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Time of India
18-07-2025
- Business
- Time of India
ITC Hotels shares rise for third day; Elara Securities reaffirms ‘Accumulate' rating
ITC Hotels continued its upward momentum for the third consecutive day on Friday, rising 2.36% to Rs 247.66 in intraday trade. The rally comes on the back of a robust June quarter performance, prompting Elara Securities to reaffirm its 'Accumulate' rating on the stock. The company posted a strong 54% year-on-year (YoY) growth in net profit for Q1FY26, with profit attributable to shareholders rising to Rs 133 crore from Rs 87 crore a year earlier. Revenue from operations also increased 15.5% to Rs 816 crore, compared to Rs 706 crore in Q1FY25. Explore courses from Top Institutes in Select a Course Category Design Thinking healthcare others Management Operations Management Cybersecurity PGDM Digital Marketing Leadership Data Science Product Management MBA MCA Artificial Intelligence CXO Healthcare Public Policy Data Analytics Technology Others Project Management Degree Finance Data Science Skills you'll gain: Duration: 22 Weeks IIM Indore CERT-IIMI DTAI Async India Starts on undefined Get Details Skills you'll gain: Duration: 25 Weeks IIM Kozhikode CERT-IIMK PCP DTIM Async India Starts on undefined Get Details In its research note, Elara Securities said, 'ITC Hotels reported a better-than-expected Q1, driven by a 300bps increase in occupancy. The ramp-up in occupancy at ITC Ratnadipa led to stronger operating leverage. Higher other income—42% above expectations—contributed to the PAT beat. ARR grew 8% YoY to Rs 10,822, resulting in a 13% rise in RevPAR.' Elara added, 'ITCHOTEL enjoys a 34% RevPAR premium over the industry. At ITC Ratnadipa, occupancy is ramping up well, delivering an 80% RevPAR growth in Sri Lankan Rupee terms. With a continued scale-up at Ratnadipa (operations commenced in April 2024) and other recently launched hotels—25% of inventory still operating below 75% occupancy—along with rising ARR, we expect double-digit RevPAR growth to continue. We raise our SoTP-based target price to Rs 256 from Rs 225, valuing the hotel business at 28x Q1FY28E EV/EBITDA and Sapphire Residences at 1x NAV. Maintain Accumulate.' On the technical front, the daily Relative Strength Index (RSI-14) for the stock stands at 73.5. An RSI above 70 typically indicates overbought conditions, suggesting the stock has witnessed a strong rally and may be due for near-term consolidation or profit booking.
Mint
19-05-2025
- Business
- Mint
How new BookMyForex card with no ATM, cross-currency fees stacks up
NEW DELHI : Currency exchange service provider BookMyForex (BMF), a MakeMyTrip company, has launched a new forex card with two key offerings—zero fee on ATM withdrawal and cross-currency conversion. International ATM withdrawals with debit, credit, and forex cards levy a ₹150-500 fee per transaction. But the Global Forex Card, a single-currency forex card denominated only in US dollars, doesn't charge this fee. The BMF card also solves the biggest challenge associated with forex cards—cross-currency conversion. When forex cards are used in a country with a currency different from the one loaded, a cross-currency fee of 2-3.5% is charged. Also Read: Schengen, US visas: How to crack the application process and ensure that your summer travel plans go ahead smoothly A forex card loaded in USD used in Sri Lanka will carry forex charges at two points: first, when converting INR to USD while loading the card, and second, when converting USD to Sri Lankan Rupee at the time of payment—the cross-currency conversion fee. The BMF card also saves on this. This card can be particularly helpful in small countries such as Sri Lanka, Vietnam, Cambodia, Thailand, etc., whose currencies are not supported by even multi-currency forex cards. So far, the use case of forex cards in such countries as a means of payment for international transactions has remained limited, as their currencies are not supported by any forex card available in India. The BMF Global Forex Card changes that as it can be used in any country without worrying about a cross-currency conversion fee. Its features Forex rates offered by