Why Lemon Tree Hotels stock surged 10% in early trade

Stock of Lemon Tree Hotels surged 10% in early trade today after Goldman Sachs (Singapore) Pte bought 30 lakh shares from Zaaba Pan Asia Master Fund in a block deal.

Lemon Tree Hotels stock has gained 11.67% in the last 3 days. The stock opened with a gain of 9.54% at Rs 52.80 today. The small cap stock touched an intraday high of Rs 53.15, rising 10.27% against previous close of Rs 48.20 on BSE.

Lemon Tree Hotels stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 13.53% in one year and risen 8.91% since the beginning of this year.

Total 3.12 lakh shares of the firm changed hands amounting to a turnover of Rs 1.59 crore on BSE. Market cap of the firm  rose to Rs 3,992 crore on BSE.

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On NSE, the share rose 10.16% to Rs 53.10 against the previous close of Rs 48.20. The stock opened at Rs 53 on NSE.

Market cap of the firm rose to Rs 4,004 crore. Total 45.25 lakh shares of the firm changed hands amounting to a turnover of Rs 22.87 crore on NSE.

Goldman Sachs (Singapore) Pte.- ODI acquired 30,02,214 equity shares or 0.37 percent stake in Lemon Tree Hotels. The block deal was done at Rs 46.6 per share.

Foreign portfolio investor Zaaba Pan Asia Master Fund which was the seller in this block deal owned 1,54,51,702 equity shares or a 1.95 percent stake in Lemon Tree Hotels as of September 2021.