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Travel major <a href="http://www.businessinsider.in/Thomas-Cook-acquires-Rs-130-crore-business-space-in-Mumbai-/articleshow/48016074.cms">Thomas Cook India</a> has acquired Swiss tourism major <keyword id="76856" type="COMPANY" weightage="100" keywordseo="Kuoni">Kuoni</keyword>'s <a href="http://www.businessinsider.in/The-numbers-are-out-Foreign-tourist-arrivals-with-e-visa-has-jumped-11-times-inIndia/articleshow/47379746.cms">travel business</a> in India and Hong Kong for Rs 535 crore. 
 "Our acquisition of Kuoni's tour operating and retailing businesses in India and Hong Kong as well as the Indian inbound business reaffirms our belief in the India market potential, as also our strategic intent to explore viable geographies, including the larger Asia opportunity," Prem Watsa, chairman and CEO, <keyword id="446537" type="COMPANY" weightage="100" keywordseo="Fairfax-Financial-Holdings">Fairfax Financial Holdings</keyword> that backs Thomas Cook, told ET. 
 
<a href="http://www.businessinsider.in/ThomasCook-Indias-subsidiary-Quess-Corp-acquires-49-stake-in-Qatar-based-TransfieldServices/articleshow/47501921.cms">Thomas Cook</a> will pay Rs 320 crore for Kuoni-SOTC (Indian arm) through internal accruals and Rs 215 crore for Kuoni's Hong Kong business through a mix of debt and equity. 
 "There were parts of Kuoni which would clearly complement and enhance our inbound business and we see strong synergies and benefits accruing from their well established presence/global connection in key source markets like Europe, "Madhavan Menon, MD, <keyword id="164802" type="COMPANY" weightage="100" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword> told ET. Currently, Kuoni-SOTC is present in outbound and inbound tour segment and also runs corporate travel business. 
 
The transaction remains subject to regulatory approvals and is expected to be complete before the end of this year. 
 "With the sale of the tour operating activities in India and Hong Kong, we have completed the sale of the outbound business as announced in January. I'm very pleased that we found forward-looking solutions for the units in India and Hong Kong," said <keyword id="1714849" type="UNKNOWN" weightage="100" keywordseo="Peter-Meier">Peter Meier</keyword>, CEO, Kuoni Group. 
 Thomas Cook has been aggressive in the M&amp;A market after Prem Watsa's Fairfax Financial Holdings took control of the firm in 2012 with close to 75% stake, having acquired <keyword id="1550353" type="UNKNOWN" weightage="100" keywordseo="Ikya-Human-Solutions">Ikya Human Solutions</keyword> (now rebranded as Quess) and Sterling Holiday. Thomas Cook India currently has presence in 95 cities across India, Mauritius and Sri Lanka. 
 
Founded in 1906, Kuoni entered India in 1997 by acquiring SOTC Tours, which was one of the pioneers of foreign tours. Three years later, it took over Sita World Travels, an inbound travel company. Kuoni offers online destination management services and visa services under the VFS brand. 
 
 
(Image credits: Indiatimes)

Thomas Cook acquires Swiss tourism major Kuoni’s India and Hong Kong businesses

<keyword id="164802" type="COMPANY" weightage="100" keywordseo="Thomas-Cook-India">Thomas Cook India</keyword> Ltd., the nation's premier provider of tourism related tours, figured in the volume buzzers list after the company said it acquired a rival to expand services locally and in Hong Kong. 
 
Thomas Cook said it had purchased Kuoni Travels' operations in India and Hong Kong for 535 crore rupees as a part of its drive to increase its presence in the holidays business. The company would be adding 1,800 staff to its rolls, it said in a statement to the exchanges. 
 
Thomas Cook rose 5.45 rupees, or 2.6 percent, to 225.70 rupees on the National Stock Exchange, where 2.68 lakh shares were traded by 11 AM compared with the 5-day average of 1.09 lakh shares 
 
Thomas Cook has seen its market capitalisation rise 70 percent to 6,000 crore rupees as investors bought into the booming business of providing leisure travel services in and outside of India. 
 
Image credit: Indiatimes

Thomas Cook India's shares are buzzing. Know why

Despite the financial crisis in Greece and the possibility of the south-eastern <keyword id="6431122" type="PERSON" weightage="60" keywordseo="euro">Euro</keyword>pean country leaving the Euro-zone, outbound travel from India to Greece will remain unaffected in the upcoming holiday season due to strengthening of rupee against euro, reported the Economic Times. Greece is a popular holiday destination and one of the fastest-growing tourist places in Europe for Indian travellers, Ranjeet Oak, chief business officer — holidays at <keyword id="54613" type="COMPANY" weightage="80" keywordseo="makemytrip">MakeMyTrip</keyword>, told the financial daily. 

