Hotel stocks rise by 20% post GST rate cut

Shares of hotel companies zoomed up to 20 per cent on Monday after the GST Council reduced tax rate for hotel room tariffs. Post market hours on Friday, the GST Council reduced tax rate on hotel room tariffs, a move aimed at giving a boost to the hospitality sector. Indian Hotels Company shares grew by 8.20 per cent, ITC rose 6.95 per cent and Hotel Leela Venture advanced 3.59 per cent. The scrip of Taj GVK Hotels & Resorts jumped 19.98 per cent and Royal Orchid Hotels advanced 16.30 per cent on the BSE.

(Source: PTI)