Sharekhan has maintained its buy rating on Indian Hotels Company with a price target of Rs 82 in its March 13, 2009 research report.
“A significant slowdown in business and leisure travel has led the occupancies of the hotel industry to fall from 75% to 58% year on year (yoy) and the average room rate (ARR) decline by 17% yoy in January 2009. As for the hotel industry, we believe the occupancies and ARRs of Indian Hotels Company will also remain under pressure in Q4FY2009 and FY2010, however the addition of new room inventory should help drive growth in FY2010. We maintain our buy recommendation on the stock with our price target of Rs 82,” says Sharekhan’s report.
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To read the full report click on the attachment……
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