Lemon Tree share price hits 52-week high on hotel license agreements
₹124.95 apiece on BSE. Lemon Tree shares touched intraday high of ₹125.50 apiece. At 11:00 IST, the stock was up by 1.06%, at ₹124.10 apiece.
According to Rajesh Bhosale - Equity Technical and Derivative Analyst, Angel One, Lemon Tree stock prices are in strong up trend and volume activity as well has picked up since last one month. “Prices are trading in uncharted territory but today post a gap up we are not seeing an major traction. Traders can maintain positive bias by considering dips as an buying opportunity, 120 is immediate support whereas in the near term further upside can be expected towards 133," added Bhosale.
According to the company's exchange filing, it has signed licence agreements for two additional properties to operate under the names Lemon Tree Hotel and Lemon Tree Resort, respectively, under the company's brand. By FY2025, the Lemon Tree Hotel in Junagadh, which will have 64 elegantly decorated rooms, a restaurant, a banquet hall, a meeting room, and other public spaces, is anticipated to be open for operation. Tigerland Safari - A Lemon Tree Resort, Chitwan, Nepal, will likely debut in FY2024 and will have 35 beautifully decorated rooms, one restaurant, banquet hall, meeting rooms, and other public places.
These hotels will be run by Carnation Hotels Private Limited, a fully owned subsidiary of the company's hotel management division. “We are pleased to partner with M/S Trimurti Inn LLP for our latest signing in Junagadh and with Tigerland Safari Resort Pvt. Ltd.
in Nepal. The two additions under two diverse brands aligns with our asset-light policy. These would expand our offerings in different parts of the country and internationally to cater to a variety of travellers in different destinations,"
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