Lemon Tree Hotels spurts over 60% in ten sessions

Shares of the hotel chain operator hit an upper circuit of 5% at Rs 28.80, extending recent gains.

Shares of Lemon Tree Hotels surged 60.45% in ten consecutive session from its recent closing low of Rs 17.95 on 29 May 2020.

Meanwhile the company disclosed on Thursday (11 June) that WF Asian Reconnaissance Fund and WF Asian Smaller Companies Fund on Tuesday (9 June) purchased 89.44 lakh equity shares, or 1.13% equity, in Lemon Tree Hotels.

Post transaction, the shareholding of WF Asian Reconnaissance Fund and WF Asian Smaller Companies Fund increased to 5.68% from 4.55% earlier.

Lemon Tree Hotels' consolidated net loss stood at Rs 19.02 crore in Q4 March 2020 compared with net profit of Rs 33.67 crore in Q4 March 2019. Net sales jumped 17% to Rs 176.13 crore in Q4 March 2020 as against Rs 150.53 crore in Q4 March 2019.

Lemon Tree Hotels (LTH) is the largest mid-priced hotel sector chain, and the third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017, according to the Horwath Report.

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