Cox & Kings gains as MEININGER to open hotel in Germany

Cox & Kings rose 2.91% to Rs 262 at 9:33 IST on BSE after the company said MEININGER Hotels and Peter Simmel will open a hotel in Germany.

The announcement was made after market hours yesterday, 23 November 2017.

Meanwhile, the S&P BSE Sensex was up 103.31 points, or 0.31% to 33,691.39.

On the BSE, 7,896 shares were traded in the counter so far, compared with average daily volumes of 15,348 shares in the past one quarter. The stock had hit a high of Rs 266 and a low of Rs 259.20 so far during the day. The stock hit a 52-week high of Rs 305.50 on 27 July 2017. The stock hit a 52-week low of Rs 159.10 on 29 November 2016.

The stock had underperformed the market over the past 30 days till 23 November 2017, falling 5.58% compared with 1.65% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 3.12% as against Sensex's 6.30% rise. The scrip had outperformed the market in past one year, rising 56.63% as against Sensex's 29.88% rise.

The mid-cap company has equity capital of Rs 88.28 crore. Face value per share is Rs 5.

Cox & Kings said that the company-owned MEININGER Hotels and Peter Simmel signed an agreement for opening a hotel in Dresden in Germany. The 165 rooms and 639 beds hotel is scheduled to open in the second quarter of 2021.

MEININGER is a subsidiary of Holidaybreak, a travel group specialising in educational and activity holidays. Holidaybreak is a subsidiary of Prometheon Holdings (UK), which is a part of Cox & Kings. MEININGER currently operates 17 hybrid hotels in Europe, with a total of 8,409 beds in 11 European cities.

On a consolidated basis, net profit of Cox & Kings rose 165.74% to Rs 215.99 crore on 38.15% decline in net sales to Rs 1581.90 crore in Q2 September 2017 over Q2 September 2016.

Cox & Kings is a travel company. It operates in three key verticals; leisure, education and hybrid hotels.

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