News

Multibagger RateGain Travel stock jumps over 6%

Shares of RateGain Travel Technologies, a leading global provider of SaaS solutions for the travel and hospitality industries, surged 6.4% in today's intraday trading session, reaching a four-month high of ₹834.90 per share. This increase followed RateGain's announcement of a multi-year partnership with Malaysia Airlines Berhad (“Malaysia Airlines”), the national carrier of Malaysia. In this strategic collaboration, Malaysia Airlines will harness RateGain’s advanced AirGain platform to enhance its competitive position with superior pricing intelligence capabilities. The partnership aims to elevate Malaysia Airlines’ operational performance across its extensive domestic and international flight network. Amidst intensifying competition in the aviation sector, integrating the AirGain platform equips Malaysia Airlines to not only compete effectively but also set industry benchmarks. By providing real-time insights into competitive pricing dynamics, AirGain empowers Malaysia Airlines to refine pricing strategies, seize daily growth opportunities, and elevate customer satisfaction levels, the company said in an exchange filing. Earlier in June, RateGain also announced a partnership with Green Motion International, a prominent eco-friendly car rental company, reinforcing its position as a preferred revenue management partner for Green Motion's global franchise network spanning 650 locations across 73 countries. Through RateGain's Rev-AI platform, Green Motion gains access to over 25 real-time demand indicators, enabling precise market insights and dynamic pricing adjustments tailored by car segment, channel, and location. RateGain Travel operates globally, providing AI-powered SaaS solutions for the travel and hospitality industries, serving over 3,200 customers, and partnering with more than 700 entities across 100 countries. Its solutions focus on accelerating revenue generation through customer acquisition, retention, and expanding wallet share. Solid returns: In the past year, the company's stock has demonstrated robust growth, surging from ₹434 per share to the current trading price of ₹814, delivering an impressive return of 88%. Over the last 15 months, the stock closed positively in 11 instances, with August 2023 recording the highest monthly gain at 31%. During this period, the stock has appreciated by 137%. Compared to its all-time low of ₹236 per share in June 2022, the stock is currently trading 245% higher. Moreover, in February, the company achieved a significant milestone by reaching a record all-time high of ₹921 per share. Amidst increasing industry demand for data-driven insights to enhance operational efficiencies and expedite decision-making, there is a projected rise in technology investments aimed at deploying user-friendly AI-driven solutions for optimising guest acquisition, enhancing retention rates, and maximising revenue. RateGain is strategically positioned to capitalise on this opportunity.

Read more

India Records 6.3% Rise In Domestic Air Travel At 132.8 Lakh In June

India's domestic air passenger traffic rose to 132.8 lakh in June this year which represents a 6.3 per cent increase over the corresponding figure for June last year and reflects a robust 10.4 per cent jump over the pre-Covid levels, according to an ICRA report released today. ICRA has maintained a "stable outlook" on the Indian aviation industry amid the continued recovery in domestic and international air passenger traffic, with a relatively stable cost environment and expectations of the trend continuing in FY2025, the report states. Moreover, the industry witnessed improved pricing power, reflected in the higher yields (over pre-Covid levels) and, thus, the revenue per available seat kilometre–cost per available seat kilometre (RASK–CASK) spread of the airlines. The momentum in air passenger traffic witnessed in FY2024 is expected to continue into FY2025, though further expansion in yields from the current levels may be limited, the report added. Despite a healthy recovery in air passenger traffic and improvement in yields, the movement of the latter will remain monitorable amid elevated Aviation Turbine Fuel (ATF) prices and depreciation of the INR vis-a-vis the USD over pre-Covid levels, both of which have a major bearing on the airlines' cost structure. Average ATF prices stood at ₹ 103,499/KL in FY2024, which was lower by 14 per cent than ₹ 121,013/KL in FY2023, but significantly higher by 58 per cent than the pre-Covid level of ₹ 65,368/KL in FY2020. In Q1 FY2025, the average ATF price of ₹ 100,776/ KL was higher by 5.4 per cent on a YoY basis. Fuel cost accounts for 30-40 per cent of the airlines' expenses, while 45-60 per cent of the operating expenses — including aircraft lease payments, fuel expenses and a significant portion of aircraft and engine maintenance expenses — are denominated in dollar terms. Further, some airlines have foreign currency debt. While domestic airlines have a partial natural hedge to the extent of their earnings from international operations, overall, their net payables are in foreign currency. The airlines' efforts to ensure fare hikes, proportionate to their input cost increases, will be the key to expand their profitability margins. The pace of recovery in industry earnings is likely to be gradual owing to the high fixed-cost nature of the business. ICRA expects the Indian aviation industry to report a similar net loss of ₹ 30-40 billion in FY2025 as seen in FY2024, which is significantly lower than the level of ₹ 170-175 billion in FY2023, as airlines continue to witness healthy passenger traffic growth and maintain pricing discipline

