Indian Hotels nears record high ahead of fixing of QIP price band

In the past three months, the stock has outperformed the market by surging nearly 30 per cent, as compared to 0.61 per cent rise in the S&P BSE Sensex

Shares of Indian Hotels Company were up 3.3 per cent to Rs 226.45 on the BSE in Friday's intra-day trade. The surge comes ahead of the company's board meeting to decide issue price of qualified institutional placement (QIP), scheduled later today. The stock traded close to its record high level of Rs 230.14 touched on October 14, 2021.

The stock of the Tata Group company traded higher for fourth day in a row. Earlier, the stock had rallied 10 per cent after its QIP committee approved the issue on March 22, 2022 and proposed to mobilize around Rs 2,000