Hotel stocks in focus after GST rate cut

Shares of Hotel companies will be in focus the GST Council in its 37th meeting held in Goa in 20 September 2019 has approved proposal to cut rates on hotel tariffs. Rooms with tariff Rs 7,500 and above will now be taxed at 18%. Prior to the cut, the GST rate on this category was 28%. GST on rooms with tariff between Rs 1,001 and Rs 7,500 now stands at 12%. No GST on tariffs upto Rs 1,000.

Petronet LNG has signed a Non-binding Memorandum of Understanding (MOU) with Tellurian Inc. on 21 September 2019 at Houston, USA wherein the company and its affiliates will like to explore possibility of purchase of up to 5 Million Tonnes Per Annum (5 MTPA) of liquefied natural gas (LNG) from Driftwood project concurrent with equity investment. The announcement was made yesterday, 22 September 2019.

Cipla informed that following the inspection by the United States Food and Drug Administration (USFDA) at the company's API manufacturing facility in Virgonagar, Bengaluru, from 15 to 19 July 2019, it has received the Establishment Inspection Report (EIR), indicating closure of the inspection. The announcement was made yesterday, 22 September 2019.

Kansai Nerolac Paints said that the new manufacturing unit of the company at Goindwal Sahib near Amritsar in Punjab has commenced commercial production. The announcement was made after market hours on Friday, 20 September 2019.

Alkem Laboratories has acquired an undertaking, as a whole and on a going and running concern basis from Cachet Pharmaceuticals Private Limited, a subsidiary of the company. The announcement was made after market hours on Friday, 20 September 2019.

Biocon said that at the conclusion of the inspection the company received a Form 483 with four observations for the new DS facility, three observations for the new DP facility and one general observation. The company is confident of addressing these observations effectively through a Corrective and Preventive Action (CAPA) plan, expeditiously. The announcement was made after market hours on Friday, 20 September 2019.

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