Brokerages increase target on this Tata Group stock after Q1 earnings; check details
Brokerage Jefferies has advised to buy on Indian hotels. Also, the target price per share has been increased from Rs 680 to Rs 690.
Stock markets finished down on Monday, July 22 with the benchmark Sensex falling 102 points owing to selling in index heavyweights and caution ahead of the Union Budget.
The 30-share BSE Sensex fell for the second day in a row, dropping 102.57 points or 0.13 per cent to 80,502.08. The wider Nifty of the NSE fell 21.65 points, or 0.09 per cent, to 24,509.25. During the day, it fell 168.6 points, or 0.68 per cent, to 24,362.30.
Meanwhile brokerages have recommended buying this Tata Group stock after its Q1 earnings for the financial year 2025.
Stock to buy before Budget 2024
Brokerage Jefferies has advised to buy on Indian hotels. Also, the target price per share has been increased from Rs 680 to Rs 690.
Another brokerage Morgan Stanley has given an 'overweight' opinion on Indian Hotels. The brokerage has given a target of Rs 595 per share.
"The first quarter results were mostly as per expectations. Growth is expected to increase in July due to sluggish demand, shift of wedding dates to the second quarter." according to Morgan Stanley.
On Monday, shares of Indian Hotels closed at Rs 621.3 each up 7.6 per cent on BSE.
This means the stock has an upside of up to 11 per cent from its today's closing price.
A look at Indian Hotels' Q1FY25 earnings
Indian Hotels Company Ltd reported a 10.25 per cent increase in consolidated net profit to Rs 260.19 crore in the June 2024 quarter, driven by greater operating revenue.
According to a regulatory filing, Indian Hotels firm Limited (IHCL), the country's largest hospitality firm and owner of the 'Taj' luxury hotel brand, made Rs 236.01 crore last year.
Its total income during the April-June quarter under review rose to Rs 1,596.27 crore, from Rs 1,515.70 crore in the corresponding period of the last financial year.
However, the company's total expenses also increased to Rs 1,267.78 crore against Rs 1,221.76 crore a year ago, the filing showed.
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