Hotel Leelaventure, TAJGVK, Lemon Tree jump up to 15% on GST rate cut hopes

Hotel Leela and TAJGVK Hotels were up 15 per cent and 11 per cent, respectively, while Royal Orchid Hotels, Oriental Hotels, EIH and Lemon Tree were up in the range of 3 to 5 per cent.

Shares of hotel companies rallied by up to 15 per cent on the BSE in the early morning trade on Wednesday after reports said the Goods and Services Tax (GST) Council could cut rates for five-star hotels to provide relief to the hospitality industry. The Council is scheduled to meet on Friday, September 20.

Among individual stocks, Hotel Leela Venture and TAJGVK Hotels & Resorts jumped 15 per cent and 11 per cent, respectively in the intra-day trade so far. Meawhile, Royal Orchid Hotels, EIH Associated Hotels, Oriental Hotels, EIH, Lemon Tree Hotels and Indian Hotels were up between 3