Lemon Tree Hotels rose 1.79% to Rs 79.40 at 10:15 IST on BSE after the company announced signing a license agreement for a 90 room property in Vijayawada, Andhra Pradesh.
The announcement was made after market hours yesterday, 16 August 2018.Meanwhile, the S&P BSE Sensex was up 256.45 points or 0.68% at 37,920.01
On the BSE, 9,245 shares were traded in the counter so far compared with average daily volumes of 1.14 lakh shares in the past two weeks. The stock had hit a high of Rs 79.70 and a low of Rs 78.50 so far during the day. The stock hit a record high of Rs 91 on 23 April 2018. The stock hit a record low of Rs 57.30 on 9 April 2018.
Lemon Tree Hotels has signed a License Agreement for a 90 room property at Vijayawada, Andhra Pradesh under the company's brand 'Red Fox Hotel'. The hotel is expected to be operational by June 2020. This is the second signed property of the Lemon Tree Hotels group in Vijayawada, the commercial headquarters of Andhra Pradesh. Carnation Hotel, the hotel management arm of the company will be operating and marketing this hotel.
Shares of Lemon Tree Hotels settled at Rs 71.60 on BSE, a premium of 27.86% over the issue price of Rs 56 on its debut on the bourses on 9 April 2018. The initial public offer (IPO) of Lemon Tree Hotels received bids for 15.49 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 1.19 times. The issue opened for subscription on 26 March 2018 and closed on 28 March 2018. The price band for the issue was fixed at Rs 54 to Rs 56 per share.
On a consolidated basis, Lemon Tree Hotels reported net profit of Rs 11.71 crore in Q4 March 2018 as compared with net loss of Rs 2.20 crore in Q4 March 2017. Net sales rose 18.62% of Rs 132.01 crore Q4 March 2018 over Q4 March 2017.
Lemon Tree Hotels is India's largest chain in the mid-priced hotels sector and third largest overall, on the basis of controlling interest in owned and leased rooms.
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