IHCL has historically been paying taxes at 35%+ rates for its domestic operations. Recently, the government announced the option of shifting to a lower tax regime, which the company has opted for. This should leave additional cash in hand, which could be invested back into the business. GST rate reduction for hotels was also a shot in the arm for the hospitality industry. IHCL should benefit significantly as most of its portfolio earlier attracted 28% GST (now reduced to 18%) and now gets ~10% cheaper. Hotel players are seeing lower resistance from corporate customers towards...