Why did India Hotels rally sharply on Wednesday, 07 July?
Answer
Answer
Indian Hotels rallied 6% on Wednesday to Rs.157 on the back of very heavy volumes. The stock has now appreciated by nearly 11% just in the last 4 trading sessions. The stock got a trigger after the board approved raising a sum of Rs.250 crore via privately placement NCDs. India Hotels manages over 196 hotels across 12 countries and 80 locations under the Taj brand. IHCL showed positive EBITDA of Rs.83 crore. In Jun-21 quarter on the back of cost prudence employed.