The news triggered strong buying action in the counter with 5.75 crore shareschanging hands on the NSE around 10.45 am with the traded value of the shares standing at Rs 292.89 crore around this time.
Shares of hotel companies and travel solutions providers surged after the government announced measures in the Interim Budget for FY25 to boost leisure and spiritual tourism. The tourism industry received an allocation of Rs 2,449 crore to develop India as a hub for business and conference tourism. The government also proposed interest-free loans to states for the development of iconic tourist destinations.
When the closing price rises above the VWAP, it signifies that the closing price is higher than the average price at which it was traded throughout the day, with the average being weighted by trading volume.