EIH still jubilant with buzz of stake acquisition by ITC
EIH is currently trading at Rs 139.20, up by 0.60 points or 0.43% from its previous closing of Rs 138.60 on the BSE.
The scrip opened at Rs 136 and has touched a high of Rs 140.25 with a low of Rs 135.25. So far 142824 shares were traded on the counter.
The BSE group ‘A’ mid cap stock of face value Rs 2 has touched a 52 week high of Rs 154 on October 16, 2008 and a 52 week low of Rs 83.15 on November 28, 2008.
The BSE Mid cap index is currently trading at 6,216.59, down by 2.85% from its previous closing.
The scrip price has witnessed upswings of 4.90% since last week and 10.04% since last month.
FMCG major, ITC is looking at various options available to it on equity in EIH. The move follows recent talks between the EIH promoters and Analjit Singh, the promoter of Max India, for selling about 17% stake in EIH to the latter.
If both parties move ahead with the stake sale ITC may consider raising its stake to 25% which will trigger an open offer for additional 20% stake in EIH. It currently holds 14.98% stake in EIH, which operates Oberoi and Trident chain of hotels.
For September 2009 quarter, ITC had posted a net profit of Rs 1,009.91 crore as compared to a net profit of Rs 802.72 crore in the year ago period, up 26%.
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