Hotel Leela turns spicy on mega expansion plan

DALAL STREET SPIKES

Hotel Leelaventure Ltd went up about 5 per cent from Rs 253.55 to Rs 264.25 in today's trade. The stock had recently been on a bull run as it appreciated sharply from around Rs 225.05 towards the end of August Rs 285.30 last week after the company board announced plans for setting up a new hotel at Pune.

The company had earlier issued 60,000 Foreign Currency Convertible Bonds (FCCBs) of Euro 1,000 each, which was listed on the Singapore Stock Exchange. The company had acquired a majority stake in Kovalam Hotels, now known as ' Leela Kovalam Beach, Kerala', in July for about Rs 60 crore.

It had registered a net profit of Rs 16.33 crore for the quarter ended 30 June 2005 as compared to that of the previous year. The income from operations had gone up 28.5 per cent during the same period.