Read more

IMD issues red alert in Mumbai, flights cancelled, must follow travel tips

Mumbai has been grappling with heavy, incessant rainfall that has led to widespread waterlogging and disrupted daily life. On Monday, the city experienced severe rainfall that submerged roads, railway tracks, and caused the suspension of flight operations due to low visibility on runways. If reports are to go by, multiple areas across Mumbai are waterlogged, making travel within the city extremely difficult. The Andheri subway had to be temporarily closed due to flooding, with traffic being redirected to SV Road. The heavy rainfall has led to the suspension of runway operations at Chhatrapati Shivaji Maharaj International Airport, affecting numerous flights. As a result, approximately 50 flights were cancelled by various airlines. The Indian Meteorological Department (IMD) has issued a 'Red Alert' for Mumbai, urging residents to stay indoors unless absolutely necessary. Maharashtra Chief Minister Eknath Shinde has reviewed the flood situation in Mumbai and the state, highlighting the severity of the conditions. Schools and colleges in Mumbai and Thane have been closed due to the intense rainfall warnings. Public advisory issued - Mumbaikars are advised to avoid stepping out of their homes and to contact the Main Control Room of the Brihanmumbai Municipal Corporation (BMC) for assistance or official information by dialling 1916. The BMC has stressed the importance of not believing in any rumours and relying on official sources for information. Weather forecast - As per the forecast of IMD, intense spells of rain at isolated places in Mumbai, Raigad, and Ratnagiri over the next three to four hours. IMD Director at Mumbai, Sunil Kamble, reported that around 270 mm of rainfall was recorded between 2 am and 6 am on Monday. An 'Orange Alert' for heavy to very heavy rainfall has been issued for Mumbai over the next 24 hours, with a 'Yellow Alert' for heavy rain on the following day, July 9. Essential travel tips - If you are planning to travel to or from Mumbai, it is crucial to stay updated on the latest weather reports and advisories. Check the status of your flight or train before leaving home, and be prepared for possible delays or cancellations. It's advisable to have alternative plans in case of extended disruptions.

Read more

Char Dham Yatra temporarily suspended amid heavy rain warnings

As per the latest reports, the ongoing Char Dham Yatra in Uttarakhand has been suspended due to heavy rain alerts issued by the India Meteorological Department (IMD). Garhwal Divisional Commissioner Vinay Shankar Pandey ordered the temporary halt late on Saturday evening, urging pilgrims en route to the revered Hindu temples to avoid proceeding further and instead stay where they currently are. The IMD has forecast heavy to very heavy rainfall across all districts of Uttarakhand on Sunday and Monday. Chamoli, Rudraprayag, and Pauri districts are expected to see particularly heavy showers on July 9th, while Tehri, Pauri, Bageshwar, Almora, Nainital, and Champawat are likely to experience significant rainfall the following day. In light of these weather warnings, Commissioner Pandey has appealed to pilgrims not to travel beyond the city of Rishikesh, located at the gateway to the Char Dham sites. Pilgrims have been advised to only continue their journeys when the weather conditions improve and it is safe to do so. The Chamoli Police took to social media to reiterate the heavy rain alert and caution the public against unnecessary travel. They informed that the road near the Baldouda bridge ahead of Vishnu Prayag on the Badrinath National Highway has already been blocked. Similarly, the Rudraprayag Gaurikund National Highway-107 has been obstructed in the Doliya Devi (Phata) area due to continuous heavy downpours. Uttarakhand Chief Minister Pushkar Singh Dhami has directed all district magistrates in the affected areas to maintain high alertness in response to the IMD's forecasts. The state government is closely monitoring the situation and is prepared to undertake rescue and relief operations if required. Beyond Uttarakhand, the IMD has predicted moderate to widespread light rainfall, accompanied by thunderstorms and lightning, across Northwest and Central India over the next five days. Fairly widespread to widespread light to moderate rainfall with thunderstorms and lightning is also expected in East and Northeast India during this period. As authorities work to ensure the safety of pilgrims and residents, the temporary suspension of the Char Dham Yatra has been ordered as a necessary precaution against the potentially severe weather conditions. Travelers are advised to stay informed about the latest developments and heed official advisories before undertaking any journeys in the affected regions of Uttarakhand and neighboring areas.

