ITC Hotels shares hit new all-time high amid healthy outlook

Shares of ITC Hotels- the demerged entity of ITC have gained by as much as 16 per cent in the last 5 days. The stock has been gaining ground ever since March 17, nonetheless, it saw losses in a buoyant market yesterday.

At the last count, shares of ITC Hotels were up up by 4.66 per cent to Rs 191.66, while at the day's high it zoomed to Rs 193.27, a 16 per cent gain.

ITC Hotels made a IPO-less listing on January 29 at a price of Rs 188 per share on the BSE, while on the NSE it debuted at Rs 180- implying a discount to the discovered price of Rs 260 per share.

There has been seen relentless gains in the stock for the last few days amid an improved overall outlook for the hotel space.

In trade on Friday, the stock has marked a new all-time high of Rs 193.35 apiece on the BSE, gaining as much as 16 per cent in the last one month.

Also, huge volumes in the stock seen this week supported sharp rise in the counter's stock price.

Brokerage on ITC Hotels

Jefferies earlier in February recommended buying ITC Hotels primarily due to 3 reasons:

• Diversified portfolio
• Sectoral tailwinds
• Management contracts to aid profitability

In the bull case, the brokerage gave Rs 240 target, while in the bull case target is pegged at Rs 280 per share, with the bear case target at Rs 140.