Investment nod gives a boost to Sayaji Hotels

DALAL STREET SPIKES

The shares of Sayaji Hotels were locked at the upper circuit of 5 per cent and closed at Rs 86.95. The company's board has approved the investment of Rs 20 crore in the wholly owned subsidiary for promoting and developing a 175 room mid-segment budget hotel at Indore.

The hotel will be operational from 2010 and will be developed under the wholly owned subsidiary company called Malawa Hospitality. The stock witnessed total volumes of over 13000 shares, with delivery volumes exceeding 77 per cent.