Hotel Leelaventures gains after shareholders OK asset sale

Hotel Leelaventures rose 1.79% to Rs 7.96 after majority of the company's shareholders approved the proposed resolution to sell assets.

The company had sought shareholders approval via special resolutions for sale of the company's hotel undertakings in Delhi, Bangaluru, Chennai and Udaipur. Approval was also sought for sale of the company's hotel operations undertaking and sale of the company's shareholding in wholly-owned subsidiary, Leela Palaces and Resorts. The resolutions received shareholders approval through e-voting in a postal ballot process.

Meanwhile, the S&P BSE Sensex was up 396 points or 1.03% to 38,989.74.

Shares of Hotel Leelaventures rose 2.18% in two trading sessions to its current market price of Rs 7.96, from a recent closing low of Rs 7.79 on 24 September 2019.

On the BSE, 1.09 lakh shares were traded in the counter so far compared with average daily volumes of 37,398 shares in the past two weeks. The stock hit an intraday high of Rs 8.16 and an intraday low of Rs 7.30 so far during the day.

The stock hit a 52-week high of Rs 18.78 on 30 November 2018. The stock hit a 52-week low of Rs 5.94 on 23 August 2019.

On a consolidated basis, Hotel Leelaventures reported net loss of Rs 12.29 crore in Q1 June 2019 compared with net loss of Rs 72.54 crore in Q1 June 2018. Net sales declined 8.7% to Rs 31.88 crore in Q1 June 2019 over Q1 June 2018.

Hotel Leelaventure is engaged in hoteliering business. The company is engaged in providing accommodation and food services, and food and beverage services.

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