Tour operators surge on new initiatives

Shares of two tour operators rallied 6.28% to 11.31% at 15:15 IST on BSE after Prime Minister Narendra Modi unveiled a series of facilitation initiatives aimed at making travel from America to India easier.

Cox & Kings (up 11.31% at Rs 324.70) and Thomas Cook (India) (up 6.28% at Rs 144.80) edged higher.

Meanwhile, the S&P BSE Sensex was down 9.01 points or 0.03% at 26,617.31.

Cox & Kings had underperformed the market over the past one month till 26 September 2014, sliding 0.29% compared with Sensex's 0.69% rise. The scrip had, however, outperformed the market in past one quarter, jumping 40.27% as against Sensex's 6.24% rise.

Thomas Cook (India) had underperformed the market over the past one month till 26 September 2014, sliding 5.55% compared with Sensex's 0.69% rise. The scrip had, however, outperformed the market in past one quarter, jumping 19.1% as against Sensex's 6.24% rise.

Prime Minister Narendra Modi unveiled a series of facilitation initiatives aimed at making travel from America to India easier. Noting that there are certain differences between the PIO (Person of Indian Origin) and OCI (Overseas Citizens of India) schemes, the Prime Minister said PIO cardholders will be granted visa for life, and a new scheme will be announced soon, merging the two schemes. He said there would be no need for long-stay visitors to India to visit police stations. He also announced long term tourist visas for American citizens and said visa on arrival for American tourists will be announced soon.

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