Court ruling boosts Hotel Leela Venture

DALAL STREET SPIKES

The share price of Hotel Leela Venture touched an intra-day high of Rs 121 on the Bombay Stock Exchange (BSE) on sustained buying on Thursday.

The stock was in the limelight following the a favourable court ruling. The stock, however, slipped from the higher levels to close marginally higher at Rs 111.90. Hotel Leela said it expects to receive Rs 200 crore shortly from the Housing & Urban Development Corporation as per the court order.

Market analysts said, "The stock has been on an upward rally of late in anticipation of a favourable court ruling and improved business condition for the overall hotel industry."

More than 5.68 lakh shares changed hands at the counter on the BSE on Thursday. Hotel Leela reported strong second quarter results.

It reported a net profit of Rs 3.45 crore as against a net loss of Rs 12.34 crore in the same quarter last year. Revenues rose 40 per cent to Rs 56.91 crore from Rs 40.61 crore.