Indian Hotels Company up after Phillip Capital initiates with 'buy'

Indian Hotels

04/07/2024 10:03

** Shares of Indian Hotels Company  IHTL.NS  rise as much as
3.4% to 619.95 rupees
    ** Phillip Capital initiates coverage of Tata group co with
"buy" rating, price target of 704 rupees 
    ** PT is at 17.4% premium to stock's last close and at 6.2%
premium to record high hit on June 26
    ** Phillip's PT second-highest on Street after HSBC's PT of
710 rupees - LSEG data
    ** Currently, Indian hotel industry is in middle of an
up-cycle with occupancy rate and average room rate trending
above pre-COVID highs and mimicking up-cycle of FY04-08 -
Phillip 
    ** Brokerage says with portfolio of 310 hotels, including
brands like Taj, IHTL is well-positioned to surf the wave of
high demand and occupancy
    ** Phillip sees IHTL's consolidated revenue CAGR of 13.1%
over FY24-27 and expect management to add about 9,500 rooms over
FY25-27


 (Reporting by Ashish Chandra in Bengaluru)
 ((ashish.chandra@thomsonreuters.com (+91 7982114624))