Hotel Leelaventure rose 3.56% to Rs 23.30 at 14:40 IST on BSE after the company confirmed that it is in discussions to sell the Leela Palace Chennai.
The company issued clarification during market hours today, 2 June 2017.Meanwhile, the S&P BSE Sensex was up 140.18 points or 0.45% at 31,277.77. The S&P BSE Small-Cap index was up 83.18 points or 0.55% at 15,317.42.
On the BSE, 2.14 lakh shares were traded in the counter so far, compared with an average volume of 2.76 lakh shares in the past one quarter.
The stock had hit a high of Rs 23.95 and a low of Rs 23.05 so far during the day. The stock had hit a 52-week high of Rs 27.25 on 10 May 2017. The stock had hit a 52-week low of Rs 15 on 25 November 2016.
The stock gained 9.76% over the past one month till 1 June 2017, outperforming the Sensex's 4.08% rise. The scrip had outperformed the market in past one quarter, rising 35.54% as against Sensex's 7.43% rise. The scrip had also outperformed the market in past one year, gaining 30.43% as against Sensex's 16.56% rise.
The small-cap company has an equity capital of Rs 93.32 crore. Face value per share is Rs 2.
Hotel Leelaventure further said that, however, no binding agreement has been signed with any party as on date.
The company issued the clarification after stock exchanges sought clarification from the company after stock reacted sharply to reports suggesting Marigold Capital and Investments is likely to buy Leela Groups' 326-room hotel in Chennai.
Marigold Capital and Investment is an American private equity fund and is looking to buy the hotel for around Rs 700 crore, report had added.
Marigold Capital and Investments specialises in acquiring debt-ridden hotels and commercial real estate properties and turning them into profitable businesses.
Hotel Leelaventure reported net profit of Rs 13.42 in Q4 March 2017 compared with net loss of Rs 228.87 crore in Q4 March 2016. Net sales rose 2.3% to Rs 198.35 crore in Q4 March 2017 over Q4 March 2016.
Hotel Leelaventure is a leading Indian luxury hospitality group founded in 1986.
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