Hotel Leelaventure gains 4.5% On completion of Goa Property Sale

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Hotel Leelaventure rose 3.46% to Rs 20.95 at 11:45 IST on BSE after the company completed the sale of its hotel in Goa to Ceres Hotels. The announcement was made after market hours yesterday, 14 December 2015. Meanwhile, the BSE Sensex was almost unchanged at 25,152.95.

More than usual volumes were traded on the counter. On BSE, so far 1.52 lakh shares were traded in the counter, compared with an average volume of 79,021 shares in the past one quarter.

The stock hit a high of Rs 21.40 and a low of Rs 20.70 so far during the day. The stock hit a 52-week high of Rs 24.10 on 3 March 2015. The stock hit a 52-week low of Rs 16.85 on 4 June 2015.

The stock had outperformed the market over the past one month till 14 December 2015, rising 6.02% compared with 1.8% fall in the Sensex. The scrip had, however, underperformed the market in past one quarter, dropping 3.34% as against Sensex’s 2.73% decline.

The small-cap company has an equity capital of Rs 93.32 crore. Face value per share is Rs 2. Hotel Leelaventure announced that it has completed yesterday, 14 December 2015, the sale of its entire undertaking in hotel in Goa namely, “The Leela, Goa”, Mobor, Goa, to Ceres Hotels on a slump sale basis, for a lump sum consideration of Rs 725 crore. The shareholding of the company shall remain unaffected pursuant to the sale.

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Hotel Leelaventure reported net loss of Rs 55.81 crore in Q2 September 2015 compared with net loss of Rs 160.18 crore in Q2 September 2014. Net sales rose 4.5% to Rs 164.67 crore in Q2 September 2015 over Q2 September 2014. Hotel Leelaventure is a leading Indian luxury hospitality group founded in 1986.

Asmaa Mubita is a Kenyan journalist of international repute with over fifteen years of experience in broadcast journalism. Asmaa Mubita began his journalism career at the Kenyan state broadcaster (KBC) and later worked at the KTN owned by the Standard Group and Citizen Television, the flagship brand of Royal Media Services. These exploits together with his reporting experience with the Voice of America, CNN and BBC have been rewarded with local and global recognition.