Lemon Tree Hotels gains on bargain hunting

Lemon Tree Hotels rose 1.81% to Rs 67.60 at 15:02 IST on BSE on bargain hunting after sliding 7.26% in the preceding three trading sessions to settle at Rs 66.40 yesterday, 12 April 2018, from its close of Rs 71.60 on 9 April 2018.

Meanwhile, the S&P BSE Sensex was up 118.25 points or 0.35% at 34,219.38

On the BSE, 3.17 lakh shares were traded on the counter so far as. The stock had hit a high of Rs 68.20 and a low of Rs 66.55 so far during the day. The stock had hit a record high of Rs 73.90 on 9 April 2018 and a record low of Rs 57.30 on 9 April 2018.

Shares of Lemon Tree Hotels settled at Rs 71.60 on BSE, a premium of 27.86% over the issue price of Rs 56 on its debut on the bourses on 9 April 2018. The initial public offer (IPO) of Lemon Tree Hotels received bids for 15.49 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 1.19 times. The issue opened for subscription on 26 March 2018 and closed on 28 March 2018. The price band for the issue was fixed at Rs 54 to Rs 56 per share.

On a consolidated basis, Lemon Tree Hotels reported net profit of Rs 2.18 crore on net sales of Rs 352.25 crore in the nine-months ended December 2017.

Lemon Tree Hotels is India's largest chain in the mid-priced hotels sector and third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017, according to the Horwath Report. It operated 4,697 rooms in 45 hotels (including managed hotels) across 28 cities in India as of 31 January 2018. The hotels are located across India, in metro regions, including the NCR, Bengaluru, Hyderabad and Chennai, as well as tier I and tier II cities such as Pune, Ahmedabad, Chandigarh, Jaipur, Indore and Aurangabad.

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