ITC rises on first hotel foray abroad

ITC is trading higher by 3% at Rs 234 on reports that the company has signed an agreement with the Board of Investment of Sri Lanka to build a luxury hotel in Colombo.

“WelcomHotels Lanka Pvt Ltd (WLPL), a wholly-owned arm in Sri Lanka has acquired land in Colombo to set up a mixed-used project, including a luxury hotel,” the report suggests.

The stock opened at Rs 231 and hit a high of Rs 235 on the National Stock Exchange. A combined 3.26 million shares have changed hands on the counter so far on both the exchanges.