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Lemon Tree Hotel gains after launching hotel in Vijayawada

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Lemon Tree Hotel advances 2.05% to Rs 62.30 after the company said it forayed into Vijayawada, Andhra Pradesh with the launch of 101-rooms hotel.

Lemon Tree Hotel said it launched a 101 rooms hotel, 'Red Fox Hotel, in Vijayawada. It offers a mix of 101 smart rooms, a multi-cuisine coffee shop - Clever Fox Caf banquet hall, boardroom, fitness center etc. The announcement was made after trading hours yesterday, 28 November 2019.

Shares of Lemon Tree Hotel rose 6.76% in three trading sessions to its current market price of Rs 62.30 from its recent closing low of Rs 58.35 on Tuesday, 26 November 2019.

Meanwhile, the S&P BSE Sensex was down 390 points or 0.95% to 40,740.04.

On the technical front, the stock's RSI (relative strength index) stood at 64.297. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.

The stock was currently trading above its 50-day moving average (DMA) placed at Rs 58.18, but it was below its 200 DMA placed at Rs 66.26.

Lemon Tree Hotel reported a consolidated net loss of Rs 2.15 crore in Q2 September 2019 as compared to a net profit of Rs 5.67 crore in Q2 September 2018. The consolidated net sales rose 18.7% to Rs 152.76 crore in Q2 September 2019 over Q2 September 2018.

Lemon Tree Hotels operates a chain of upscale business and leisure hotels.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, November 29 2019. 12:35 IST