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Saturday, January 28, 2023
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United Breweries, Indian Hotels: RBI policy fires up hotel, liquor stocks

Shares of hotels, restaurants and its related business companies rallied up to 10 per cent on the BSE in intra-day trade on Friday after the Reserve Bank of India (RBI) announced a separate liquidity window of Rs 15,000 crore, to be opened till March 31, 2022, for contact-intensive sectors.

Promotion

“In order to mitigate the adverse impact of the second wave of the pandemic on certain contact-intensive sectors, a separate liquidity window of Rs 15,000 crore is being opened till March 31, 2022 with tenors of up to three years at the repo rate,” RBI Governor Shaktikanta Das said in the monetary policy statement.


“Under the scheme, banks can provide fresh lending support to hotels and restaurants; tourism – travel agents, tour operators and adventure/heritage facilities; aviation ancillary services – ground handling and supply chain; and other services that include private bus operators, car repair services, rent-a-car service providers, event/conference organizers, spa clinics, and beauty parlours/saloons,” the statement said. 

Following the announcements, the stock of Indian Hotels hit a fresh 52-week high of Rs 143.75, up 6 per cent on the BSE on the back of nearly two-fold jump in trading volumes. Royal Orchid Hotels surged 10 per cent to Rs 92.70, followed by Taj GVK Hotels & Resorts (8 per cent to Rs 147.20), EIH (up 7 per cent to Rs 118.50) and Lemon Tree Hotels (up 5 per cent to Rs 45). In comparison, the S&P BSE Sensex was down 0.11 per cent at 52,174 points, at 11:09 am.

Meanwhile, liquor stocks like, United Breweries rallied 8 per cent to Rs 1,369 hitting a 52-week high on the BSE. Among others, Globus Spirits soared 7 per cent to Rs 358, followed by United Spirits (up 3 per cent to Rs 634), IFB Agro Industries (up 3 per cent to Rs 510) and Radico Khaitan (up 1 per cent to Rs 652) , all of whom outperformed the market.

READ  Cheaper booze, more revenue — Why Punjab's new excise policy is a ‘Balle-Balle’ move for state

The above news was originally posted on www.business-standard.com

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