Lemon Tree Hotels Ltd. surged to a fresh record high on Tuesday, even as Motilal Oswal said it expects the hotel group to benefit from changing dynamics in its key market and emerge as a 'larger' and 'stronger' player.
Rising demand in big cities like Mumbai and NCR against the backdrop of slow growth in supply is going to boost the growth trajectory of the hotel, the brokerage said.
The hotel group is also expanding its footprint in the luxurious segment, which is also going to benefit its growth, it said.
The brokerage maintained a 'buy' rating on Lemon Tree Hotels Ltd.
Shares of Lemon Tree Hotels was trading 10.87% higher at Rs 131.60 apiece, compared to 0.75% decline in the NSE Nifty 50 as of 11:40 a.m. The stock rose as much as 11.08% to Rs 131.85 apiece, the highest level since its listing on exchanges on April 9, 2018.
It has risen 8.18% on a year-to-date basis. Total traded volume so far in the day stood at 22 times its 30-day average. The relative strength index was at 67.75.
Out of 18 analysts tracking the company, 16 maintain a 'buy' rating, and two suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies an downside/upside of 3.0%.
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