Lemon Tree Hotels jumped 4.36% to Rs 61.05 after the company signed a license agreement for a 44-room hotel at Baga, Goa.
The hotel will come under the company's brand 'Lemon Tree Hotel' and would be its fifth hotel in the region.
The hotel is located at Baga and will feature 44 well-appointed rooms and suites, complemented by a multi-cuisine restaurant-Citrus Caf a bar, meeting and conference spaces, a swimming pool, a well-equipped fitness center and a rejuvenating spa among others.
The hotel, owned by Aqua Resorts and Spa, is expected to be flagged and relaunched in April 2020. Carnation Hotel, a subsidiary and the hotel management arm of Aqua Resorts and Spa will be operating and marketing this hotel. The filing was made after trading hours yesterday, 18 December 2019.
The S&P BSE Sensex was down 49 points or 0.12% to 41,510.03.
On the technical front, the stock's RSI (relative strength index) stood at 53.964. 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 59.27, which will act as a support in the near term. Its 200 DMA placed at Rs 65.46, is set at to act as a resistance during the upcoming trading sessions.
On a consolidated basis, Lemon Tree Hotels reported a net loss of Rs 2.15 crore in Q2 September 2019 as against a net profit of Rs 5.67 crore in Q2 September 2018. Net sales jumped 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. The firm designs, builds, owns and operates its hotels.
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