Hotel stocks mixed after Govt extends Visas on arrival facility to 150 countries

Hotel stocks were mixed at 14:50 IST on BSE after Finance Minister Arun Jaitley in Union Budget 2015-16 proposed to extend the Visas on arrival facility to 150 countries, in stages.

Meanwhile, the S&P BSE Sensex, was down 84.68 points or 0.25% to 29,135.44.

Among hotel stocks, Hotel Leela Ventures (down 2.49%), Indian Hotels (down 1.81%), and EIH (down 0.27%) declined. Taj GVK Hotels (up 0.2%), EIH Associated Hotels (up 1.09%) and Royal Orchid Hotel (up 1%) gained.

Finance Minister Arun Jaitley presented Union Budget 2015-16 in the parliament today, 28 February 2015. In the budget Arun Jaitley has proposed to extend the Visas on arrival facility to 150 countries, in stages, after the success of the same issued to travelers of 43 countries.

Extending visa on arrival facility to more countries will attract more tourists to the country and could help improve hotel occupancies.

Finance Minister Arun Jaitley also said that the basic corporate tax rate will be reduced to 25% from 30% over the next four years.

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