Lemon Tree Hotels rose 1.85% to Rs 71.70 at 09:25 IST on BSE after the company announced signing a license agreement for a 104 room property in Madhya Pradesh.
The announcement was made during market hours yesterday, 6 June 2018.Meanwhile, the S&P BSE Sensex was up 252.97 points or 0.72% at 35,442.72
On the BSE, 11,000 shares were traded in the counter so far compared with average daily volumes of 1.53 lakh shares in the past two weeks. The stock had hit a high of Rs 72.05 and a low of Rs 70.80 so far during the day. The stock hit a record high of Rs 91 on 23 April 2018. The stock hit a record low of Rs 57.30 on 9 April 2018.
Lemon Tree Hotels has signed a license agreement for a 104 room property at Gwalior, Madhya Pradesh under the company's brand 'Lemon Tree Hotel'. The hotel is expected to be operational by June, 2020. Carnation Hotel, the hotel management arm of the company will be operating and marketing this hotel.
Shares of Lemon Tree Hotels settled at Rs 71.60 on BSE, a premium of 27.86% over the issue price of Rs 56 on its debut on the bourses on 9 April 2018. The initial public offer (IPO) of Lemon Tree Hotels received bids for 15.49 crore shares, as per the National Stock Exchange of India (NSE) data. The issue was subscribed 1.19 times. The issue opened for subscription on 26 March 2018 and closed on 28 March 2018. The price band for the issue was fixed at Rs 54 to Rs 56 per share.
On a consolidated basis, Lemon Tree Hotels reported net profit of Rs 11.71 crore in Q4 March 2018 as compared with net loss of Rs 2.20 crore in Q4 March 2017. Net sales rose 18.62% of Rs 132.01 crore Q4 March 2018 over Q4 March 2017.
Lemon Tree Hotels is India's largest chain in the mid-priced hotels sector and third largest overall, on the basis of controlling interest in owned and leased rooms, as of 30 June 2017, according to the Horwath Report.
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