Shares of India’s leading hotel chain Lemon Tree Hotels Ltd. surged over 7 percent in trade on Wednesday to hit their highest level in 52 weeks amid high volumes.
The Lemon Tree stock hit a high of Rs 100.40 in intra-day trade.
The stock counter also saw a spurt in trading volumes, with the number of shares changing hands on BSE jumping by more than 2.28 times.
Over the past year, Lemon Tree Hotels' shares have rallied by 126 percent compared to a nearly 9 percent rise in the benchmark Sensex index.
Earlier this week, Lemon Tree Hotels announced that it had signed a licence agreement for a 42-room property in Jamshedpur in Jharkhand. The new hotel is expected to be operational by September 2023. It will be managed by Carnation Hotels Pvt. Ltd., a wholly-owned subsidiary and the management arm of Lemon Tree Hotels Ltd.
The company also signed a license agreement for another 42-room hotel in Tezpur, Assam, earlier this month, which is expected to be operational by the end of March 2025.
Lemon Tree Hotels is the country’s largest hotel chain in the mid-price segment, and the third largest overall, on the basis of controlling interest in owned and leased rooms.
It operates over 8,400 rooms in 87 hotels across 52 destinations, in India and abroad, under its various brands of Aurika Hotels and Resorts, Lemon Tree Premier, Lemon Tree Hotels, Red Fox Hotels, Keys Prima, Keys Select, and Keys Lite.
