IHCL’s own properties will also be looked at for acquisition by the SPV
Chhatwal took home a package of Rs 6.02 crore during 2018-19
We believe that the upside momentum is intact for Nifty as long as it holds above 11,700
The PAT in the full 2018-19 fiscal stood at Rs 296.12 crore as against Rs 103.52 crore in the previous year.
Revenue during the quarter under review stood lower at Rs 96.06 crore as against Rs 102.45 crore in the same period last year.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 4 points or 0.03 percent. Nifty futures were trading around 11,853-level on the Singaporean Exchange.
Chhatwal said occupancies and revenue have improved over the last nine months.
The largest hotel chain claimed that this is the first branded product in the homestay market in the country.
The company had posted a net profit of Rs 112.61 crore for the corresponding period previous fiscal, Indian Hotels Company Ltd (IHCL) said in a BSE filing.
Motilal Oswal sees Indian Hotels – the second largest hotel operator in India – as an attractive investment candidate.
Going forward, the company aims to improve margins by hiking rates wherever possible, increase in management fee income, higher income from new inventory and cost optimisation in payrolls and corporate overheads.
Total income of the company grew by 13.53 percent to Rs 981.15 crore, against Rs 864.18 crore in the same quarter of last fiscal.
With the growth story for both GAVL and IHCL intact, we find the current price level attractive and would recommend progressive accumulation.
Goldman Sachs, which was strategically overweight on India since March 2014, has turned slightly cautious towards Indian market in 2018 and lowered its investment view to marketweight from overweight earlier.
During the quarter, he said the company signed six new hotels with an inventory of approximately 800 rooms across all brands in key locations in India and overseas.
Positional traders can buy the stock on dips at around Rs 142-145 with a stop loss below Rs 135 (closing) for the target of Rs 162.
As per the options data, the support level for Nifty has shifted higher in the May expiry compared to last week. Immediate support is seen around 10,600 and 10,500 levels, whereas 10,800 will act as stiff resistance.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 80 points or 0.76 percent.
"The stock can be bought at current level and on dips up to Rs 142 with a stop loss below Rs 137 and a target of Rs 170 levels," says Ashish Chaturmohta of Sanctum Wealth Management.