Indian Hotels jumps on upbeat outlook

Indian Hotels

22/07/2024 09:04

** Shares of Indian Hotels Co Ltd  IHTL.NS  jump 7.6%, set
for best one-day gain since early June
    ** Stock set to snap 6-day losing run in which it shed 5.2%
    ** Hotels operator's Q1 6% rev growth meets expectations
    ** Analysts confident IHTL can meet its full-year forecast
of double-digit rev growth
    ** Morgan Stanley analysts expect Q2 to benefit from wedding
season shift to current qtr and pent-up demand due to general
elections and extreme weather
    ** Over 15.9 mln shares traded, 3.7x 30-day avg volume
    ** Analysts's avg rating in IHTL is equivalent of "buy" --
same as ITC  ITC.NS  and vs "hold" for Oberoi Realty  OEBO.NS 
-- per LSEG data
    ** IHTL has jumped ~42% YTD, more than 2x ITC and dwarfing
OEBO's 1.2% rise

 (Reporting by Nandan Mandayam in Bengaluru)
 ((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))