 "Expats, travel, tourism, air travel")
Shares of India Tourism Development Corporation (ITDC) were locked in the 20 per cent upper circuit on BSE at Rs 763.60 in Thursday's late deals. The surge came as the government called for a tourism push in the interim budget for FY25.
In the past one month, the stock price of the hotels & resorts company has zoomed 67 per cent. The govemment owns 87.03 per cent of ITDC's shareholding.
As many as 3.9 million equity shares, representing 4.5 per cent of total equity of ITDC, changed hands on the NSE and BSE. In comparison, the S&P BSE Sensex was down 0.16 per cent at 71,635.
Finance Minister Nirmala Sitharaman in her Interim Budget speech said that states will be encouraged to undertake development of iconic tourist centres to attract business and promote opportunities for local entrepreneurship.
The Centre will provide long-term interest free loans to states to encourage the development of tourist centers, the FM said.
ITDC runs hotels, restaurants at various places for tourists, besides providing transport facilities.
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In addition, the company is engaged in production, distribution and sale of tourist publicity literature, providing entertainment, engineering related consultancy services, duty free shopping facilities to tourists, hospitality & tourism management.
It also imparts training and education in the field of tourism and hospitality through the Ashok Institute of Hospitality & Tourism Management etc.
ITDC in its FY23 annual report said the tourism infrastructure in India is improving, which will eventually translate into significant business opportunities.
The increased demand for mounting Sound & Light Show (SEL) shows at Heritage / Survey of India (ASI) sites and optimum utilization of infrastructure of hotels by leasing out extra space available are opportunities for the company.
The increased demand for skill development courses, training and education in hospitality as well as increased focus of states on improving tourism related infrastructure are other positives, the company said.
