This stock surges 20% after RK Damani & family raise stake

Shares of Advani Hotels & Resorts (India) zoomed 20 per cent today after ace investor Radhakishan S Damani and his family raised their stake in the company via open market deals.

Advani Hotels & Resorts stock hit intra day high of Rs 99.45, rising 19.96% on BSE.

The micro cap stock opened with a gain of 5.61% at Rs 87.55 today against the previous close of Rs 82.90 on BSE. Advani Hotels stock is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.

The microcap share has gained 78.31% in one year and risen 22.24% since the beginning of this year. In a month, the shares have gained 13.15%. Total 2.32 lakh shares of the firm changed hands amounting to a turnover of Rs 2.24 crore on BSE. Market cap of the firm rose to Rs 425.22  crore.

 "Radhakishan S Damani, Shrikantadevi R Damani and M/s Derive Investments (partners- Radhakishan S Damani and Gopikishan S Damani) has acquired 145,203 equity shares or 0.31 per cent stake in the company via open market purchase,"Advani Hotels said in an exchange filing.

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Damani and his family bought these shares between February 14, 2022 and February 15, 2022. Post the purchase, their stake in the company rose to 5.17 per cent from 4.86 per cent earlier, the company said.

Gopikishan S Damani owned 4.18 per cent stake in Advani Hotels, shareholding data on BSE show.

On February 9 this year, gaming company Delta Corp sold 2,83,024 shares or 0.61% stake in Advani Hotels at average price of Rs 90.39 per share via block deal, the NSE data showed.

On this development,  stock of  Advani Hotels slipped 20% intra day.

However, the firm reported a stellar set of earnings in December quarter.

Net profit zoomed 363% to Rs 7.46 crore in Q3 against Rs 1.61 crore in Q3 of the corresponding fiscal.

Sales rose 105.07% to Rs 25.10 crore in Q3 against Rs 12.24 crore sales in the December quarter of previous fiscal.

Operating profit excluding other income climbed 310% to  Rs 11.54 crore in  Q3 against Rs 2.81 crore in the Q3 of previous fiscal.

Advani Hotels & Resorts (India) Ltd. is engaged in the hotel business. The company is engaged in short-term accommodation activities, and restaurant and mobile food service activities. The company is engaged in owning and operating the five star deluxe resort Ramada Caravela Beach Resort in Goa.