Stocks to Watch today: Uber has decided to put its entire 7.8 per cent stake in Zomato on the block, according to sources.
Lower costs, improving occupancies as well as room rents augur well
Brokerage house ICICI Securities has given a 'buy' call for hospitality stocks such as Indian Hotels Company and Lemon Tree Hotels.
Closing Bell: The benchmarks were bogged down by Maruti Suzuki, Dr Reddy's Labs, Bajaj Auto, Hero MotoCorp, ICICI Bank, HDFC twins, Eicher Motors, and Sun Pharma
Analysts anticipate a faster recovery in the demand environment and are hopeful that consumption will reach normalised pre-Covid levels in H1FY23
While Q2FY22 witnessed a sharp rebound in revenues on a lower base, ICICI Securities expect a further recovery in revenues during Q3FY22E supported by healthy festive season travel demand.
Stock market LIVE: The broader markets also ended with notable losses as profit-taking continued for the third straight trading session, amid valuation and inflation concerns
Energy Efficiency Services Ltd (EESL), a joint venture under the Ministry of Power, has signed a MoU with Lemon Tree Hotels Ltd for implementing energy efficiency and conservation measures
At the bourses, 'unlock trade' has been playing out well over the past few weeks with stocks from the related sectors on a run
"Apparently, Warburg was not happy with the way the JV had progressed in the last two-three years," said sources
On account of being highly leveraged, 15 per cent of the total 160,000 rooms are at a risk of being shuttered forever according to hotel industry estimates
For the quarter ended June 2020, the company's revenue from operations declined 71.1 per cent year-on-year (YoY) to Rs 40.7 crore.
Revenue from operations went up 17 per cent to Rs 176 crore in Q4 FY20 from Rs 150 crore in the same quarter of previous fiscal
Firms to set up isolation rooms, led by Apollo Hospitals
Hotel stocks are under pressure because the coronavirus outbreak could impact occupancies and, thus, drive down room tariffs
Among the triggers expected to boost sales are demand uptick and room additions
Earlier, the hospitality firm had said that it is looking to open three more properties under its upscale Aurika Hotels and Resorts brand across the country by the end of 2021.
When asked about the rationale behind creating and launching this upscale brand, Keswani said: "The reason is semi-strategic and semi-opportunistic."
The fast-talking Keswani tells Pavan Lall what he learnt from former boss Russi Mody, how he was let down by a private equity investor and why he launched an upscale hotel in Udaipur
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.