Hotel stocks in demand

Shares of 12 hospitality companies rose by 0.26% to 16.72% as reopening optimism returned amid declining COVID-19 cases across the country.

EIH Associated Hotels (up 16.72%), Chalet Hotels (up 12.25%), EIH (up 11.37%), Asian Hotels (North) (up 10.17%), Indian Hotels Company (up 8.75%), Lemon Tree Hotel (up 7.19%), Kamat Hotels (up 7.16%), TajGVK Hotels (up 5.54%), ITDC (up 5.42%), Asian Hotels (West) (up 3.70%), Asian Hotels (East) (up 2.65%) and Sayaji Hotels (up 0.26%) jumped on hopes that hospitality industry may revive amid falling COVID-19 cases in the country.

India's COVID-19 vaccination coverage crossed the landmark of 86 crore (86,01,59,011) as per provisional reports till 7 am today, 27 September 2021.

India's recovery rate stands at 97.78%. The recovery rate is currently at its highest peak since March 2020. The active caseload stood at 2,99,620. Active cases presently constitute 0.89% of the country's total positive cases.

Following a decline in cases, India is reportedly planning to reopen for foreign tourists. First five lakh foreign tourists will be issued visas free of cost in an attempt to revive the tourism, reports added.

Hospitality and aviation sectors are badly hit by the COVID-19 pandemic since March 2020 when a nationwide lockdown was announced.

Top government officials are reportedly discussing the expected date and modalities for opening up of the country for foreign tourists. A formal announcement allowing foreign tourists to visit India may come within the next 10 days, reports indicated.

Powered by Capital Market - Live News