Shares of Advani Hotels and Resorts today surged 20 per cent amid reports that ITC is close to acquiring a luxury hotel in Goa for Rs 700 crore from the company.
Following the buzz, shares of the company jumped 20 per cent to Rs 51.60 -- its upper circuit limit at the BSE.
On the NSE, Advani Hotels' stock soared 19.91 per cent to Rs 50.60 -- its highest trading permissible limit of the day.
Shares of ITC ended the day on a flat note, down 0.27 per cent to Rs 345.10 at the BSE.
Meanwhile, in a clarification to the BSE, Advani Hotels today said, "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."
As per media reports, ITC Ltd's hotel division may soon be able to get its first luxury property in Goa.
It's close to acquiring the Ramada Caravela Beach Resort from Advani Hotels & Resorts at a cost of Rs 700 crore, it said.
