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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.
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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.
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