Sterling Holidays hits upper circuit on stake buys by Jhunjhunwala, Damani

NEW DELHI: Shares of Sterling Holiday Resorts have hit upper circuit at Rs 103 after billionaire Rakesh Jhunjhunwala and investor Radhakrishna Damani acquired a little over 14% stake in the company, ET Now reports.

According to reports both Rakesh Jhunjhunwala and Radhakrishna Damani have invested around Rs 80 crore for a little over 14 per cent stake (7.1% cent each) in Chennai-based Sterling Holiday Resorts India Ltd

As part of refurbishment of properties the company is planning to invest around Rs 40 crore and also looking at South East Asia, which will mark its foray outside India.

Analyst Call:

"If the stock manages to scale above Rs 105-110 levels where it had minor resistance previously, the stock could go to high of Rs 125," said Kunal Bothra, Senior Technical Analyst, Manager Advisory, LKP Securities.