ITDC hits fresh 52-week high; stock zooms over 50% in seven trading days

The stock hit 52-week high of Rs 422 in intra-day trade, rallied 59% in past seven trading days.

India Tourism Development Corporation (ITDC) hit its 52-week high of Rs 422, up 20% on the BSE in intra-day trade extending its past six days rally in an otherwise weak market.

The stock of state-owned company surged 59% in past seven trading days from Rs 266 on February 2, as compared to 0.21% rise in the S&P BSE Sensex.

In past one-and-half months, since December 28, it appreciated 138% 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 board of directors of ITDC is schedule to meet on Tuesday February 14, 2017 to consider the un-audited financial results for the quarter ended December 31, 2016 (Q3FY17).

ITDC has low equity base of 85.7 million equity shares having face value of Rs 10 each. Of these 87.03% or 74.64 million shares are with the promoters i.e. government of India.

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 for the quarter ended December 31, 2016 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.

At 02:14 pm; the stock was up 18% to Rs 416 on the BSE as compared to unchanged in the S&P BSE Sensex. The trading volumes on the counter more than doubled with a combined 814,388 shares changing hands on the BSE and NSE.