ITDC hits 52-week high; stock zooms over 80% in less than three weeks

The stock hit an intra-day high of Rs 326, rallied 84% since December 28, 2016.

India Tourism Development Corporation (ITDC) has moved higher to its 52-week high of Rs 326, up 8% on the BSE in intra-day trade extending its over 70% surge in past 12 trading sessions.

Since December 28, in less than three weeks, the stock of ITDC has zoomed 84% from Rs 177 after the company informed BSE that the listing of equity shares of ITDC shall be listed and admitted to dealings on the National Stock Exchange (NSE) w.e.f. December 30, 2016. The S&P BSE Sensex was up 3.9% during the same period.

“The Exchange has sought clarification from India Tourism Development Corporation Ltd on January 17, 2017, with reference to volume variation and the reply is awaited,” according to BSE website.

As of December 31, 2016, the government of India holds 87.03% stake in ITDC.  The Indian Hotels Company, a Tata Group company, have 7.87% stake, while bodies corporate hold 8% stake in the company, the shareholding pattern data shows.

The state-owned insurance giant, Life Insurance Corporation of India (LIC) held 3.52% holding. Individual shareholders have less than 1% or 786,771 shares in ITDC, the data shows.

The corporation has a network of eight Ashok Group of Hotels, five JV hotels, one restaurant, 11 transport units, and nine duty-free shops at airports and seaports.

At 11:44 am; the stock was up 4% at Rs 313 on the BSE against 0.13% decline in the benchmark index. The trading volumes on the counter more than doubled with a combined 633,047 shares changed hands on the BSE and NSE so far.