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Hotel stocks maintain good momentum after strong Q1
Mint Mumbai
|September 08, 2023
Growth driven by G20 events, ICC Men's Cricket World Cup, and the wedding season
Hotel stocks are in the spotlight, reaching new highs on the stock market, driven by upcoming events, such a the G20 Summit, ICC Men’s Cricket World Cup, and the wedding season. The outlook for the stocks remains strong, despite a weak second quarter due to the monsoon.
Analysts said the recovery in international tourist arrivals to pre-covid levels will boost demand. The Indian Hotels stock scaled a 52-week high on Thursday, while EIH Ltd, Lemon Tree Hotels Ltd, and Chalet Hotels Ltd are also trading near their 52-week highs for the last one week. Most hotel stocks, including ITC Ltd, have gained 13-50% in the past six months.
“As we move into the festive season, the demand outlook for chain-affiliated hotels looks strong on the back of buoyant domestic demand, significantly high foreign tourist arrivals due to one-time events (G20 Summit and ICC World Cup) and the forthcoming wedding season" said analysts at JM Financials Institutional Securities.
This story is from the September 08, 2023 edition of Mint Mumbai.
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