Indian Hotels Co announced that based on CARE Ratings, the credit rating of the NCDs and Bank facilities of the Company have been revised by one notch to AA (Stable) from AA+(Negative).

The revision in the rating is due to moderation in the operational and financial performance of the Company consequent to COVID-19 restrictions and slower than anticipated recovery post the easing of restrictions.

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These new hotels are in partnership with Ambuja Neotia Group, who have already partnered with Indian Hotels Company, (IHCL), for two other hotels in the East - Taj Chia Kutir, Darjeeling, West Bengal and Taj Guras Kutir in Gangtok, Sikkim. These five projects will culminate to a total of 500 rooms.

Ambuja Neotia is one of the most prominent corporate houses headquartered in Kolkata with its forte in real estate and recent forays into hospitality, healthcare and education. The company has been responsible for landmark projects in and around Kolkata.

Commenting on the signing, Puneet Chhatwal, managing director and chief executive officer, IHCL, said, We are very committed to the Eastern part of India as we believe that it has tremendous potential. With the announcement today, we are further strengthening our footprint in the region and building on IHCL's legacy in some of the most commercially and culturally important cities of the East. These signings also cement our relationship with the Ambuja Neotia Group.

The Taj hotel at Ambuja City Centre, Kolkata is strategically located in close proximity of the Biswa Bangla Convention Centre. The hotel, with 147 keys, has been in operation for over 10 years and is slated to undergo extensive refurbishments before it re-opens as a Taj hotel in 2021.

The Taj hotel at Eco Park, located in New Town, is a 57-room hotel overlooking Eco Park's 112-acre water body. The resort hotel is slated to open in 2021.

The Taj hotel at Ambuja City Centre, Patna is located on Budh Marg in Lodipur. This will be the first branded luxury hotel to enter the city. The hotel will have 126 rooms and will open in December 2022.

IHCL is South Asia's largest hospitality company by market capitalization. It operates brands such as Taj, SeleQtions, Vivanta, and Ginger. IHCL has a portfolio of 207 hotels including 46 under development globally across 4 continents, 12 countries and in over 100 locations.

The company reported a consolidated net loss of Rs 230.01 crore in Q2 September 2020 as compared to a net profit of Rs 71.31 crore in Q2 September 2019. Net sales during the quarter declined by 74.5% YoY to Rs 256.67 crore.

On a year-to-date (YTD) basis, the stock has lost 16.97% while the benchmark S&P BSE Sensex gained 8.01% during the same period.

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Indian Hotels Company (up 13.9%), Lemon Tree Hotels (up 10%), EIH Associated Hotels (up 8.55%), EIH (up 6.11%), India Tourism Development Corporation (up 5.1%), Chalet Hotels (up 4.7%) and Delta Corp (up 3.24%) advanced.

US drug maker Pfizer on Monday announced that its Covid-19 vaccine could be 90% effective based on an early analysis of its late-stage trial.

Investors hoped that a vaccine may revive the travel and tourism business across the world. The Covid-19 pandemic shook the hotel industry particularly hard, and turned many hotel businesses upside down.

India reported 5,05,625 active cases of COVID-19 infection and 1,27,059 deaths while 79,59,406 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.

While, total COVID-19 confirmed cases worldwide stood at 5,08,75,289 with 12,62,413 deaths.

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Lemon Tree Hotels Ltd, V I P Industries Ltd, Phoenix Mills Ltd and Bajaj Finance Ltd are among the other gainers in the BSE's 'A' group today, 10 November 2020.

Indian Hotels Co Ltd spiked 11.38% to Rs 110.6 at 11:54 IST. The stock was the biggest gainer in the BSE's 'A' group. On the BSE, 5.49 lakh shares were traded on the counter so far as against the average daily volumes of 2.88 lakh shares in the past one month.

Lemon Tree Hotels Ltd soared 9.95% to Rs 30.95. The stock was the second biggest gainer in 'A' group. On the BSE, 13.5 lakh shares were traded on the counter so far as against the average daily volumes of 1.18 lakh shares in the past one month.

V I P Industries Ltd surged 8.02% to Rs 313.8. The stock was the third biggest gainer in 'A' group. On the BSE, 1.74 lakh shares were traded on the counter so far as against the average daily volumes of 23540 shares in the past one month.

Phoenix Mills Ltd rose 7.81% to Rs 604.6. The stock was the fourth biggest gainer in 'A' group. On the BSE, 10203 shares were traded on the counter so far as against the average daily volumes of 97235 shares in the past one month.

Bajaj Finance Ltd gained 6.55% to Rs 4120.05. The stock was the fifth biggest gainer in 'A' group. On the BSE, 2.49 lakh shares were traded on the counter so far as against the average daily volumes of 1.57 lakh shares in the past one month.

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