ITDC spurts after signing MoU for transfer of hotel

India Tourism Development Corporation surged 9.83% to Rs 634.20 at 11:35 IST on BSE after the company said that a Memorandum of Understanding has been executed for transfer of Lalitha Mahal Palace Hotel, Mysore to State Government of Karnataka.

The announcement was made after market hours yesterday, 20 September 2017.

Meanwhile, the S&P BSE Sensex was down 135.95 points, or 0.42% at 32,264.56. The S&P BSE Mid-Cap index was down 110.51 points, or 0.69% at 15,988.77.

On the BSE, 1.72 lakh shares were traded on the counter so far as against the average daily volumes of 16,591 shares in the past one quarter. The stock had hit a high of Rs 657.90 and a low of Rs 611.10 so far during the day. The stock had hit a 52-week high of Rs 745.80 on 24 April 2017 and hit a 52-week low of Rs 168 on 24 November 2016.

The stock had outperformed the market over the past one month till 20 September 2017, rising 18.31% compared with 3.54% gain in the Sensex. The scrip, however, underperformed the market in past one quarter, gaining 2.38% as against Sensex's 3.55% rise. The scrip, however, outperformed the market in past one year, surging 188.73% as against Sensex's 13.66% upmove.

The mid-cap company has equity capital of Rs 85.77 crore. Face value per share is Rs 10.

ITDC's net profit jumped 99.04% to Rs 18.75 crore on 1.07% rise in net sales to Rs 87.51 crore in Q1 June 2017 over Q1 June 2016.

ITDC is running hotels, restaurants at various places for tourists, besides providing transport facilities. In addition, the company is engaged in production, distribution and sale of tourist publicity literature and providing entertainment and duty free shopping facilities to the tourists. Presently, ITDC has a network of eight Ashok Group of Hotels, five Joint Venture Hotels, 1 Restaurant, 11 Transport Units, 9 Duty Free Shop at airport and seaports and two Sound & Light Shows.

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