The study looked at how well futures contracts can be used to protect against risks in the tourism and hospitality sector in India. They analyzed data from four stocks traded on the NSE from 2016 to 2017. The researchers found that a simple one-to-one approach worked best for hedging, meaning investing equally in both spot and futures markets gave the highest effectiveness. Overall, the tourism and hospitality sector in India is a good place to use futures contracts for hedging.