	The Mediterranean destination, a favourite among Indian honeymooners, usually attracts tourists from the subcontinent during April-June and in winter. 
 

	Moreover, it has become cheaper for Indians to travel to Greece after rupee strengthened 8.2% against euro since December 2014, according to currency dealers.
 

	"The euro has been weak for a while and this has made all EU countries more attractive for travel due to better exchange rates," said Oak. 
 

	Karan Anand, head — relationships at Cox &amp; Kings said that tourists heading to Greece in coming months will benefit with a price reduction of at least 20%. 
 

	Known for its cultural landmarks and beautiful beaches, Greece has become a sought after exotic destination for Indians over the years. Contrary to expectations of cancellations on account of the financial turmoil in Greece, travel companies are getting more calls. 
 <keyword id="87184" type="COMPANY" weightage="60" keywordseo="Thomas-Cook">Thomas Cook</keyword> (India) Senior Vice President, Jatinder Paul Singh said that there has been a rise of about 35% in bookings for Greece. 

	Travel companies are encouraging Indian tourists to go ahead with their Greece trips, saying there will be very little effect on them and that it's business as usual in the country. 
 Greece rejected a bailout offer from Europe, raising the prospect of the country's exit from the <keyword id="78445" type="UNKNOWN" weightage="80" keywordseo="Euro-zone">Euro zone</keyword>. While banks in the country have been closed and there is apprehension of a shortage of some goods, the Indian travel industry seems optimistic. 

	"The crisis has no impact on our business and therefore we continue to position Europe as an affordable destination to our customers," said Vishal Suri, chief executive officer — tour operating at Kuoni India. 
 

	Greece remains a niche destination for Indians, even as well-heeled Europeans may have had to change their plans and the US, the UK, Canada and Australia issued travel advisories. 
 "Greece is a destination for the experienced Indian traveller and so we find it unlikely that there will be a long-term impact on outbound tourism," said Sharat Dhall, president of travel portal <keyword id="143718" type="COMPANY" weightage="80" keywordseo="Yatra-com">Yatra.com</keyword>. 
	(Image: Reuters)

For Indian tourists, Greece is still paradise. Grexit can go to hell!

The <keyword id="6354813" type="COMPANY" weightage="100" keywordseo="nifty">Nifty</keyword> is seen range-bound on Monday as major earnings are out of the way and overseas cues give little in terms on strong movements on either side. Top indices closed with losses for last week pointing to a bearish stance in the overall market. Keep an eye out for Tata Motors which reported numbers after markets closed on Friday. 
 
The SGX Nifty signals a 25-point drop at opening for Nifty futures today. 
 
Global cues are weak to negative. Major Indices in the US fell between 0.3-0.4 percent on Friday. Their weekly losses totalled 1.3-18 percent. Top indices turned bearish as well in Europe slipping between 0.4-0.8 percent on Friday even as they stacked up weekly gains worth 0.2-1.6 percent. The commodity space shows little or no signs of life. All four major components trade lower today. Gold Futures slipped for the 6th day, to fresh 5-1/2 year lows; Oil Futures are below $44 a barrel. Bears retain control over the metals complex. And stocks in Japan and Hong Kong have a light shade of red while stocks in China are in a fine fettle on Monday morning. 
 Meanwhile, the Nifty Index closed at 8,564 points, down 24, on Friday. Weekly gains totalled 0.4 percent. The Nifty's support levels have moved up to 8,550-8,500 levels while the resistance continues to be seen at the 8,637 point level. The <keyword id="6484188" type="CITY" weightage="100" keywordseo="Sensex">Sensex</keyword> posted similar weekly gains as the Nifty. 
 
The sentiment remains was flat in the cash market on Friday with little or no trade done. Foreign Institutional Investors totalled net sells of `94 crore rupees on Friday, their 1st negative number in 5 days. Net purchases of domestic institutions stood at `34 crores. The derivatives space was muted too. Traders made net purchases worth 85 crore rupees for Index Futures; Net sales of 502 crore rupees for Stock Futures; Purchases of `243 crore rupees for Index options and net purchases of 16 crore rupees for Stock Options. 
 
Major delivery based trades were seen on ONGC, HPCL and BPCL in the energy space, as also in Exide, Dewan Housing, Oracle, Grasim and KSCL. These shares also showed an uptick in price. BHEL and Glenmark saw high deliveries coupled with a drop in price. 
 
 
STOCKS TO WATCH: 
 
EARNINGS-Based: Tata Motors, MRPL, Rural Electrification, UCO Bank, Punjab &amp; Sind Bank, Central Bank of India, Sobha Developers, Balkrishna Industries, Ramkrishna Forgings. 
 
THOMAS COOK: Buys out Kuoni's Indian and HK operations for 535 crore rupees. 
 
 Image credit: Indiatimes

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