Hotel stocks gain after Restaurants in Mumbai will now remain open till 10pm

As a part of new relaxation, the state government on Wednesday said that hotels, restaurants and malls can function in Maharashtra till 10 p.m. from August 15 from the earlier restriction of being allowed to operate only till 4 pm.

Aug 12, 2021 04:08 IST India Infoline News Service

Hotel stocks are in demand today after the new relaxation measures announced by the state government on Wednesday.

As a part of the new relaxation, the state government on Wednesday said that hotels, restaurants and malls can function in Maharashtra till 10 p.m. from August 15 from the earlier restriction of being allowed to operate only till 4 pm.

According to the media statement, at last week’s meeting, Maharashtra Chief Minister Uddhav Thackeray had assured the F&B industry that he would personally discuss the subject with the State COVID Task Force and arrive at a decision soon. And this has now come as a relief for hotels and restaurants across Mumbai which have been badly hit by the pandemic and are battling to survive.

Reacting to this news, shares of Kamat Hotel, Lemon Tree, Royal Orchid, Oriental Hotel, Indian Hotel and Taj GVK were trading higher in today’s trade.

Meanwhile, domestic markets surged to record highs after two days of sluggish trading on Thursday led by gains in ICICI Bank, Larsen & Toubro, Tech Mahindra, Power Grid and HCL Technologies. The Sensex ended 318 points higher to close at an all-time high of 54,844 and the Nifty 50 index advanced 82 points to close at a record high of 16,364.

Stock view:

Kamat Hotels (India) Ltd ended at Rs47.90 up by Rs4 or 9.11% from its previous closing of Rs43.90 on the BSE.

Lemon Tree Hotels Ltd ended at Rs40.70 up by Rs3.75 or 10.15% from its previous closing of Rs36.95 on the BSE.

Royal Orchid Hotels Ltd ended at Rs73.80 up by Rs1.85 or 2.57% from its previous closing of Rs71.95 on the BSE.

Indian Hotels Co Ltd ended at Rs143.50 up by Rs2.55 or 1.81% from its previous closing of Rs140.95 on the BSE.

TajGVK Hotels & Resorts Ltd ended at Rs127.15 up by Rs3.85 or 3.12% from its previous closing of Rs123.30 on the BSE.

Related Story

Open Free Demat Account (Rs699)