The shares of Asian Hotels East Ltd opened at Rs 345 and shot up by 5 per cent to trade at Rs 350 levels till 12.10 pm on Tuesday. In the past month, the stock has zoomed by 40 per cent.
The board of the company has approved the issuance of Bonus shares. The ratio will be 1:2 which means that one fully paid-up bonus equity share will be issued for every two equity shares held in the Company. For this purpose, the record date has been set as October 7th, 2022 and the shares will trade ex-bonus on October 6th, 2022.
Asian Hotels (East) Ltd is primarily engaged in the hotel business through their brand “Hyatt Regency Kolkata” which is a five-star hotel in west Bengal.
In October 2020, the stock traded at Rs 143 a piece on NSE. From there it has spiked up to the current levels thereby logging a multibagger return of 144% in two years. In the span of a year, the stock has jumped by 90 percent and on a year-to-date (YTD) basis, it has jumped 79 percent.
InQ1FY23, the company reported total revenue of Rs 42 crores which increased multifold from Rs 11 crores in the same quarter a year earlier. Their net profit stood at Rs 11 crores in the quarter under review compared to a loss of Rs 11 crores in Q1FY22.
The small-cap stock has a market capitalization of Rs 403 crores and the promoters hold a 65.63 percent stake in the company.
Written by Anoushka Roy
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