ITDC shares zoom 10% as firm to hold roadshow for divestment of properties

Shares of India Tourism Development Corporation (ITDC) rose over 10 per cent today after the state-owned tourism body said it would hold a road show on August 22 to obtain views of market players on feasibility report for divestment of its properties. ITDC stock gained 10.48 per cent to Rs 378.4 against the previous close of Rs 342.50 on BSE. ITDC shares have gained 4.33 per cent in a year and risen 7.03 per cent in 2022.

In a month, the stock has gained 24.05 per cent.

Market cap of ITDC rose to Rs 3,177.76 crore on BSE. Total 9004 shares of the firm changed hands amounting to a turnover of Rs 32.98 lakh.

The stock hit a 52-week high of Rs 446.95 on September 27, 2021 and a 52-week low of Rs 262.5 on June 20, 2022.

"A roadshow has been scheduled on 22nd August, 2022 at 3.30 p.m. in Hotel Ashok through hybrid mode to obtain the views of the market players on the models suggested in the feasibility report," said ITDC.

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"Department of Investment and Public Asset Management (DIPAM) asked the Ministry of Tourism to take the approval of the Cabinet Committee on Economic Affairs (CCEA) for the recommendations of the Core Group of Disinvestment (CGD) for conducting roadshows. Draft CCEA Note was sent to the Ministry of Tourism for further actions," the government-owned undertaking added.

ITDC logged a 442 per cent rise in Q1 profit at Rs 10.30 crore in the last quarter against Rs 3.01 crore loss in the corresponding period of the previous fiscal.

Revenue zoomed 116.48 per cent to Rs 96.27 crore in Q1 against Rs 44.47 crore in the June quarter of last fiscal.

On a quarter-on-quarter basis, net profit rose 120.09 per cent from Rs 4.68 crore in Q4 of last fiscal. Sales grew 12.61 percent from Rs 85.49 crore in the last quarter of the previous fiscal.

ITDC is engaged in running of hotels, restaurants at various places for tourists, besides providing transport facilities. In addition, the corporation is engaged in production, distribution and sale of tourist publicity literature and providing entertainment and duty-free shopping facilities to the tourists. The corporation has diversified into new avenues/innovative services like full-fledged money changer (FFMC) services, engineering related consultancy services etc.

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