Taj GVK Hotels & Resorts reported its earnings for the quarter ended September on November 4. Shares of the company rocketed as soon as the results came out.

What Happened: The hospitality company posted a net profit of ₹24.23 crore, a 70% jump from the ₹14.26 crore posted in the corresponding quarter of the previous year.

Revenue from operations stood at ₹105.17 crore, a 17.6% increase from the ₹89 crore reported in the same quarter last year.

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Shares of the company that were muted on Monday shot up sharply after the announcement was made. The stock went up around 9% to hit an intraday high of ₹335.65.

Taj GVK Hotels and Resorts Limited is a joint venture between the GVK Group and Tata Group‘s India Hospitality Company Limited. The company manages six five-star hotels across India, with three in Hyderabad and one each in Chennai, Mumbai, and Chandigarh. IHCL owns around 25% stake in the company.

Price Action: Taj GVK’s share price was up 8.90% to trade at ₹334 on Monday afternoon.

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