Latest News
-
Mahindra Finance Detects Rs 150 Crore Fraud, Postpones FY24 Financial Results -
Rs 2.20/Share Dividend Declared: 84-Yrs Old Small Cap Tata Co Reports 7.7% Rise In Net -
Sebi Enhances Liquidity with Extended Cross-Margin Benefits for Futures -
Mahindra Finance Detects Rs 150 Crore Fraud, Postpones Financial Results -
Telecom Service Sector's AGR Climbs 1.8% to Rs 67,835 Cr in December 2023: TRAI Data -
Google Fires Over 50 Employees for Protesting Israel Cloud Computing Deal -
Power Grid Corporation to Infuse Funds into NHPTL, Securing 50% Ownership -
1:1 Bonus, Rs 167.6 Sh/Dividend Paid: Tata's IT Co Announces Highest Ever Rs 70/Sh Dividend; Q4 Results Here -
3 Free Shares, Rs 4/Share Dividend: Pharma Stock Rallies On Bonus Share, Dividend Proposal -
Google CEO Sundar Pichai Terminates Over 20 Employees Amidst Internal Protests Over Israel; Reports
This Small Cap Hotels and Resorts Stock Gains A Hefty 24% In 2 Sessions: Check Why
Shares of hotels and resorts entity India Tourism Development Corporation (ITDC) since its closing on Tuesday has galloped by a hefty 24% in 2 sessions. The stock in trade on August 18, 2022 has hit an intra-day high of Rs. 424 per share on the NSE as against the Tuesday's close of Rs. 342.2 per share on the NSE.
What fuelled rally in the stock?
The run up in the stock price of ITDC is spurred after the company said it would organise a road show on Monday (August 22, 2022)to gather an outlook on the feasibility report for stake sale of its properties from market players.
"A roadshow has been scheduled on 22nd August, 2022 at 3.30 p.m. in Hotel Ashok through hybrid mode to obtain the views of the market players on the models suggested in the feasibility report," said ITDC.
"Department of Investment and Public Asset Management (DIPAM) asked the Ministry of Tourism to take the approval of the Cabinet Committee on Economic Affairs (CCEA) for the recommendations of the Core Group of Disinvestment (CGD) for conducting roadshows. Draft CCEA Note was sent to the Ministry of Tourism for further actions," adds the entity.
Stock price run up
The stock of ITDC in a week's time has gained by 17%, while 1-month returns stand at 32%. On a YTD basis, the stock has barely fetched 17% return. Further, in the last 1-year, the stock's return is at 11%. But in the 3-years time period, the stock has yielded multibagger return of 116%. 52-week low and high of the stock are Rs. 261.65 and Rs. 448, respectively.
ITDC Q1Fy22 Results
The company reported a bumper 442% rise in profit in the June quarter of Fy 23 at Rs. 10.3 crore as against Rs. 3.01 crore in the same period last year. Sequentially, net profit logged 120.09% gain from Rs. 4.68 crore net profit reported in the March ended quarter of Fy22. Also, sales registered an increase by 12.61% sequentially. Revenue climbed by 116.48% to Rs. 96.27 crore in the June ended quarter as against Rs. 44.47 crore reported in the same period last year.
The company's debt to equity ratio is 0 and its RoE is very less.
About ITDC
India Tourism Development Corporation Limited operates hotels, and tours and travels. It operates various divisions - Hotels, Ashok Events, Ashok Travels and Tours Division and Ashok Institute of Hospitality & Tourism Management.
