First quarter show cheers up Indian Hotels

DALAL STREET SPIKES

Indian Hotels bucked the overall negative trend to end marginally higher on back of strong first quarter results. The stock of hospitality major ended 0.88 per cent higher to close at Rs 364.80, before hitting an intra-day high of Rs 370.

The company for the quarter ended June 2004 reported a 70 per cent jump in net profit to Rs 6.40 crore from Rs 3.76 crore for the quarter ended June 30, 2003.

Total income has risen 22.6 per cent to Rs 168.86 crore from Rs 137.66 crore during the same period. The stock witnessed volatile trades ahead of the results announcement. From a low of Rs 330.85 on June 16, 2004, the stock has now appreciated to Tuesday's intra-day high of Rs 370.

Before that the stock came sharply off its higher levels on profit taking. It came off from a high of Rs 478.90 on January 14, 2004.