Thomas Cook moves up after opening two forex outlets in Odisha

Thomas Cook India gained 1.6% to Rs 244.80 at 12:14 IST on BSE after the company announced that it has opened two foreign exchange outlets at Bhubaneswar Airport in its attempt to target the growth potential of Odisha market.

The announcement was made during market hours today, 8 December 2017.

Meanwhile, the S&P BSE Sensex was up 267.90 points, or 0.81% to 33,217.11. The S&P BSE Mid-Cap index was up 116.36 points, or 0.69% to 17,009.97, underperforming the Sensex.

On the BSE, 4,143 shares were traded in the counter so far, compared with average daily volumes of 33,292 shares in the past one quarter. The stock had hit a high of Rs 246.80 and a low of Rs 243.10 so far during the day. The stock had hit a record high of Rs 257.55 on 3 October 2017. The stock had hit a 52-week low of Rs 178 on 26 December 2016.

The stock had outperformed the market over the past one month till 7 December 2017, falling 1.01% compared with the Sensex's 1.26% drop. The stock had, however, underperformed the market over the past one quarter, dropping 2.31% as against the Sensex's 4.06% rise. The scrip had, however, outperformed the market over the past one year, advancing 29.2% as against the Sensex's 25.58% rise.

The mid-cap company has equity capital of Rs 36.69 crore. Face value per share is Re 1.

Thomas Cook (India) has identified Odisha as a significant growth market for its foreign exchange business and to leverage this opportunity, the company has opened 2 counters at Biju Patnaik International Airport, Bhubaneswar.

Industry data highlights that Bhubaneswar airport, the sole international airport in Odisha State, has delivered a strong compounded average growth rate (CAGR) of 22% in passenger traffic over the last two years and with 2.4 million passengers being handled in FY 2016-17, is one of the fastest growing airports in India.

In addition, Thomas Cook India's internal research has reiterated the strong and growing potential of Bhubaneswar airport as the gateway/hub to and from Odisha and via its two new airport counters, the company aims at harnessing this significant yet underleveraged opportunity for its foreign exchange business.

The two new airport counters extend Thomas Cook India's foreign exchange distribution and reach for Odisha to a total of 3 outlets and further augments its network in East India to a total of 23 consumer access centres: 15 owned branches and 8 gold circle partner (franchise) outlets.

On a consolidated basis, net profit of Thomas Cook (India) rose 267.8% to Rs 73.70 crore on 27.9% rise in net sales to Rs 2675.64 crore in Q2 September 2017 over Q2 September 2016.

Thomas Cook (India) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include foreign exchange, corporate travel, MICE, leisure travel, insurance, visa & passport services and e-business.

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