Advani Hotels & Resorts (India) hit an upper circuit limit of 20% at Rs 51.60 at 12:43 IST on BSE on a report that ITC is close to acquiring a luxury hotel in Goa for Rs 700 crore from the company.
Meanwhile, the BSE Sensex was down 65.88 points, or 0.26%, to 24,958.47.
On BSE, so far 7,887 shares were traded in the counter, compared with an average volume of 2,976 shares in the past one quarter.
The stock opened with an upward gap, rising by the maximum 20% daily circuit and remained locked at the 20% level at Rs 51.60 so far in the day. The stock hit a 52-week high of Rs 51.60 on 14 July 2014. The stock hit a 52-week low of Rs 27.10 on 1 August 2013.
The stock had outperformed the market over the past one month till 11 July 2014, rising 4.75% compared with 1.76% fall in the Sensex. The scrip had also outperformed the market in past one quarter, rising 22.86% as against Sensex's 10.59% rise.
The small-cap company has an equity capital of Rs 9.24 crore. Face value per share is Rs 2.
Also Read
According to the report, ITC's hotel division is close to acquiring the Ramada Caravela Beach Resort from Advani Hotels & Resorts at a cost of Rs 700 crore.
The 199-room, five-star deluxe hotel, which had a third of its rooms renovated in October last year, is managed by US-headquartered Wyndham Worldwide, report said.
Meanwhile, Delta Corp surged 10.78% to Rs 86.30 on this report. Delta Hospitality & Leisure, a 100% subsidiary of Delta Corp, holds 35.6% stake in Advani Hotels and Resorts (India).
Net profit of Advani Hotels & Resorts (India) rose 27.48% to Rs 5.66 crore on 1.46% rise in net sales to Rs 14.64 crore in Q4 March 2014 over Q4 March 2013.
Advani Hotels & Resorts (India) operates hotel and resort in Goa.
Powered by Capital Market - Live News