Lemon Tree Hotels shares rise after signing new property in Bokaro

Shares of Lemon Tree Hotels gained over 3.5 per cent on Tuesday after it signed a new property in Bokaro, Jharkhand, that is expected to be operational in the financial year 2027. 

 

Lemon Tree Hotels’ stock rose as much as 3.52 per cent during the day to Rs 133.05 per share, the biggest intraday gain since March 3 this year. The stock pared gains to trade 2.98 per cent higher at Rs 132.35 apiece, compared to a 1.22 per cent advance in Nifty 50 as of 1:47 PM. 

 

Shares of the company extended their gains to the fourth day today. They, however, have fallen 13 per cent this year, compared to a 3.65  per cent fall in the benchmark Nifty 50. Lemon Tree Hotels has a total market capitalisation of Rs 10,536 crore.

 

The property -- Keys Select -- will be managed by Carnation Hotels, a wholly-owned subsidiary of the company, according to an exchange filing on Monday. 

 

   

Keys Select, by Lemon Tree Hotels, Bokaro will feature 50 well-appointed rooms, a restaurant, banquets, meeting rooms, a rooftop bar, a fitness center, a swimming pool, and other public areas, the company said in the statement. 

 

“We are thrilled to expand our presence in Jharkhand complementing our portfolio of one existing hotel and three upcoming properties,” Vilas Pawar, chief executive officer, of managed and franchise business, Lemon Tree Hotels, said in the filing. 

 

Earlier this month, the company announced the signing of license agreements for two new Keys Lite by Lemon Tree Hotels properties in Madhya Pradesh. Both properties will feature 42 well-appointed rooms, a restaurant, a banquet, a meeting room, and other public areas, it said earlier, adding that, Carnation Hotels will manage the operations.

 

Lemon Tree Hotels is a major Indian hotel chain operating across various market segments with seven brands. Launched in 2004, it now has over 200 hotels, including operational and upcoming locations in India and internationally (Dubai, Bhutan, Nepal), covering major metro areas and tier I, II, and III cities.

 

The company’s consolidated net profit surged 76.53 per cent to Rs 62.49 crore on a 22.4 per cent increase in revenue from operations to Rs 355.18 crore in Q3 FY25 over Q3 FY24.