MUMBAI Indian Hotels Company Ltd (IHTL.NS), controlled by the Tata Group, reported a net loss for the July-September quarter as its operating costs and tax provisions surged, and the global economic uncertainty curbed spending on travel.
The company, which owns and operates the chain of Taj hotels and resorts worldwide, made an unsolicited $1.2 billion bid for U.S.-listed, luxury hotels group Orient-Express Hotels OEH.N in October.
Indian Hotels, whose flagship Taj Mahal Palace hotel in Mumbai overlooks the city's harbour and iconic Gateway of India arch, reported a net loss of 63.6 million rupeesfor the quarter ended September. It had posted a net profit of 83.5 million rupees in the year-ago period.
Net sales for the fiscal second quarter rose 6 percent to 3.79 billion rupees, the company said in a statement.
Shares in Indian Hotels ended unchanged at 63.15 rupees ahead of the earnings announcement, underperforming the wider Mumbai market that closed up 0.3 percent on Tuesday. (Reporting by Aditi Shah; Editing by Sunil Nair)
Piramal to partner Bain Capital for distressed-debt investment
MUMBAI Piramal Enterprises Ltd said it would partner Bain Capital to invest in distressed assets, becoming the latest entrant in the space as the nation's banks are on a drive to clean up $120 billion of sour debt.
Wall Street opens little changed as investors eye Fed
U.S. stocks were little changed at the open on Wednesday as investors kept up their wait for Federal Reserve Chair Janet Yellen's speech on Friday for clues on the timing of an interest rate hike.
Planned BP stake sale in Indian unit has not taken place - exchange data
MUMBAI An up to $261 million share sale in Castrol India Ltd by BP Plc due to take place on Wednesday according to a term sheet seen by Reuters had not taken place as of the end of the trading day, according to exchange data.