This Tata group largecap stock scale its new all-time high for second day: Check trigger

Even as the equities have taken a sharp beating amid the continuous FII sell-off and weak Q2 earnings, the Tata group stock from the hospitality sector has hit a new high for the second straight session. At the last count at around 10:11 am, shares of Indian Hotels (IHCL) traded higher by 1.94 per cent ot 14.65 at Rs 795.7, while marking its new peak of Rs 768.75 per share on the BSE.

On the NSE, the stock reached a new high of Rs 770.65 apiece.

In the last one year, the company's stock has zoomed as much as 83 per cent, while in a year-to-date basis the gains are over 75 per cent.

At the close, the stock ended higher by over 4 per cent at Rs 786.85 per share. 

Over the past 2 sessions, the stock has gained nearly 4 per cent from Rs 737.2 marked on November 18.

The sharp surge is primarily after the global brokerage Jefferies has been bullish on the stock and has maintained its 'buy' rating on the stock from Rs 785 to Rs 900, a potential upside of over 19 per cent.

According to the brokerage, the counter remains unfazed despite the slowdown suggested in other consumer segments, Further there is a trend that has been observed by the brokerage and it pointed that the stock is now going from cyclical to sustainable.