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Hotel stocks climb on Covid-19 vaccine hope

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Shares of seven hospitality companies rose by 1.8% to 8.3% as progress with Covid-19 vaccine lifted investors' sentiment.

Chalet Hotels (up 8.39%), Indian Hotels Company (up 8.08%), EIH (up 6.67%), EIH Associated Hotels (up 4.21%), Lemon Tree Hotels (up 3.43%), India Tourism Development Corporation (up 3.12%) and Sayaji Hotels (up 1.82%) advanced.

Moderna said in a statement that the first interim analysis of Phase 3 trial results showed its vaccine candidate was 94.5% effective against coronavirus. The drug major said that it expects to have roughly 20 million doses of its vaccine ready to ship in the United States by the end of this year. The company is on track to manufacture 500 million to 1 billion doses globally in 2021.

Last week, Pfizer said that a vaccine it developed with German drugmaker BioNTech was more than 90% effective against COVID-19. There are dozens more potential vaccines in development, and the promising test results from Moderna and Pfizer suggest that vaccines may be an effective way to fight the coronavirus. Both vaccines require two doses to be administered.

Investors hoped that a vaccine may revive the travel and tourism business across the world. The Covid-19 pandemic shook the hotel industry particularly hard, and turned many hotel businesses upside down.

So far, India reported 4,53,401 active cases of COVID-19 infection and 1,30,519 deaths while 82,90,370 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

While, total COVID-19 confirmed cases worldwide stood at 5,50,74,994 with 13,28,068 deaths.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, November 17 2020. 14:27 IST