in Hangzhou were found out to be ones meant for a hospital, sparking widespread media and online scrutiny. Atour later explained in a statement that it was a sorting mistake by its laundry supplier and temporarily closed down the location to replace all bed linen. In response to rising local competition, international hotel chains have been expanding their mid-range options in China. Almost 80% of the new hotels IHG has in the pipeline in the Greater China region belong to their more affordable brands, compared with around 20% in their luxury segment. Marriott's chief financial officer Leeny Oberg highlighted in the company's earning call in May the 'terrific interest' in their mid-tier brands. But for Zhang, it's unlikely to be enough to persuade him to switch his allegiance back from China's domestic chains. 'I expect I'll continue to stay at Atour hotels in the future, even for personal trips, as I've come to like them.' More stories like this are available on
Hindustan Times
an hour ago
- Hindustan Times
Harvard may get some of its funding back. But on one condition, says Education Secretary
Education Secretary Linda McMahon said on Tuesday that Harvard and other universities could get back some of the federal funding cut by the Trump administration if they changed their policies. 'It would be my goal that if colleges and universities are abiding by the laws of the United States and doing what we expect of them, that they can expect taxpayer funded programs,' the secretary said at a Bloomberg News event. McMahon said that the Trump administration was "making progress in some of the discussions" with Harvard, despite the ongoing legal battles. The secretary emphasised that the federal funding has a role to play in academic research at the universities. 'I think if we look at our research as for the public good, which I think is intended, then taxpayers are willing to see their tax dollars to support that kind of really good research. And so I'm sure that would continue at the university level,' she said. President Donald Trump has frozen more than $2.6 billion in federal research funding to Harvard and has moved to cancel its federal contracts. The Trump administration justified the actions as part of its effort to eliminate antisemitism on campus. Meanwhile, Harvard has also taken the fight to the court with two lawsuits against the Trump administration, challenging both the loss of federal funding and a decision by the Department of Homeland Security to revoke its license to enrol foreign students. The administration reportedly also asked the university to share its records about misconduct by international students on campus. However, it said that the college has not offered enough information to satisfy their requests. The Trump administration and Harvard have been at loggerheads, with the President repeatedly singling out the institution and taking aim at its perceived left-leaning and admission practices. Trump has proposed that Harvard's federal funding be moved to trade schools and called for its tax-exempt status to be removed. President Donald Trump recently said that the Massachusetts-based school was "starting to behave". Meanwhile, Harvard has rejected the administration's demands that it implement "viewpoint diversity" on campus in its hiring and admission practices. Columbia University has also lost about $400 million in federal funds and did not sign onto the "friend of the court" argument. Other private colleges, including Cornell University, Princeton University and Northwestern University, also have seen funding revoked in the Trump era.
Time of India
2 hours ago
- Time of India
Clean air zones set to transform Vijayawada, Vizag neighbourhoods from July
1 2 Vijayawada: Come July, select neighbourhoods in Vijayawada and Visakhapatnam could breathe easy, thanks to the phased implementation of the Clean Air Zones (CAZ) project. In a major step towards improving urban air quality, the Andhra Pradesh Pollution Control Board (APPCB) on Tuesday hosted a multi-agency workshop in Vijayawada to kick-start the phased implementation of CAZs. It brought together key officials from municipal corporations, police and transport departments of the two fast-growing cities and featured the expertise of Transport for London (TfL). Areas close to Ramesh Hospital Junction, Siddhartha College Junction in Vijayawada and King George Hospital in Visakhapatnam will benefit from the CAZ initiative and are gearing up for the implementation. "The phased approach will allow authorities to tailor solutions for these neighbourhoods to inspire more city-wide efforts, while building the foundation for broader, long-term clean air strategies across Andhra Pradesh", said P Krishnaiah, chairman, APPCB. Based on the broader vision of chief minister Chandrababu Naidu to foster healthier, future-ready urban environments, Artha India — a Mumbai-based organisation supporting governments for effective urbanisation and digitalisation implementation efforts — is leading implementation support for the project. Technical expertise for the project is coming from London and Delhi-based partners, TfL and TERI, respectively. Artha India is also expected to be onboarded as a knowledge partner to Andhra Pradesh for climate resilience and health. "A successful implementation of Clean Air Zones will improve air quality and particulate matter concentration at local hotspots. For the past two years, we have been gathering technical inputs and mapping stakeholders to support implementation of site-specific emission-reduction measures involving congestion management, streamlining public transport, last-mile connectivity, and other green initiatives", says Artha India CEO, Pritika Hingorani. The forthcoming phase of CAZ implementation will also include area improvement projects that include optimising parking arrangements and novel nature-based solutions like permeable pavements and Miyawaki forests at junctions. "We are confident that the participation and efforts of all stakeholders in implementing pollution control measures starting next month, including low-cost continuous air monitoring, will make CAZs a success. We are also exploring how to make this initiative sustainable and low-cost in the long run by involving businesses as partners in building a green and clean Vijayawada", said Dr. Swapna Kota, project manager , Sustainability and Resilience Unit, Greater Visakhapatnam Municipal Corporation.
