Shares of Taj GVK that were under pressure on Thursday shot up sharply after the company posted its results for the quarter ended March.

What Happened: The hospitality company’s standalone net profit for the March quarter stood at ₹25.85 crore, up around 79% from the ₹14.44 crore posted in the same quarter last year.

The company’s revenue from operations came in at ₹115.84 crore, up 11.7% from the ₹103.62 reported in the corresponding quarter last year.

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The company also announced a ₹1.50 per share dividend for the year ended March 2024. The stock rocketed over 12% to hit an intraday high of ₹409.30 as soon as the results came out. The strong numbers helped the stock jump back in the green after two days.

TAJ GVK Hotels & Resorts Limited, incorporated on February 1995, in Andhra Pradesh, India, is a joint venture between the Indian Hotels Co Ltd, a Tata group company, and the Hyderabad-based GVK Group. The company operates in the hospitality and tourism industry, managing a range of hotels and resorts.

Currently, it has operations in Hyderabad, Chandigarh and Chennai, providing luxury accommodations and services to travellers in these regions. IHCL owns an around 25% stake in the company.

Price Action: Taj GVK’s share price was up 5.75% to trade at ₹386.30 on Thursday afternoon.

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