Taj GVK Hotels (Taj) is expected to be a key beneficiary of a revival in the economic environment. We believe a slowing down of capacity addition coupled with a rise in spending by domestic travellers will drive occupancy levels over the next few years. Also, with improved tourism measures by the government, the sector may see a better growth trajectory and pricing in the next three to four years. Further, Taj's key market (Telangana) is on the verge of a turnaround, which, we believe, will further drive occupancy. Apart from improving demand we believe...