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Select hotel & restaurant shares gain on GST rate change

SI Reporter/Mumbai 13 Nov 17 | 11:01 AM

Shares of hotels & restaurant companies rallied up to 16% on the BSE in intra-day trade in otherwise subdued market after the Goods and Services Tax (GST) Council decided to reduce the tax rate for all restaurants, barring those in luxury hotels, to 5%, without any input tax credit.

Restaurants in hotels with room tariff of Rs 7,500 and above per day will attract 18% GST with full input tax credit.

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Among the individual stocks, Royal Orchid Hotels hit a 52-week high of Rs 156, up 16%, and Speciality Restaurants rallied 8% to Rs 127 on the BSE in intra-day trade.

Asian Hotels (West), Jindal Hotels, Advani Hotels, EIH Associate Hotels and Coffee Day Enterprises are among those trading 2% to 8% higher, as compared to 0.28% decline in the S&P BSE Sensex at 10:56 AM.

According to PTI report, the Hotel and Restaurant Association of Eastern India (HRAEI) said the GST Council's decision to cut tax rate for restaurants to 5% without input tax credit comes as a big relief for the industry.

"We are very happy with new GST slab announcement for restaurants. Our proposals were considered with due importance and this announcement is a big relief for the hospitality sector," HRAEI President Sudesh Poddar said in a release.

COMPANY LATEST PREV CLOSE GAIN(%) ROYAL ORCH.HOTEL 149.15 134.55 10.9 ASIAN HOTELS (W) 324.00 302.00 7.3 JINDAL HOTELS 62.50 59.00 5.9 SPECIALITY REST. 124.30 118.25 5.1 HOWARD HOTELS 6.80 6.48 4.9 HOTEL RUGBY 3.22 3.07 4.9 FOMENTO RESORTS 160.00 152.70 4.8 ADVANI HOTELS. 65.35 62.55 4.5 THE BYKE HOSPI. 159.70 152.95 4.4 ARAMBHAN HOSPIT. 36.00 34.50 4.4 EIH ASSOC.HOTELS 370.00 355.00 4.2 BEST EASTERN HOT 67.85 65.25 4.0 VICEROY HOTELS 17.55 16.90 3.9 SINCLAIRS HOTELS 416.80 401.35 3.9 ASIAN HOTELS (E) 279.00 274.15 1.8 ORIENTAL HOTELS 39.30 38.65 1.7 COFFEE DAY ENTER 231.90 228.15 1.6

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