Shares of Tata Group company Indian Hotels remain bullish. This hotel stock of the Tata Group has given investors around 25% return so far this year. On the other hand, Indian Hotels shares have given a return of about 15% in the last one month. Stock market experts say that the company’s shares may see further upside. The shares of the company can reach the level of Rs 270 in the short term. Rakesh Jhunjhunwala also has a stake in Indian Hotels.
Company’s shares can go up to Rs 270 in short term
Stock market experts say that strong financial experience and huge expansion plans have strengthened the market sentiment associated with this stock. He says that the shares of Indian Hotels have strong support at the level of Rs 200. Shares of the company can give a fresh breakout on the chart pattern at Rs 225 level. Rohit Singre, AVP of Research, Bonanza Portfolio, says, “Indian Hotels Company has strong support at Rs 200 level. At the same time, there is a strong hurdle at the level of Rs 225. Since the stock is in an uptrend, we are expecting a fresh breakout in this hospitality stock on a closing basis at Rs.225. After crossing this hurdle, the stock can go up to Rs 270 in the short term.
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More than 90% jump in revenue and profit in the third quarter
Aastha Jain, Senior Research Analyst at Hem Securities, says that Indian Hotels has shown strong financial performance in the third quarter of FY 2022. In the third quarter, the company’s revenue and profits have seen a jump of more than 90 percent. He says that the Indian Hotels shares have a resistance zone around Rs 225 to Rs 230. As soon as the shares of the company cross this big hurdle, then there can be a sharp jump in the stock. Jain has told that the company’s plans for expansion are very aggressive. The company wants to open more than 1 hotel in a month in the calendar year 2022.
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As per the shareholding pattern of Indian Hotels for the December 2021 quarter, Rakesh Jhunjhunwala holds 1,42,79,200 or 1.085 per cent stake in Indian Hotels. At the same time, his wife Rekha Jhunjhunwala holds 1,42,87,765 shares or 1.08 percent stake in the company.