Tuesday, July 16, 2024

Hotel stocks, Liquor rally on RBI’s liquidity support; Lemon Tree, United Spirits shine

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Bull and bear

Shares of hotels, restaurants and liquor companies rallied up to on the BSE in an otherwise weak market. The hotels and restaurants stocks gained after the Reserve Bank of India (RBI) announced a separate liquidity window of Rs15,000cr, to be opened till March 31, 2022, for contact-intensive sectors.

Following the announcements, Indian Hotels, Royal Orchid Hotels, Taj GVK Hotels & Resorts, EIH and Lemon Tree Hotels were up over 5%, respectively on the BSE Sensex.

United Breweries, Globus Spirits, United Spirits, IFB Agro Industries and Radico Khaitan were up in the range of 2-5%, respectively.

On Friday, RBI Governor Shaktikanta Das said in the monetary policy statement on Friday that, “In order to mitigate the adverse impact of the second wave of the pandemic on certain contact-intensive sectors, a separate liquidity window of Rs15,000cr is being opened till March 31, 2022 with tenors of up to three years at the repo rate. 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.”



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The above news was originally posted on www.indiainfoline.com

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