Six hospitality stocks rose by 1.93% to 7.94% at 10:40 IST on BSE after the central bank widened the definition of infrastructure lending to include hotels with project costing more than Rs 200 crore.
Indian Hotels Company (up 7.94%), Kamat Hotels (India) (up 6.75%), Hotel Leelaventure (up 3.45%), EIH (up 2.88%), Taj GVK Hotels & Resorts (up 2.59%) and Oriental Hotels (up 1.93%), edged higher.
The S&P BSE Sensex was down 68.40 points, or 0.33% at 20,536.68.
The Reserve Bank of India (RBI) on Monday, 25 November 2013, widened the definition of infrastructure sector lending to include hotels with project costing more than Rs 200 crore in any place in India and of any star rating as well as convention centres with project worth Rs 300 crore. The Finance Ministry has favoured relaxation of lending rules for infrastructure projects in order to expedite them. Also, it has written to the RBI suggesting changes in the rules for infrastructure financing, including the treatment of non-performing loans to the sector.
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