ITDC surges on heavy volumes

The stock locked in upper circuit of 20% at Rs 187 on the BSE.

Shares of India Tourism Development Corporation (ITDC) were locked in 20% upper circuit at Rs 187 on the BSE on back of heavy volumes.

Till 02:59 PM, around 98,000 shares changed hands on the counter against an average sub 2,500 shares that were traded daily in past two weeks on the BSE. There were pending buy orders for 21,684 shares.

Since February 12, 2016, the stock rallied 25% from Rs 150 after the government had identified five ITDC-run hotels, including Hotel Janpath in the national capital for privatisation as part of its plan to disinvest eight such loss-making properties.

Besides Hotel Janpath, other properties in which the stake will be offloaded are — Hotel Patliputra Ashok; Hotel Bharatpur Ashok and property at Kosi; Hotel Donyi Polo Ashok and Hotel Pondicherry Ashok.

Hotel Janpath and Hotel Patliputra Ashok are ITDC properties, while Hotel Bharatpur Ashok and the property at Kosi are owned by the Tourism Ministry and managed by corporation. Hotel Donyi Polo Ashok and Hotel Pondicherry Ashok are properties of ITDC’s joint venture subsidiary companies.