Nomura Initiates Coverage on ITC Hotels and IHCL with Buy Ratings and Price Targets

Nomura has initiated coverage on ITC Hotels and Indian Hotels Company (IHCL) with a 'Buy' rating, citing strong demand, asset-light expansion, and favorable growth prospects. The brokerage forecasts healthy revenue and EBITDA growth for both companies over the medium term, supported by improving occupancy and average room rates. Nomura has set price targets of Rs 230 for ITC Hotels and Rs 830 for IHCL, implying significant upside potential.