Agency News
'Why buy a network that even Dentsu couldn’t fix?': Inside the gamble of Dentsu's international arm sale
Union Budget 2023: Hotel stocks cheer push for tourism sector
Sitharaman said tourism will be promoted on mission mode with the help of states as well as public-private partnership.
The push will likely support the recovery for hotel companies hit hard by the coronavirus pandemic. (Representative Image: Recyclops Ss via Unsplash)
Hotel stocks moved higher as investors cheered Finance Minister Nirmala Sitharaman's push for the tourism industry in the Budget 2023.
Sitharaman emphasised on the huge scope for job creation and entrepreneurship in the tourism sector. "Promotion of tourism will be taken up on mission mode with the active participation of states' convergence of government programs and public-private partnership," Sitharaman said in her budget speech.
The announcement triggered strong buying within hotel stocks, lifting shares of EIH, Indian Hotels Company, EIH Associated Hotels, Thomas Cook (India), Taj GVK Hotels & Resorts, Lords Ishwar Hotels, Oriental Hotels and Lemon Tree Hotels 2-8 percent higher.
The push will likely support the recovery for hotel companies hit hard by the coronavirus pandemic.
Sitharaman also allocated the highest-ever capital outlay at Rs 2.4 lakh crore for the railways. The capital expenditure push for railways is also seen aiding sentiment for tourism-related stocks.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
SPOTLIGHT
Today’s B2B marketers wear many hats: strategist, technologist, and storyteller.
Read MoreGIFT City powers Gandhinagar’s bid to be ‘next Bengaluru’ with $64 billion GCC growth
The GCC's expansion is not limited to GIFT City. These centres are also accelerating in tier-2 locations such as Bhubaneshwar, Coimbatore, Kochi, and Chandigarh, where promising talent pools are attracting interest