Following Reliance Industries’ recent buy into 14.12% of EIH stocks, shares of several hotel chains on the Mumbai bourse saw a rise Tuesday, amidst a positive outlook by investors of the Indian hospitality sector.
On Monday, Reliance Industries snapped up a 14.12% stake in EIH for INR184 per share.
Among the biggest gainers on Tuesday were Asian Hotels, Royal Orchid, Kamat Hotels, Sterling Holiday Resorts, Ras Resorts and Blue Coast Hotels, all of which saw a rise between 2% to 5%.
Out of these, Sterling Holiday Resorts, which rose the maximum permissible intra-day limit of 5%, was the biggest gainer. Ras Resorts and Royal Orchid rose 4.9% and 3.9%, respectively, while Kamat Hotels and Asian Hotels (East) rose 2.5% and 2.1%, respectively.
But EIH stock was the biggest loser on Tuesday, falling over 7% to close at INR139.95. It saw a rise today (Wednesday) of INR3.75 to INR143.70.
