India Tourism Development Corporation (ITDC) rallied 7.81% to Rs 343 on bargain hunting after a recent slide.
Shares of ITDC tanked 9.03% in the past two trading sessions to settle at Rs 318.15 yesterday, 12 December 2019, from its close of Rs 349.75 on 10 December 2019.
ITDC said its board on Thursday approved merger of Kumarakruppa Frontier Hotels with the company. The Government of India holds 90.09% stake in Kumarakruppa Frontier Hotels.
The approval of the board will be conveyed to the Ministry of Tourism for its consideration and onwards approval from Department of Investment and public Asset Management (DIPAM), Ministry of Finance/CCEA etc.
Meanwhile, the S&P BSE Sensex was up 335 points or 0.83% to 40,917.16.
On the technical front, the stock's RSI (relative strength index) stood at 50.049. The RSI oscillates between zero and 100. Traditionally the RSI is considered overbought when above 70 and oversold when below 30.
The stock was currently trading above its 50-day moving average (DMA) placed at Rs 335.78, as well as above its 200 DMA placed at Rs 265.92.
On a consolidated basis, ITDC's net profit slumped 98.8% to Rs 0.10 crore on 1.1% decline in net sales to Rs 83.63 crore in Q2 September 2019 over Q2 September 2018.
ITDC operates hotels, tours and travels. The firm's segments include hotel/restaurants operations, duty free shops operations, travels & tours operations, ARMS & other operations, construction, consultancy & SEL projects and others.
As on 30 September 2019, the Government of India held 87.03% stake in the company.
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