Sterling Holiday Resorts tanks 10 pc on profit booking

MUMBAI: Shares of Sterling Holiday Resorts slipped by 10 per cent on the Bombay Stock Exchange as profit booking emerged on the counter after a 54 per cent in the previous three trading sessions.

The company opened on a high note today at Rs 129.20, but the gains were soon pared on profit booking, which saw the counter tumble to the lower circuit limit of Rs 110.65, down 9.96 per cent from its previous closing price.

Commenting on the stock movement Kejriwal Research and Investment Services ( KRIS) Director Arun Kejriwal said "the stock price got hammered as profit booking emerged after a sustained rally over the previous three trading sessions, which saw the counter jump by 54.39 per cent."

At the end of today's trading session the stock was quoted at Rs 111.50, lower by 9.28 per cent from its previous closing price. As many as 18.14 lakh shares exchanged hands on the BSE.

Meanwhile, the company today said it plans to raise Rs 120 crore by issuing equity shares and warrants on a preferential basis to fund its expansion plans.

Moreover, as per media reports, billionaire Rakesh Jhunjhunwala and investor Radhakrishna Damani are likely to pick up 1 crore shares in the company.