The Hotel stocks in the trading session today recovered and surged up to 19 percent. Further, this is after the Home Ministry announced the reviving of economic and other activities in the country. However, the phase-wise unlock is for places except for containment zones, which will continue to remain in lockdown till June 30.
In the first phase of Unlock, the government has permitted the function of hotels, restaurants, and other hospitality services from June 8 onwards. Moreover, this decision has made all hotel stocks to increase at a high rate.
At 1.21 IST, Lemon Tree’s shares hit high by 5 percent at 18.90. In addition, the Chalet Hotel’s share price gained 16 percent to 116.15, at 1.23 IST. Moreover, Indian Hotels, EIH Ltd, and Taj GVK traded between 5 to 10 percent on the NSE.
The Home Ministry announced the initiation of the phase-wise unlocking process. Therefore, the first phase called ‘Unlock-1’ will begin from June 8 with operations such as the working of shopping malls, restaurants, and religious places taking effect. However, this is not the same for the highly-affected zones including the city of Mumbai.