BMF are among the cheapest when compared to major banks and other forex marketplaces and are very close to the mid-market rates. As for the various charges, the forex card comes with zero forex mark-up, loading, unloading, and annual fees. There is no issuance fee either. However, a small delivery fee, which varies across different cities, is to be paid. Also Read: Travel hacks for a luxury Sri Lanka trip for just ₹1.5 lakh BMF doesn't charge anything to customers and earns only through the merchant discount rate (MDR) charged to merchants, said Sudarshan Motwani, founder and chief executive of the MMT platform. BMF's flagship offering is its multi-currency forex card that charges a 3.5% cross-currency conversion rate and a ₹100-450 fee on international ATM withdrawals. The newly launched USD-denominated Global Forex Card does not carry both these charges, making it a one-of-a-kind forex card. Zero ATM withdrawal fee is a useful feature as it's a convenient way to get local currency in cities where cards are not accepted for payments. When a cardholder makes an ATM withdrawal in a foreign country, the conversion rate from USD to the local currency will be as per the bank. For a limited time, BMF Global Forex Card holders will be rewarded 2% cash back on every forex transaction, capped at a maximum of ₹7,500. Should you get it? For international travel, travellers can choose between credit, debit, and forex cards for their digital payments. Debit cards cost the most among these three options as banks charge a steep forex mark-up of 2-4%. New-age fintech companies such as Niyo and Fi offer zero forex mark-up debit cards in association with banks, but you will need to open a new bank account just to get the zero mark-up feature. These bank accounts need a minimum monthly or quarterly account balance of ₹5,000-10,000, else a monthly ₹150-200 fee is slapped. Zero mark-up credit cards, such as IDFC FIRST WOW Travel Credit Card, Scapia and RBL World Safari Credit Card, are a better alternative. The other option is to get a credit card with a high reward rate that can fully or partially offset the forex markup charged on it, reducing the net cost. For instance, HDFC Infinia's forex fee is 2%, whereas its base reward rate is 3.3%, which means the reward rate will not only offset the forex markup but also earn a net 1.3% reward rate. Also Read: This 20-year-old travelled to three countries for under ₹90,000. Here's how. The BMF card is a better option than debit cards and can be considered by those who don't use credit cards. Students living abroad can also benefit from the low costs. 'As long as the student remains abroad for their studies, they can use the card without any time restrictions. It can only be loaded in USD as of now. However, it can be used globally wherever Visa is accepted without any conversion charges," said Motwani. It should be noted that forex cards fall under the Liberalised Remittance Scheme and attract a 20% tax collection at source after ₹10 lakh. This can impact students living abroad as their annual expenses can easily exceed this threshold. The absence of ATM withdrawal fees is a positive feature of the BMF Global Forex Card, said Sumanta Mandal, founder of Technofino. 'But keep in mind that the bank whose ATM you use might still charge you for using a foreign card. So, the choice of ATM is also very important." How to get it You can apply for the card on BMF's mobile application or website. Motwani explained there was a two-step KYC process. 'First, we use OCR (Optical Character Recognition) technology to capture and verify the customer's KYC documents digitally. This is then followed by an in-person KYC at the time of card delivery, ensuring full compliance with regulatory standards." The card is delivered in about 25 cities.
Khaleej Times
29-04-2025
- Business
- Khaleej Times
Gold & Forex Rates
UAE Draft Rates April 28, 2025 Updated 1 day ago currencies morning evening yesterday Indian Rupee (INR) 23.06 23.11 Pakistani Rupee (PKR) 76.48 76.48 Bangladesh Taka (BDT) 33.23 33.23 Sri Lankan Rupee (LKR) 81.42 81.42 Nepalese Rupee (NPR) 36.98 36.98 Egyptian Pound (EGP) 13.81 13.83 Philippines Peso (PHP) 15.33 15.33 Source Sponsored by
