This hotel industry stock jumps 20% after RK Damani raises stake in the company

Shares of this hotel industry hit 20% upper circuit in Thursday's early trade after ace investor Radhakishan Damani took a fresh position in this stock, showed Substantial Acquisition of Shares and Takeovers (SAST) update of the BSE. Shares of Advani Hotels and Resorts (India) traded at Rs 99.45, a jump of 20% from previous closing of Rs 82.90, apiece on the BSE on Wednesday.  

As per BSE corporate filing of Advani Hotels and Resorts, the billionaire investor picked 0.31% stake aggregating to 1,45,203 shares of the company. With this acquisition, RK Damani stake in the company jumped to 5.17% or 23,93,490 shares.  

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“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,” Radhakishan Damani-backed Derive Investments Advani Hotels said in an exchange filing on February16. 

At 2 pm, the shares were still trading with nearly 17% gain to Rs 96.70 per share on the BSE.  

Shares of Advani Hotels & Resorts (India) have gained over 80% in the past one year as of February 17, showed technical data of the stock.  

Advani Hotels & Resorts (India) is engaged in the Hotel Business through its "Caravela Beach Resort", a five-star Deluxe Resort situated in Varca Beach, South Goa. The Company caters short-term accommodation activities, and restaurant and mobile food service activities.