Hotel stocks rally on easing lockdown curbs

Shares of six hotel stocks rose from 0.38% to 5% on BSE as investors cheered the ease of lockdown norms from 8 June 2020.

Lemon Tree Hotels (up 5%), EIH (up 2.12%), Indian Hotels Co. (up 0.71%), Mahindra Holidays & Resorts India (up 0.70%), TajGVK Hotels & Resorts (up 0.47%) and Indian Tourism Development Corporation (up 0.38%) gained.

On Saturday, 30 May 2020, Union Ministry of Home Affairs (MHA) issued new guidelines for phased re-opening of areas outside the Containment Zones. As per the revised guidelines, which came into effect from 1 June, religious places, hotels, restaurants and other hospitality services and shopping malls are set to re-open from 8 June 2020. MHA will issue Standard Operating Procedures (SOPs) for the above activities in consultation with Central Ministries and Departments for ensuring social distancing to contain the spread of COVID-19.

 

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