EIH rallies 20 pc on stake sale deal with RIL
EIH, which had gained 11 pc yesterday, started the day with a jump of 19.97 pc to Rs 180.80, the maximum permissible one-day gain on the BSE.
By PTI |
MUMBAI: Extending its gains for the second consecutive session, hospitality major East India Hotels (EIH) on Tuesday soared 20 per cent on its' stake sale deal with Mukesh Ambani-led RIL, which was down over 1 per cent on BSE in the early trade.
EIH, which had gained 11 per cent yesterday, started the day with a jump of 19.97 per cent to Rs 180.80, the maximum permissible one-day gain on the Bombay Stock Exchange. The scrip was trading at Rs 161.95, up 7.47 per cent in the morning trade.
Shares of EIH saw a similar upsurge on National Stock Exchange and zoomed 20.01 per cent to a year high of Rs 181.10.
On the contrary, shares of Reliance Industries (RIL) failed to cheer the deal and plunged 2.26 per cent to hit a month low of Rs 926.25, a day after the company bought a 14.2 per cent stake in EIH.
Yesterday, RIL had joined hands with Oberoi group promoters to thwart a possible takeover of EIH by rival hospitality player ITC, by buying 14.12 per cent stake for Rs 1,021 crore in the company that runs the Oberoi brand of hotels and resorts.
ITC Ltd, which has 14.98 per cent in EIH Ltd rose 1.63 per cent to Rs 161.90 in the start of the trade.
The stake purchase from Oberoi Hotels Private Limited and certain other promoters of EIH Limited was made through RIL's wholly-owned subsidiary, Reliance Industries Investment and Holding Private Limited.
Meanwhile, the 30-share benchmark sensex was trading weak at 17,927.43, down 0.53 per cent from the previous close.
EIH, which had gained 11 per cent yesterday, started the day with a jump of 19.97 per cent to Rs 180.80, the maximum permissible one-day gain on the Bombay Stock Exchange. The scrip was trading at Rs 161.95, up 7.47 per cent in the morning trade.
Shares of EIH saw a similar upsurge on National Stock Exchange and zoomed 20.01 per cent to a year high of Rs 181.10.
On the contrary, shares of Reliance Industries (RIL) failed to cheer the deal and plunged 2.26 per cent to hit a month low of Rs 926.25, a day after the company bought a 14.2 per cent stake in EIH.
Yesterday, RIL had joined hands with Oberoi group promoters to thwart a possible takeover of EIH by rival hospitality player ITC, by buying 14.12 per cent stake for Rs 1,021 crore in the company that runs the Oberoi brand of hotels and resorts.
ITC Ltd, which has 14.98 per cent in EIH Ltd rose 1.63 per cent to Rs 161.90 in the start of the trade.
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The stake purchase from Oberoi Hotels Private Limited and certain other promoters of EIH Limited was made through RIL's wholly-owned subsidiary, Reliance Industries Investment and Holding Private Limited.
Meanwhile, the 30-share benchmark sensex was trading weak at 17,927.43, down 0.53 per cent from the previous close.
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