Budget 2023: Tourism stocks soar as FM announces promotion of tourism to be taken up in mission mode

Shares of tourism-related businesses advanced in Wednesday’s morning trade after finance minister Nirmala Sitharaman announced that the promotion of tourism to be taken up in mission mode, including via PPPs.

Following the announcement, shares of Indian Hotels Company jumped 6.50 per cent to Rs 320.10 at around 11.35 am (IST). On the other hand, the benchmark BSE Sensex was up 521 points, or 0.88 per cent, at 60071 at around the same time.

Shares of EIH were also over 6 per cent at Rs 171.30. Likewise, Thomas Cook (India) traded 3.57 per cent higher at Rs 74 at around the same time. Some of the other tourism-related stocks including Lords Ishwar Hotels, Viceroy Hotels and Lemon Tree also gained over 3 per cent in the morning trade.

Meanwhile, the finance minister also said that India’s per capita income has also doubled to Rs 1.97 lakh.

Meanwhile, shares of companies related to agriculture also soared after the minister announced that the agriculture credit target will be increased to Rs 20 lakh crore. Kaveri Seed traded at Rs 546.80, up 3.89 per cent against its previous closing of Rs 526.35 on the BSE.

Jain Irrigation was up 2.27 per cent at Rs 31.55. The scrip opened at Rs 31 and touched a high and low of Rs 31.75 and Rs 31 respectively.

Among other major announcements, FM Sitharaman further added that a capital outlay of Rs 2.40 lakh crore has been provided for the railways. This is about 9 times the outlay has made in 2013-14. She further announced that the capital investment outlay will be increased by 33 per cent to Rs 10 lakh crore. This will be 3.3 per cent of GDP.

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