EIH shares gain 7% on plan to invest Rs 421 crore in a Oberoi luxury resort in Goa

The share price of EIH added more than 7 percent in the opening trade on April 1 after the company said in will invest Rs 421 crore to build an Oberoi luxury resort in Goa.

The resort will come up at Cavelossim Beach in South Goa on a 52-acre site owned by the company, the company, which owns and manages luxury hotels under the Oberoi and Trident brands, said.

At 9.33am, EIH was quoting at Rs 481.05, up Rs 32.25, or 7.19 percent, on the BSE.

The Oberoi, Goa, will be a luxury resort with 90 rooms and suites and will be operational from October 1, 2027.

The company also entered into a hotel management agreement for a second project as a luxurious Oberoi Resort at Bogmalo Beach in South Goa.

Catch all market action in our live blog

On March 28, the company’s unit, Oberoi Flight Services, received a penalty order of Rs 1,51,630 from The Office of the Deputy Commissioner of State Tax, Mumbai under Section 73 of the Central Goods and Service Tax Act, 2017.

The order was in relation to excess outward tax in GSTR-1 as compared to GSTR-9/3B for the Financial Year 2020-21.

The share touched a 52-week high of Rs 485.45 on February 20, 2024 and a 52-week low of Rs 150.45 on March 28, 2023. The stock is trading 0.91 percent below its 52-week high and 219.74 percent above its 52-week low.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.