Hotel and travel stocks gain on hopes India to receive 1.1 crore tourists in 3 years

Shares of seven hospitality and tour and travel companies rose by 0.49% to 2.75% at 11:40 IST on BSE after Minister of State for Tourism, Culture and Civil Aviation Dr. Mahesh Sharma said that India is poised to receive 1% of global tourists.

Meanwhile, the BSE Sensex was up 70.31 points, or 0.26%, to 27,345.02.

Among hotel stocks, Taj GVK Hotels (up 0.49%), Hotel Leela Ventures (up 2.31%), Indian Hotels (up 2.33%), EIH (up 2.75%), and Royal Orchid Hotel (up 2.33%) gained.

Among tour and travel companies, Cox & Kings (up 2.44%) and Thomas Cook (India) (up 1.94%) gained.

Speaking at the Plenary session of the Pravasi Barati Diwas at Gandhinagar, Dr. Sharma yesterday, 8 January 2015, said that presently India receives about 7 million foreign tourists annually and the target is to get 1% share of the global tourist arrivals which is around 1.1 billion in three years. The minister said that tourism is one of the most important socio economic activities globally and it is very relevant for India's economy also. He said that the government has introduced Electronic Travel Authorisation (ETA) for 43 countries on 27 November 2014. The government has announced two more schemes for development of tourism infrastructure titled 'National Mission on Pilgrimage Rejuvenation and Spiritual Augmentation (PRASAD) and also another Rs 500 crore have been provided for development of 5 Integrated Circuits, the minister added.

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