Adani  stocks  dive as MSCI finalizes free float review

Adani Group stocks erased nearly all their two-day gains after MSCI flagged the uncertain ‘investor characteristics’ of some investors in group stocks

Ram Sahgal & Mayur Bhalerao
Updated10 Feb 2023, 06:16 AM IST
A cut in weighting may prompt large funds to pull out money from Adani stocks
A cut in weighting may prompt large funds to pull out money from Adani stocks(AFP)

The Adani group stocks erased nearly all their two-day gains on Thursday after MSCI flagged the uncertain “investor characteristics” of some investors in group stocks which could impact how the index provider calculates the free float in them and potentially lead to weighting cuts and foreign investor outflows from funds that track the indices.

MSCI is the world’s leading provider of indices across equities, real estate, fixed income, ESG and others. Investors and fund managers around the world rely on MSCI products to allocate capital. This gives equities included in MSCI indices a measure of validation around the world.

Graphic: Mint

Radisson Hotel Group is sharpening its focus on smaller cities to fuel its next phase of growth in India and carry on the momentum of a record year for most hotel companies driven largely by post-pandemic revenge travel.

At an operational level, the US hotel chain has surpassed its pre-covid 2019 base, both in terms of average daily rates and revenue per available room, K.B. Kachru, chairman emeritus and principal adviser, South Asia at Radisson said in an interview.

The company’s next phase of growth is likely to come from tier-II, -III and -IV cities, he said, adding that smaller cities will contribute as much as half of the country’s gross domestic product in the coming years.

“The reality is that people are travelling like never before; even in the smallest of places such as Jabalpur, Phagwara, Gorakhpur, Azamgarh, etc…All chains are equally focused on these cities and mid-tier and upscale hotels will grow here while luxury will still be the focus in big cities and business locations,” said Kachru, who also serves as vice president of the Hotel Association of India.

Radisson runs brands such as Radisson Blu, Radisson, Radisson Red in the upscale segment, and Park Plaza and Park Inn by Radisson in the mid-scale segment. It also operates Country Inn & Suites hotel chain, among others.

Radisson has signed 174 hotels in India so far, of which 109 are operational. It hopes to open 1.5 hotels every month from here on. Additionally, the company has signed another 150 hotels with strategic partner Treebo Hotels. About half of Radisson’s entire portfolio currently is in small cities.

“Even last year, during tough times, we were opening one hotel a month. We are now looking at some key locations to bring our luxury brand to India, the Radisson Collections brand—in the upper upscale segment...But we are going to be a little choosy about where it comes from, especially since we are present in all segments—upper upscale, upscale, and mid-scale. We will take time but we will make the right decision,” said Kachru.

Last year, the company also launched its mid-segment brand Park Inn & Suites by Radisson, exclusively for India in a master-franchise partnership with Treebo parent Ruptub Solutions Pvt. Ltd.

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First Published:10 Feb 2023, 06:16 AM IST
Business NewsCompaniesNewsAdani  stocks  dive as MSCI finalizes free float review

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