Heard on the street: Creeping acquisition buzz lifts EIH intra-day
The stock rose 2.5% intraday, with the trigger being a buzz that promoters have been consolidating their holdings through the creeping acquisition route in the current market.
By Vijay Gurav, ET Bureau | Updated:
An early morning surge in shares of hospitality major EIH caught the attention of many brokers on Friday.
From the previous day’s close, the stock rose 2.5% intraday, with the trigger being a buzz that promoters have been consolidating their holdings through the creeping acquisition route in the current market.
Adding credence to the talk was EIH’s disclosure to bourses post market hours, according to which, one of its promoter companies — Oberoi Hotels — bought a small quantity of the shares in the open market on Thursday.
According to the brokers, promoters are expected to have bought shares in much larger quantity over the past few months, given the potential threat from ITC, which holds close to 15% stake in EIH.
As on June 30, Oberoi Hotels owned 13.8% equity in the company, which now stands at a little above 14%. After the initial spurt, EIH shares came off subsequently, before ending almost flat at Rs 88.2 on BSE.
(Contributed by Vijay Gurav)
From the previous day’s close, the stock rose 2.5% intraday, with the trigger being a buzz that promoters have been consolidating their holdings through the creeping acquisition route in the current market.
Adding credence to the talk was EIH’s disclosure to bourses post market hours, according to which, one of its promoter companies — Oberoi Hotels — bought a small quantity of the shares in the open market on Thursday.
According to the brokers, promoters are expected to have bought shares in much larger quantity over the past few months, given the potential threat from ITC, which holds close to 15% stake in EIH.
As on June 30, Oberoi Hotels owned 13.8% equity in the company, which now stands at a little above 14%. After the initial spurt, EIH shares came off subsequently, before ending almost flat at Rs 88.2 on BSE.
(Contributed by Vijay Gurav)
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
Related Articles
Jio IPO: Spectrum acquisition, among 7 risks investors need to know about India’s largest offer2026-06-20T06:26:08Z- Turkish competition board approves Uber acquisition of Getir delivery business2026-06-19T08:45:10Z
- Aurobindo Pharma clears key US hurdle in Lannett acquisition, closing expected soon2026-06-19T03:08:22Z
ADVERTISEMENT
