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The move to demerge the hotel business into a separate entity by ITC has brought back focus on hotel stocks, which have already seen a good run thus far in fiscal 2023-24 (FY24).
Analysts believe there could be more gains in store over the next one year for the stocks in this sector, but suggest investors put in money on a correction only from a long-term perspective.
Hotel stocks, according to A K Prabhakar, head of research at IDBI Capital, have seen a good run as travel picked up post Covid in India. Not only have the room rents increased, the occupancy, too, has surged.
BenaresUttar-pradeshIndiaMumbaiMaharashtraBengaluruKarnatakaHyderabadAndhra-pradeshAdhidev-chattopadhyayBenares-hotelsHoward-hotelsShunned by investors during IPO, this stock is now a ‘hot cake’ for analysts
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Analysts, who have recently started tracking the stock, says the IPO sailed largely because institutional and rich investors subscribed to some 3.05 times and 1.44 times of their respective quotas. About 60 per cent shares reserved for retail investors did not get a single bid. Even the employees’ quota saw just 17 per cent subscription.
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Shares that were available at Rs 486 during the IPO now trade at Rs 678, a 39 per cent premium.
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