Share of Indian Hotels Company (IHCL) jumped more around 1 per cent, or Rs 2.90, to trade at Rs 318.5 in the opening session on Friday. The share had closed at Rs 315.60 apiece in the previous session. 

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Meanwhile, brokerage firm Morgan Stanley has maintained an 'overweight' rating with a target price of Rs 381. 

According to Morgan Stanley, there is a strong demand outlook in the coming days because of the G20 Summit in India and the wedding season. 

Earlier, ICICI and Motilal Oswal had recommended 'buy' rating with a target price of Rs 380 and 365 respectively.

Stocks of Indian Hotels have given a positive return of around 72 per cent so far this year. In the past one year, the scrip has yielded a positive return of 49.60 per cent. The 52-week range of the counter is Rs 349 and Rs 171. 

Earlier, IHCL reported a consolidated profit after tax (PAT) of Rs 129.59 crore for the September quarter following growth in travel demand.

The company posted a loss of Rs 130.92 crore during the corresponding quarter in the previous financial year, IHCL said in a statement.

Revenue from operations grew by 69.21 per cent during the quarter under review at Rs 1,232.51 crore compared to Rs 728.37 crore in the year-ago period.

"Business recovery remains robust and demand for travel continued to strengthen with India and other key markets like the US and UK growing double-digits year-on-year, driving a 67 per cent growth in revenue and a return to strong profitability in the traditionally weakest quarter for the industry," IHCL Managing Director and CEO Puneet Chhatwal was quoted as saying by news agency PTI.

The company's market share has grown because of more properties and also the change in the business model, where it has tried for a balanced portfolio, he said.

The hospitality company has signed seven new hotels in the second quarter of FY23, with one hotel each under the Taj, Vivanta and Ginger brands and four hotels under the SeleQtions brand. It has signed 16 new hotels across brands in the first half of this fiscal.

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