Page 7 - Hospitality Sector

Relief & uncertainties for hospitality sector: A reality check amid Covid

Business Standard's Nivedita Mookerji does a reality check from Ground Zero. Listen to this podcast

Hospitality firms may go for fund raising to stay afloat as recovery eludes

EIH's successful rights issue to help firm reduce debt substantially, paves way for more companies to actively consider fund raising

Hospitality finds little room in Kamath panel's debt restructuring plan

Majority of hotels do not meet the eligibility criteria of the RBI-appointed panel

We're seeing huge demand from ecommerce, BFSI, says Startek's Rajiv Ahuja

"The future of work, according to me, will be hybrid -- work from home and brick and mortar."

Hospitality major EIH gets board approval to raise up to Rs 350 cr

The rights issue price has been fixed at Rs 65 per equity share, including a premium of Rs 63 per equity share over face value of Rs 2 per share, it added

Kamath panel recommendations: Implementation to be key, say hotel execs

Hospitality firms say banks should be willing to restructure

OYO India offers voluntary separation or leave extension to employees

Post-unlock, the company started tracking to 30 per cent of pre-Covid-19 occupancy levels, OYO India said in a statement

Metro Cash & Carry to roll out 6 small-format stores focussing on kiranas

The wholesale chain currently 27 stores catering to kiranas, Horeca and hospitality sectors; the new stores will be half the size of earlier Metro stores, covering an area of 20,000-25,000 sq ft

Hospitality firms look at one-time debt restructuring as moratorium ends

On account of being highly leveraged, 15 per cent of the total 160,000 rooms are at a risk of being shuttered forever according to hotel industry estimates

Traders' body urges govt to probe Chinese investments in Indian startups

In a letter to Commerce and Industry Minister Piyush Goyal, CAIT shared a list of 141 prominent Indian startups claiming they have significant Chinese investments

Signs of gradual recovery visible across different sectors in July

Retail sales of passenger vehicles and two-wheelers have touched almost 85% and 60% of pre-Covid levels, from a situation of zero sales in April

Indian hotel industries' Revenue Per Available Room down 43.5% in 2020: JLL

Mumbai continues to be the RevPAR leader in absolute terms, despite the decline of RevPAR by 81 per cent in Q2 2020 compared to Q2 2019

GVK Group cuts salaries by up to 30% from May as Covid-19 impacts business

The diversified group, which is into energy, resources, airports, transportation, hospitality and life sciences sectors, has around 1,800 workforce

Covid-19 fallout: Hotel industry revenue likely to slip by Rs 90,000 cr

Given the evolving scenario, the consultants said they have revised earlier estimates of the overall revenue loss that the industry would face in 2020

Covid-19 impact: Travel, hospitality stare at revenue loss of Rs 5 trillion

With 40 million jobs at risk, the industry has sought a bailout package

Story in numbers: Lockdown pushes tourism, hospitality to brink of collapse

Thus, foreign tourist arrivals in India, which saw a 9% decline in February 2020 (1.02 million) over January (1.12 million), and a 7% fall from February 2019 (1.09 million), further plummeted in March

India Inc grapples with rising rating downgrades, revisions in outlook

Domestic rating agency CARE revised outlook on rating for Tata group-owned Indian Hotels Company Ltd from "stable" to 'negative'

Coronavirus spread: Banks' exposure to travel, hospitality sectors at risk

65 listed firms in travel and tourism sector had Rs 30,500-cr outstanding loans in Sept

Govt evaluating cash transfer scheme to reduce coronavirus impact

Given the nature of cash transfer plans, the govt would need large revenues and may have turn a blind eye to the fiscal deficit

30.8 mn in tourism, hospitality may lose jobs because of coronavirus

The coronavirus impact could render 3.8 crore people jobless, which is around 70 per cent of the total workforce in the tourism and hospitality sector, according to a grouping. The Federation of Associations in Indian Tourism & Hospitality (FAITH) also said there should be a support fund for twelve months to support basic salaries with "direct transfer" to the affected tourism employees. "As a result of this pandemic, Indian tourism industry is looking at pan India bankruptcies, closure of businesses and mass unemployment," FAITH said in a letter to Prime Minister Narendra Modi. It is believed that around 70 per cent out of a total 5.5 crore workforce could get unemployed, which is around 3.8 crore people. This effect of job losses and layoffs has already begun throughout the country, it added. The figure is for direct as well as indirect jobs. "A large percentage of total tourism business activity of India, which is estimated at USD 28 billion+ in forex and upwards of Rs 2 lakh .