Shares of Indian Hotels Company surged over 2.5% to hit a new all-time high of ₹703.75.
What Happened: With the surge today, the company’s market capitalisation went past the ₹1 lakh crore mark. Shares of the Taj Hotel operator have been on a strong bull run since the start of the year.
On a year-to-date basis, the stock has surged around 60%. It is now the 105th biggest company listed on the National Stock Exchange.
The hospitality giant joins other Tata Group heavyweights such as TCS, Titan, Tata Motors, Tata Steel, Trent, Tata Power and Tata Consumer in the exclusive list.
See Also: Suzlon Shares Soar 5% to Hit Fresh 52-Week High
Earlier in the month, brokerage firm Motilal Oswal picked the hotel giant as one of its preferred picks in the hospitality sector. In its research note, the brokerage house said that the sector is positioned for a strong second quarter after a soft Q1. The brokerage kept its “buy” call for Indian Hotels with a target price of ₹715.
In Q1, the company‘s net profit increased 11.66% year on year to ₹248.39 crore. Its revenue from operations rose 5.71% from the previous year to ₹1550.23 crore.
Price Action: Indian Hotels’ share price was up 1.89% to trade at ₹697.70 in the late hours of trading on Thursday.
Read Next: Tata Motors Shares Continue To Tailspin For 10th Straight Session, Down 16% From Record High
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.