Hotel stocks rally on Covid vaccine hope

Shares of seven hospitality companies rose by 3.24% to 13.9% as progress with Covid-19 vaccine lifted investors' sentiment.

Indian Hotels Company (up 13.9%), Lemon Tree Hotels (up 10%), EIH Associated Hotels (up 8.55%), EIH (up 6.11%), India Tourism Development Corporation (up 5.1%), Chalet Hotels (up 4.7%) and Delta Corp (up 3.24%) advanced.

US drug maker Pfizer on Monday announced that its Covid-19 vaccine could be 90% effective based on an early analysis of its late-stage trial.

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.

 

India reported 5,05,625 active cases of COVID-19 infection and 1,27,059 deaths while 79,59,406 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 5,08,75,289 with 12,62,413 deaths.

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