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Advani Hotels and Resorts (India) has moved higher by 10% to Rs 87.80, bouncing back 20% from its intra-day low on the National Stock Exchange (NSE). The stock has appreciated more than 100% in current week, recorded huge trading volumes activity on media reports that ITC Ltd's hotel division ITC Hotels is close to acquiring its property in Goa.
Shares in Advani Hotels zoomed 109% from Rs 42 on July 11, despite of clarifications by both the companies to the stock exchanges.
Advani Hotels on July 14, had clarified that the company had no such negotiations or even discussions in this respect and hence, the question of giving any intimation to the stock exchanges does not arise. Meanwhile, on July 17, ITC on the clarification on BSE said that the captioned news item is speculative in nature. We would advise that the Company routinely scans strategic opportunities for business growth.
This process Involves dialogues from time to time with relevant parties across the country for different businesses. As and when there is conclusive development of a substantive nature, the Company keeps the stock exchanges informed in terms of the listing agreement. However, as a matter of best practice, we do not respond to market rumours, it added.
Shares in Advani Hotels zoomed 109% from Rs 42 on July 11, despite of clarifications by both the companies to the stock exchanges.
Advani Hotels on July 14, had clarified that the company had no such negotiations or even discussions in this respect and hence, the question of giving any intimation to the stock exchanges does not arise. Meanwhile, on July 17, ITC on the clarification on BSE said that the captioned news item is speculative in nature. We would advise that the Company routinely scans strategic opportunities for business growth.
This process Involves dialogues from time to time with relevant parties across the country for different businesses. As and when there is conclusive development of a substantive nature, the Company keeps the stock exchanges informed in terms of the listing agreement. However, as a matter of best practice, we do not respond to market rumours, it added.
