Indian Hotels Company jumped 5.69% to Rs 182.95, extending its winning run to fourth consecutive trading session.
Shares of the real estate development company have surged nearly 22.7% in four trading sessions from its previous closing low of Rs 149 on 17 September 2021. The counter hit an all-time high of Rs 185.05 in intraday today. The stock has surged 106% from its 52-week low of Rs 88.6 recorded on 24 September 2020.In last one month, the stock has moved nearly 32.7% higher outperforming the Nifty 50 index which gained 7.3% in the same period.
Easing of COVID related restrictions, faster pace of vaccination and rights issue approved by the board boosted sentiment for the stock. A total of 83,34,67,089 COVID-19 vaccine doses have been administered in the country so far, with over 71.21 lakh doses being given yesterday, according to the Co-WIN dashboard.
The company on 24 August announced that its board has approved rights issue of equity shares for an amount not exceeding Rs 3,000 crore. As per the company's disclosure, the objective of the issue is to meet its financing needs for capital expenditure, growth plans and debt repayment and will be finalised in consultation with the merchant bankers.
On the technical front, the stock's RSI (relative strength index) stood at 80.077. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock is trading above its 50 and 100 days simple moving average placed at 147.60 and 140.31 respectively. These levels will act as crucial support zones in near term.
The Indian Hotels Company (IHCL) and its subsidiaries bring together a group of hospitality brands and businesses, which include Taj, SeleQtions, Vivanta, and Ginger. IHCL has a portfolio of 221 hotels including 53 under development globally across 4 continents, 12 countries and in over 100 locations.
The hospitality company posted a consolidated net loss of Rs 270.05 crore in Q1 FY22 as compared to a net loss of Rs 266.93 crore in Q1 FY21. Net sales soared 139.9% year-on-year to Rs 344.55 crore in Q1 FY22 over Q1 FY21.
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