Stock of the day hotel leelaventure, tajgvk, lemon tree jump up to 15% on gst rate cut hopes

1. Stock Of The Day: Hotel Leelaventure, TAJGVK, Lemon Tree jump up to 15% on GST rate cut hopes 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.

2. MARKET NEWS up to 15 per cent on the BSE in the early morning trade on Wednesday after reports said the Goods and Services Tax (GST) Council could cut rates for five-star hotels to provide relief to the hospitality industry. » Shares of hotel companies rallied by Among individual stocks, Hotel Leela Venture and TAJGVK Hotels & Resorts jumped 15 per cent and 11 per cent, respectively in the intra-day trade so far. The GST Council is likely rationalise rates for five-star hotels at its next meeting, holding out hopes for a boost to the tourism industry, a Business Standard report said. “H2 (October-March) is a seasonally strong period for hotels. Nearly 70-75 per cent of yearly profits of the hotel sector come in H2 and the December 2019 quarter would be an early indication of that. Even a small miss on growth expectations during H2 could hurt valuations, ” Amit Agarwal, an analyst with Nirmal Bang Securities, says. Catch all the live market updates here →Stock Of The Day