Kumbh Mela Boost: This Indian Hotels arm shares hit new high; up 34% in Jan

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Kumbh Mela Boost: This Indian Hotels arm shares hit new high; up 34% in Jan - Business Standard

Quick Summary:

Benares Hotels hit a new high of Rs 10,990, rallied 15% on expectations of record revenue in March quarter, due to strong domestic demand on account of Kumbh Mela and related travels in the UP region.

According to ICRA, estimates for pan-India hotel occupancy reached a decadal high of 70 per cent to 72 per cent in the current financial year and next fiscal, as compared to 68 per cent to 70 per cent in 2022-23.

Thus far in the month of January, the stock price of this smallcap hotel company has zoomed 34 per cent, as compared to 2.2 per cent decline in the BSE Sensex.