Hotel shares in focus; EIH, EIH Associated hit 52-week high

EIH Associated, Kamat Hotels, EIH, Advani Hotels, Gujarat Hotels and ITDC were up between 5%-17% on the BSE.

Shares of hotel companies were trading higher on the bourses for the second straight day on the back of heavy volumes in an otherwise weak market.

EIH Associated Hotels (up 17% at Rs 303), Kamat Hotels (14% at Rs 67.20), EIH (7% at Rs 134), Advani Hotels & Resorts (6% at Rs 59), Gujarat Hotels (5% at Rs 144) and ITDC (5% at Rs 189) were up between 5%-17% on the BSE.

Indian Hotels, Hotel Leela Ventures, Taj GVK Hotels, Sterling Holiday Resorts and TGB Banquets and Hotels were up in the range of 2-4% as compared to 0.40% decline in the S&P BSE Sensex at 09:54 AM.

EIH (Rs 136) and EIH Associated Hotels (Rs 311) have touched their respective 52-week highs on the BSE. EIH Associated Hotels is an associate company of EIH Limited, the flagship company of The Oberoi Group, one of the largest and most well-known hospitality groups in India.

Indian Hotels Company was up 3% at Rs 107, extending its previous day’s 11% rally on the BSE.  The loss-making Indian Hotels Company, the country's oldest hotels chain, is streamlining its portfolio, exiting partnerships and signing new ones, restructuring subsidiaries, reducing debt and renovating some of its aging properties, the Business Standard report suggests. CLICK HERE TO READ FULL REPORT.