Shares of Lemon Tree Hotels gained in the early morning trade on the BSE post block deal. According to the media reports, ~5.52cr shares or 7% equity of the company changed hands in large trade.
Meanwhile, the government cut the corporate tax rate from 34% to 25.17% (inclusive of surcharge and cess) effective FY20. The minimum alternate tax rate was reduced from 18.5% to 15% on Friday.
Further, several revisions were made to the goods and services tax (GST) rates following the 37th GST Council meeting for the promotion of the tourism sector on Friday.
Lemon Tree Hotels Ltd is currently trading at Rs59.80 on the BSE. The scrip opened at Rs61.20 and has touched a high and low of Rs69 and Rs57.85 respectively.
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