HOTEL BUSINESS BOOSTS ITC STOCK

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Yesterday ITC closed 0.17% higher at Rs 330.55 after hitting a fresh 52-week high of Rs 333.35. Shares also climbed to a 52-week high of Rs.330.55 on Thursday and later settled at Rs.330 a share. The share also reached a new multi-year high. ITC chairman and chief executive Sanjiv Puri reiterated earlier this week that the cigarette-soap maker is exploring alternative structures for its hotel business as the hospitality industry recovers from the effects of the pandemic.The share also reached a new multi-year high. ITC's shares have regularly hit fresh 52-week highs after the diversified conglomerates recently reiterated that they are exploring an alternative structure for the hotel business.

The hotel segment would pursue the asset right strategy to ensure it remains competitive and continues to excel, and the company is exploring foreign markets for the hospitality segment. In fact, prior to the outbreak of the coronavirus, the company had been talking about exploring alternative structures for its hotel segment.When the pandemic hit, we said we would hold it on hold for now until things normalize, and we reiterated in the annual report and at the investors meeting that we will move it forward in line with the industry's recovery momentum.