Lemon Tree Hotels hits new high since listing; stock soars 30% in 3 days

The stock rallied 7% to Rs 89.80, extending its past two days 23% surge on BSE, after the company said its arm signed three management contracts in the state of Uttarakhand

Lemon Tree Hotels rallied 7% to Rs 89.80, extending past two days 23% surge on BSE, after the company said its arm signed three management contracts in the state of Uttarakhand.

The stock is trading at its highest level since listing on April 9, 2018. It zoomed 60% against its issue price of Rs 56 per share.

“Carnation Hotels, the wholly owned subsidiary and management arm of Lemon Tree Hotels Limited has announced the signing of three individual management contracts for three new hotels in the State of Uttarakhand; one each in Rishikesh, Neelkanth and Mussoorie,” Lemon Tree Hotels said