Hotel chains such as ITC, Accor Hotels, and Sarovar are looking to upward revise their room tariffs owing to increased average occupancies and favourable demand-supply situation. The hike in rates could range between 8% and 10% this year. The Indian hotel sector is inching closer to the 70% average occupancy mark and the national average occupancy rate of around 66% in 2017-18 was the highest the industry has witnessed in almost a decade as per various industry estimates. A report by HDFC Securities in October last year said occupancy demand in the near future is projected to outgrow supply.
FMCG major, ITC, will launch its own e-commerce operation for selling premium and niche products in order to tap the growing online sales segment, executive director B Sumant said. The conglomerate will sell both food and non-food FMCG products from the recently launched e-store, itcstore.in. The company is running a pilot service to sell gourmet chocolates, Fabelle, on the portal. The online store will initially sell in Delhi-NCR, Mumbai, Chennai, Bengaluru, Hyderabad and Kolkata. ITC has also launched an e-store and an app for stationary products. ITC currently sells through online trade partners like Amazon, Flipkart, Grofers and Big Basket.
Eight of the 10 most valued Indian companies together added Rs 53,741.36 crore in market valuation last week, with Reliance Industries Ltd (RIL) and TCS being the biggest gainers. While RIL shares gained Rs 19,047.69 crore in market cap, TCS shares soared Rs 12,007.64 crore. Only ITC and HDFC from the top-10 list suffered losses in their market for the week ended Friday, February 8. Others gainers included HDFC Bank, Hindustan Unilever Ltd (HUL), Infosys, SBI, Kotak Mahindra Bank Ltd and ICICI Bank.
Diversified conglomerate ITC Limited would invest Rs 1700 crore in West Bengal towards setting up an FMCG plant and upgrading of existing facilities, said MD Sanjiv Puri at the fifth edition of the Bengal Global Business Summit. The company's committed investments in the state, with an outlay of Rs 4,000 crore across agriculture, manufacturing and services includes two new state-of-the-art mega food processing facilities at Uluberia and Panchla in Howrah district, which are fully operational and running at high capacity, he said.
The Department of Economic Affairs in response to a RTI said the Indian government is in the final stages of formulating regulations on cryptocurrencies. The RTI was filed by Coin Crunch India on December 13, 2018, asking whether the panel on cryptocurrency has recommended a ban on Bitcoin. While there is no formal declaration by the Indian government on the legalisation of cryptocurrencies, the response has made it clear the government is planning to regulate them. The government had set-up a panel in December 2017 to examine a framework for regulating cryptocurrencies.
ITC reported a 3.84% increase in standalone net profit at Rs 3,209.07 crore in the December quarter 2018, boosted by good performance in FMCG and Agri businesses. The company had posted a net profit of Rs 3,090.20 crore in the year-ago period. Gross revenue from sales was up 15.09% year-on-year to Rs 11,340.15 crore as against Rs 9,852.74 crore. During the quarter, revenue from total FMCG business was up 10.31% to Rs 8,274.36 crore as against Rs 7,500.97 crore in the year-ago period, while revenue from cigarettes was at Rs 5,073.38 crore, showing an increase of 9.59% year-on-year.