Tata Stock Rises Over 8% After Net Jumps 10%, Jefferies; Morgan Give Buy Call

Indian Hotels Co. Ltd. shares on July 22, 2024 witnessed sharp rally of over 8% till 11:42 am on BSE after the company declared a jump of 10% in its consolidated net profit for June 2024 quarter to Rs 260 crore as against Rs 236.01 crore declared in the corresponding quarter of last year. Current market price of Indian Hotels share is Rs 623.45 per share with gain of 8.00% at the time of writing the story. Indian Hotels shares 5.49% in last 1-week and rose 43% year-to-date. Meanwhile, brokerage firms Morgan Stanley and Jefferies appear upbeat on Indian Hotels Co shares and recommended buy and overweight rating. The company has a market capitalisation of Rs 87,477.03 crore. FII/FPI have increased holdings from 24.47% to 27.19% in Jun 2024 qtr. Number of FII/FPI investors increased from 821 to 885 in Jun 2024 qtr. Institutional Investors have increased holdings from 45.27% to 45.63% in Jun 2024 qtr. Government Of Singapore has 1.57% stake in IHCL with 22,400,193 shares of the company. More details below:

Indian Hotels Financials: The total income of IHCL jumped to Rs 1596.27 crore for the June 2024 quarter as against Rs 1515.70 crore declared in the corresponding quarter of last year. Indian Hotel Company Ltd's EBITDA surged 9.6% to Rs 450 crore for June 2024 quarter. Its margin expanded to 29% from 28%. Its revenue zoomed 5.7% to Rs 1550 crore for the quarter under review.

Brokerages Bullish On IHCL Share: Global brokerage firm Jefferies recommended buy call for IHCL share with target price of Rs 690 per share. Meanwhile, Morgan Stanley has issued overweight call on Indian Hotels Company share with target price of Rs 595. According to the brokerage firm, pent-up demand and shift in marriage dates to Q2 are driving growth in July. The favorable industry demand-supply dynamics, strong brand, & asset-light growth leading to better FCF & RoCE keep us OW, said the analyst.

Indian Hotels Share Performance: The 52-week high price of Indian Hotels share on BSE is Rs 663.40 per share (as on 26/06/2024) and 52-week low price is Rs 371.45 apiece (as on 27/10/2023), respectively. Indian Hotels shares gained 30% in last 6-months, rose 59% in last 1-year, and jumped 147% in last 1-year. in last 3-years, IHCL shares zoomed 341%.

Indian Hotels Dividend In 2024: As per the regulatory filing of the company April 24, 2024, "Recommended a dividend of Rs 1.75/- per Equity Share of Re 1/- each fully paid up of the Company @ 175% (previous year Re 1/- per Equity Share of Re 1/- each fully paid up @ 100%), subject to the approval of the Members at the forthcoming Annual General Meeting."

Indian Hotels Company Stock Split History: Indian Hotels Company last split face value of its shares from Rs 10 to Rs 1 in 2006. Indian Hotels shares traded ex-split from October 27, 2006.

Disclaimer:

The stocks has been picked from the brokerage report of Jefferies and Morgan Stanley. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.