Hotel Operators, Tourism Stocks Gain As Cabinet Enhances ECLGS Corpus For Sector
The limit under ECLGS has been hiked from Rs 4.5 lakh crore to Rs 5 lakh crore.
Shares of tourism and hospitality stocks gained after the government approved enhancement in the corpus of the Emergency Credit Line Guarantee Scheme by Rs 50,000 crore.
The limit under ECLGS has been hiked from Rs 4.5 lakh crore to Rs 5 lakh crore, according to a PIB statement on Wednesday. The additional amount is earmarked exclusively for firms in hospitality and related sectors.
The move, according to the statement, will aid the recovery of firms in the sectors that have been severely disrupted due to the Covid-19 pandemic. The additional amount would be made applicable to enterprises in hospitality and related sectors till March 31, 2023.
Hotel operators such as Indian Hotels Co. Ltd., HLV Ltd., Lemon Tree Hotels Ltd., Chalet Hotels Ltd. as well as tourism-linked stocks such as Mahindra Holidays & Resorts India Ltd. advanced on Thursday.