Read more

Ancient 14th-century Shiva lingam unearthed at Srisailam Temple

A significant archaeological discovery has been made at the Sri Bhramaramba Mallikarjuna Temple, also known as Srisailam Temple, in Andhra Pradesh. If reports are to go by, a mediaeval Shiva lingam, estimated to date back to the 14th or 15th century, was unearthed near the temple’s amphitheatre. Accompanying the lingam was an inscription in Telugu script, believed to be from the same period. The Srisailam Temple is a revered pilgrimage site attracting thousands of devotees and tourists every year. Dedicated to Lord Shiva and Goddess Parvati, the temple is one of the twelve 'Jyotirlingas' of Shiva and one of the eighteen 'Shakti Pithas'. Reports add that the lingam and the inscription were discovered during the construction of a new road and support wall near the temple. Construction workers, upon finding these historical artefacts, promptly informed the temple authorities. Subsequently, the authorities examined the lingam and inscription and sent them to the Mysore Archaeology Department for further analysis. Preliminary examinations suggest that the lingam was installed by Kampilayya, a disciple of the prominent regional saint Siddhadeva. The inscription also references a Chakra Gundam, a Sarangadhara Matham, and a Rudraksha Matham in the area, indicating the historical and religious significance of the site. This discovery adds to the rich history of the Srisailam Temple, which has seen several significant archaeological finds in the past. Notably, a Chaturmukha Lingam was previously discovered in the same area, along with several copper plates and silver coins during the renovation of the Panchamatha temples. These findings underscore the temple's historical importance and its continuous religious significance through the centuries. The temple complex spans 2 hectares and includes four towers called 'gopurams', adorned with numerous sculptures. The 'Mukamandapa', or the hall leading to the sanctum, features intricately sculpted pillars, adding to the temple’s architectural grandeur. The discovery has thrilled temple authorities and devotees alike, marking it as a significant find in the temple's history. The construction work has been temporarily halted, and the area has been cordoned off to facilitate further examination and preservation of the lingam and the inscription. This pause in construction ensures that these artefacts are carefully analysed and preserved, contributing valuable information to the understanding of the temple's past.

Read more

Names of 7 local train stations in Mumbai have been changed

In a recent update, the Maharashtra council has passed a resolution to rename seven local train stations in Mumbai. Most of these names are in English, which was creating an issue because of their colonial connection. The Mahayuti government will submit the new names to the Union government for approval. The state Parliamentary Affairs Minister Chandrakant Patil moved the resolution, which was unanimously adopted. Here are the seven stations and their new names: 1) Currey Road Station will be renamed as Lalbaug 2) Sandhurst Road will be renamed as Dongri 3) Marine Lines will be renamed as Mumbadevi 4) Charni Road will be renamed as Girgaon 5) Cotton Green will be renamed as Kalachowki 6) Dockyard Road will be renamed as Mazgaon 7) King’s Circle will be renamed as Tirthankar Parswanath As per a PTI report, the renaming of Sandhurst Road will take effect on both the Central Line and the Harbour Line in Mumbai. This follows Mumbai's earlier renaming of iconic stations such as Victoria Terminus (VT) to Chhatrapati Shivaji Maharaj Terminus (CSMT) and Elphinstone Road to Prabhadevi. Previously, the Maharashtra government renamed Aurangabad and Osmanabad districts in the Marathwada region to Chhatrapati Sambhajinagar and Dharashiv, respectively. The Mahayuti government, led by Chief Minister Eknath Shinde of Shiv Sena, along with BJP and NCP under Deputy CM Ajit Pawar, will now forward the proposed new names to the Union government for approval. Apparently, this is not the first time that any state government has changed the names of stations. In March 2024, the Union Ministry of Home Affairs granted a no-objection certificate for renaming of eight railway stations in Amethi, Uttar Pradesh. Here are some recent name changes of cities/towns and railway stations in India: Allahabad to Prayagraj: On 15 December 2018, the city of Allahabad in Uttar Pradesh was officially renamed to Prayagraj by the state government. Hoshangabad to Narmadapuram: In 2021, the town of Hoshangabad in Madhya Pradesh was renamed to Narmadapuram, after the famous river Narmada. Mundera Baazar to Chauri Chaura: In 2022, the nagar panchayat 'Mundera Baazar' became 'Chauri Chaura' in Gorakhpur, Uttar Pradesh. Babai to Makhan Nagar: The birthplace of Makhan Lal Chaturvedi in Babai, Madhya Pradesh, was renamed to Makhan Nagar in 2022.

Read more