EIH Associated Hotels stock rallies 17%, hits record high after board considers bonus shares

EIH Associated Hotels stock rallies 17%, hits record high after board considers bonus shares/Pixabay

VoM News Desk | June 10, 2024 | 07:05 PM IST | Breaking News | Follow on Google News

EIH Associated Hotels stock rallies 17%, hits record high after board considers bonus shares

EIH Associated Hotels stock rallies 17%, hits record high after board considers bonus shares

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Shares of EIH Associated Hotels, the flagship company of The Oberoi Hotels, surged 17 per cent on the BSE on Monday, reaching a new 52-week high of ₹845. This rally was followed by the company’s announcement that it would hold a board meeting on June 14 to consider issuing bonus shares.

“The meeting of the Board of Directors of the Company will be held on Friday, June 14, 2024, to consider and recommend, interalia, capitalization of reserves by issuing Bonus Shares to the Equity Shareholders of the Company, subject to the approval of the Shareholders,” said the company in a filing to the exchanges.

Over the past year, the company’s shares have risen by 61.3 per cent, and in the current calendar year, the stock has surged by 73.5 per cent. In just the past month, the stock has gained over 10 per cent.

EIH Associated Hotels primarily owns premium luxury hotels under the ‘Oberoi’ and five-star ‘Trident’ brands.

For the financial year 2023-24 (FY24), EIH Associated reported a 25.4 percent year-on-year (Y-o-Y) increase in profit after tax, reaching ₹81.03 crore compared to ₹64.62 crore in FY23. Revenue from operations rose by 14 percent Y-o-Y to ₹384.78 crore.

EIH Associated Hotels is part of The Oberoi Group, one of the largest and most prestigious hospitality groups in India and Asia. The group owns and manages 20 exceptional hotels under the luxury Oberoi Hotels & Resorts brand and 10 five-star properties under the Trident Hotels brand. Additionally, the company provides services in flight catering, airport restaurants, travel and tours, car rentals, project management, and corporate air charters.

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