Kamat Hotels (up 13.24%), Chalet Hotels (up 8.69%), Lemon Tree Hotels (up 4.85%), TajGVK Hotels (up 4.32%), Indian Hotels Company (up 3.38%), HLV (up 2.25%), EIH (up 2.2%) and ITDC (up 0.85%) advanced.

The BSE Sensex was up 57.59 points, or 0.16% at 36,544.87.

Further easing the lockdown, the Maharashtra government on Monday (6 July) allowed hotels and other entities providing accommodation services outside containment zones to resume operations at 33% of their capacity from 8 July 2020. The government notification also covers lodges and guest houses. The permission has been granted on conditions of these entities adhering to social distancing norms and other protocols to avoid spread of the infection.

Powered by Capital Market - Live News

Indian Hotels Co. announced the following acquisition -

1.Taj Cape Town Hotel in Cape Town, South Africa, is owned by a South African wholly owned subsidiary(WOS) of IHMS Hotels (SA) (IHMS). IHMS is a 50:50 joint venture between Ihoco BV (Ihoco), an overseas WOS of Indian Hotels Co (IHCL), and Tata Africa Holdings (SA) (TAH), an overseas subsidiary of Tata International.

2.Ihoco and TAH have executed a definitive agreement for Ihoco's acquisition of the following investments of TAH in IHMS:
a)The entire 50% holding of TAH in the shares of IHMS and
b)The shareholder loans advanced by TAH to IHMS.

The transaction price is US$ 1 million. The final consummation of the transactions under the agreement is subject to certain regulatory approvals in South Africa. As a consequence, IHMS will become a WOS of Ihoco.

Powered by Capital Market - Live News

Indian Hotels Company announced that the Annual General Meeting (AGM) of the company will be held on 27 July 2020.

Powered by Capital Market - Live News

Other income for the quarter Rs 24.67 crore towards gain on sale of residential flats. The hospitality major reported 52% decline in profit before tax (PBT) to Rs 98.18 crore in Q4 March 2020 over Q4 March 2019. Total tax expenses declined to Rs 31.37 crore in Q4 March 2020 from Rs 87.10 crore in Q4 March 2019.

Consolidated EBITDA declined 24% to Rs 246 crore from Rs 322 crore posted in the same period last year.

Commenting on the fiscal performance, Puneet Chhatwal, managing director and chief executive officer IHCL said, IHCL has delivered on the promise of profitable growth across all parameters, culminating in an all-time high EBITDA and PAT.

On a consolidated basis, IHCL reported a 23.6% rise in net profit to Rs 354.43 crore on 1.1% decline in net sales to Rs 4463.14 crore in fiscal year ending 2020 (FY20) over fiscal year ending 2019 (FY19). EBITDA rose 20% to Rs 1100 crore in FY20 over FY19.

Indian Hotels Company and their subsidiaries are collectively known as Taj Hotels Resorts and Palaces and are recognized as one of Asia's largest and finest hotel company.

Powered by Capital Market - Live News