ITC Hotels In Focus: Stock Trades Higher After Exit From Sensex
The IT Hotels share price was trading higher during early trade, after it opened 1.34% lower.
ITC Hotels Ltd. shares, recently demerged from parent ITC Ltd., exited the BSE Sensex before the market opened on Wednesday. The stock was trading higher during early trade, after it opened 1.34% lower.
Asia Index Pvt., which provides index services for BSE, had announced ITC Hotels will be removed from all their indices, before market open on Wednesday, if the stock does not hit the lower circuit till 2:00 p.m. a day prior.
As the scrip did not hit the lower circuit till the cut-off time, the company will be dropped from all the BSE Indices, the circular said.
The indices include BSE Sensex, BSE 100, BSE 200, BSE 500, BSE Fast Moving Consumer Goods, BSE India Manufacturing, BSE Allcap, BSE Largecap, BSE Sensex 50, BSE Bharat 22 Index, BSE 250 Largemidcap Index, BSE Dividend Stability Index, BSE Low Volatility Index, BSE Quality Index, BSE 100 Largecap TMC, BSE Sensex Sixty, BSE Sensex Sixty 65:35, BSE India Sector Leaders BSE 200 Equal Weight, BSE Sensex Equal Weight, BSE Largemidcap and BSE Sensex 50 TMC.
Following the demerger done early last month, ITC Hotels has become India's second-largest hotels chain, with 140 hotels and 12,965 keys (rooms), including 28 hotels with 1,642 keys in the last 24 months. The company has another 46 hotels, with 4,300 keys in the pipeline, which will get operationalised by March 2030, taking the total number of properties to 186, with 17,265 keys between them.
ITC Hotels manages properties under Welcomhotel, Mementos, Storii, Fortune and WelcomHeritage brands.
ITC Hotels has also pivoted to asset-light model, expanding on a fast basis via management contracts. "In line with the ‘asset right’ strategy, nine managed properties were operationalised and management contracts for 15 properties were signed-up during the (H1FY25) first half of the year," the company said.
