Shares of Apollo Sindoori Hotels rose 5% on Wednesday after veteran investor Porinju Veliyath bought a stake in the company.

What Happened: Porinju Velliyath through his firm Equity Intelligence India bought 27,000 shares at an average price of ₹1916.17. The shares bought are worth ₹5.17 crore and makes up 1.04% stake in the company. 

The company has a market capitalization of ₹529 crore. The company had reported a net profit of ₹1.49 crore, a decline of 61.11% from the previous year. The hotel's revenue went up 5.50% year on year to ₹127.70 crore. 

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Apollo Sindoori Hotels provides catering services to different segments such as Healthcare, industrial catering, corporate, institutional and out doors. The company has presence in nine states in India which includes Karnataka, Tamil Nadu, Maharashtra and West Bengal. 

Promoters of the company holds 64% stake and public investors has around 35%. Mutual funds does not have much ownership in the stock. 

Price Action: Shares of Apollo Sindoori Hotels rose 5.23% to ₹2,036 on Wednesday morning. 

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