Shares of Lemon Tree Inns Ltd. hit an all-time excessive on Friday after it signed licence agreements for 2 resort properties in Gujarat and Nepal,
The Lemon Tree Resort in Junagadh is anticipated to be operational in fiscal 2025, and the Tigerland Safari resort in Chitwan space of the neighbouring nation within the present fiscal, in line with an trade submitting on Thursday.
Each shall be managed by Carnation Inns Pvt., an entirely owned subsidiary of Lemon Tree. The Junagadh resort will function 64 rooms, a restaurant, a banquet corridor, a gathering room, and others. The Tigerland Safari can have 35 rooms, a restaurant, a banquet corridor, and assembly rooms, it stated.
Shares of Lemon Tree had been buying and selling 1.14% increased at Rs 124.1 apiece, in comparison with a 0.29% advance within the benchmark NSE Nifty 50 as of 10:10 a.m. The share value superior as a lot as 2.28% in the course of the day to hit a report excessive of Rs 125.5 per share.
The inventory has risen 44.72% on a year-to-date foundation. The whole traded quantity stood at 11 occasions its 30-day common. The relative power index was at 81, implying that the inventory perhaps overbought.
Fifteen out of the 17 analysts monitoring Lemon Tree preserve a ‘purchase’ ranking on the inventory, and two counsel a ‘promote’, in line with Bloomberg knowledge. The typical of 12-month analyst value targets implies a possible draw back of 4.9%.