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Last Updated : Sep 18, 2019 01:53 PM IST | Source: Moneycontrol.com

Hotel stocks rally amid proposed GST rate cut from 28% to 18%

Hotel stocks rallied up to 12 percent intraday on Wednesday after GST rate fitment committee proposed to cut tax from 28 percent to 18 percent on hotel tariff of Rs 7,500 and above.

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Hotel stocks have rallied as much as 12 percent intraday on September 18 after GST rate fitment committee proposed to cut tax from 28 percent to 18 percent on hotel tariff of Rs 7,500 and above, or to hike threshold tariff to Rs 10,000 with 28 percent.

Earlier tax on hotels tariff below Rs 7,500 was 18 percent and above that was taxed at 28 percent.

Jindal Hotels was up 12 percent, followed by Savera Industries, up 11 percent, Taj GVK Hotels, Indian Hotels and Sinclairs Hotel gaining 5 percent each. The other gainers included EIH Associated Hotel, Hotel Leela, Orient Hotels, Royal Orchid and Asian Hotels which were up 2-3 percent.

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At 1345 hrs, Taj GVK Hotels & Resorts was quoting at Rs 158.00, up Rs 11.00, or 7.48 percent. It was trading with volumes of 31,061 shares, compared to its five day average of 4,914 shares, an increase of 532.12 percent.

Indian Hotels Company was quoting at Rs 134.80, up Rs 4.55, or 3.49 percent. It was trading with volumes of 163,518 shares, compared to its five day average of 21,092 shares, an increase of 675.25 percent.

Hotel Leela Venture was quoting at Rs 7.86, up Rs 0.51, or 6.94 percent. It was trading with volumes of 88,083 shares, compared to its five day average of 20,818 shares, an increase of 323.11 percent.
First Published on Sep 18, 2019 01:53 pm
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