India's Lemon Tree Hotels rises on franchise agreement

Lemon Tree Hotels

09/01/2024 04:46

** Shares of Lemon Tree Hotels Ltd  LEMO.NS  rise as much as
3.7% to 132 rupees
    ** Hotel chain co says, it signed a franchise agreement
under its brand for upcoming hotel in Meerut, Uttar Pradesh, in
addition to six existing and three upcoming hotels and resorts
in the state
    ** Stock on track to gain after two straight days of losses
    ** Stock trading above its 200-day simple moving avg since
April 19, 2023
    ** More than 124 mln shares traded so far this month,
busiest month yet since Sept. 2023
    ** Most brokerages looking at the stock rate it "strong
buy"; their median PT is 134 rupees, slightly more than today's
high - LSEG data
    ** LEMO last up 2.1% adding to monthly gain of ~8.5%; stock
gained 39.9% in 2023

 (Reporting by Meenakshi Maidas in Bengaluru)
 ((meenakshi.maidas@thomsonreuters.com;))