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Hotel Stocks Surged Up To 20% Intra-day On September 27, 2021


Hotel stocks buzzed in trade on September 27, 2021 with majority of the counters ending in the green, gaining between 2-19.6 percent. EIH Associated Hotels topped the chart and ended sharply higher with gains of 19.6 percent, hitting fresh 52-week high in trade today of Rs. 433.65.

Hotel Stocks Surged Up To 20% Intra-day On September 27, 2021

Other hotel stocks that gained between 5-12 percent include Lemon Tree Hotel, Barbeque Nation, Royal Orchid Hotel, Chalet Hotels and EIH among others. Indian Hotels Company shares hit a fresh 52 week high of Rs. 200.9 apiece on the BSE given the heavy volumes in the counter.

Hospitality stocks are primarily banking on the hopes of revival in the industry that suffered hard amid Covid-led restrictions on pent up holiday planning.

Meanwhile, the brokerage firm IDBI Capital gave a BUY rating for the stock of Chalet Hotels with a target price of Rs 295, valuing hotels business at 17x EV/EBITDA and capitalization rate of 8.3 per cent on retail- commercial properties on FY24E. "We like Chalet in domestic hospitality space considering strong positioning in high-end branded hotels in key business cities, well positioned to benefit from post pandemic industry revival, active asset management of the properties, new hotels and commercial properties to strengthen earnings growth, hotel-led complimentary mixed-use of real estate to drive operating margin expansion, value unlocking opportunities in Koramangla project and inorganic growth opportunities, the brokerage firm mentioned in the report.

Read more about: hotel stocks chalet hotels
Story first published: Monday, September 27, 2021, 22:35 [IST]
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