Company's Announcement of RuPay Forex Card Pilot with UAE Sparks 5% Surge in Stock

On Friday 8, 2023, this S&P BSE Small cap equity experienced a remarkable upswing, surging by 5% during the initial hour of market activity. The trigger behind this impressive surge was the company's exciting revelation of a forthcoming product launch in collaboration with the National Payments Corporation of India (NPCI).

What added to the market enthusiasm was the trading volume, which reached 1.75 times the previous day's volume and exceeded the weekly average.

Furthermore, the stock exhibited notable resilience, climbing 6.2% above its 20-day moving average and an impressive 60% above its 200-day moving average, attaining a price of Rs. 120.00. Remarkably, it is currently a mere 0.7% shy of its 52-week high, indicating a bullish sentiment among investors. With a market capitalization of Rs. 5,633 crore, the company appears to be poised for continued growth and investor interest.

On the 7th of September 2023, Thomas Cook (India) Ltd made a significant announcement, unveiling a strategic collaboration with the National Payments Corporation of India (NPCI) to introduce an innovative RuPay Forex Card Pilot program in partnership with the UAE. This pioneering initiative, designed to align with India's "Made in India" ethos, leverages the extensive reach and capabilities of the NPCI global card payment network.

The primary objective of this groundbreaking venture is to cater to the needs of Indian travelers venturing abroad by furnishing them with convenient and efficient international payment solutions. The strategic decision to commence the pilot phase of this initiative in the UAE stems from the remarkable growth prospects offered by this vibrant destination. Subsequently, the partnership between Thomas Cook and RuPay plans to initiate a phased global rollout to broaden its accessibility.

In the initial phase of this endeavor, Thomas Cook's RuPay card will come pre-loaded with UAE Dirhams (AED), enabling travelers to seamlessly utilize it for a wide array of transactions, including purchases and ATM withdrawals within the UAE.

Among the standout benefits of the Thomas Cook RuPay Card are a range of incentives aimed at enhancing the travel experience.

Cardholders will enjoy exclusive Thomas Cook travel vouchers valued at INR 13,900, access to lounges at international airports in India*, complimentary ATM withdrawals in the UAE*, free card replacement in case of loss, and comprehensive insurance coverage of up to INR 7,50,000. Furthermore, cardholders will receive a remarkable 50% discount on unique photographic experiences at Dubai's premier attractions through Digiphoto Entertainment Imaging (DEI), and they'll even earn KrisFlyer miles with every forex purchase.

Thomas Cook (India) Limited (TCIL) stands as the foremost omnichannel travel company in the nation, offering a comprehensive suite of services that encompasses Foreign Exchange, Corporate Travel, MICE, Leisure Travel, Value Added Services, and Visa Services.

As a prominent player in both the B2C and B2B segments, TCIL boasts a diverse portfolio comprising nearly a dozen distinct brands. With a global presence spanning 28 countries across 5 continents, the Thomas Cook Group remains dedicated to delivering exceptional travel experiences to its customers worldwide.

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