Shares of companies operating in the travel, tourism, and hospitality sectors gained on Wednesday following the Budget 2023 announcements emphasising on the government’s thrust on tourism promotion in the country.
Finance Minister Nirmala Sitharaman announced the promotion of tourism on mission mode with states readily participating in the process, along with public-private partnerships.
"There is large potential to be tapped in tourism. The sector holds huge opportunities for jobs and entrepreneurship for youth in particular,” the Finance Minister added.
The Finance Minister also announced the development of 50 tourist destinations across the country through the development of theme-based local tourist spots. This will promote international tourism and thereby international air travel along with domestic air travel.
The centre will also launch the 'Dekho Apna Desh' initiative to promote domestic tourism.
After the budget announcements, shares of tourism and travel companies surged up to 9 percent during Wednesday’s session, with Indian Hotels gaining the most.
Shares of the Indian Hotels zoomed to 8.5 percent in the session, hitting an intraday high of Rs 330.40 per piece on the BSE. The stock closed 8.67 percent higher at Rs 326.60.
Lemon Tree Hotels surged 9 percent to hit an intraday high of Rs 83 per piece. The stock closed 5.76 percent higher at Rs 80.80.
Shares of Easy Trip Planners gained nearly 3.5 percent to reach an intraday high of Rs 56.80 per piece in Wednesday's session. However, the stock closed 3.85 percent lower at Rs 50 per piece on BSE.
The operator of IndiGo, Interglobe Aviation’s shares gained up to 1 percent to Rs 2,145.5 per piece on the BSE in intraday trade. However, the stock closed 2.33 percent lower at Rs 2,075.25 a piece on the BSE.
