India's Chalet Hotels rises after ICICI Securities assigns street-high target price

Chalet Hotels

13/12/2023 06:49

** Shares of Chalet Hotels  CHAL.NS  rise as much as 4.28%
to a record high of 640.90 rupees 
    ** Stock gains after ICICI Securities raises target price to
a street high of 715 rupees from 652 rupees; reiterates "buy"
rating
    ** Brokerage says luxury hotels operator's focus on growing
its hotel room and office rental portfolio is the "right
strategy in an industry upcycle", compared with asset-light
expansion plans of industry peers
    ** Sees strong demand momentum in the second half of fiscal
2024 for Chalet 
    ** The mean rating of the 12 analysts covering the stock is
1.5, which is equivalent to "buy" - LSEG data
    ** Trading volume is 1.45 mln shares, 5.7 times the 30-day
avg - LSEG data
    ** Chalet stock up 83% in 2023 so far, including session's
gains 
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))