This penny stock will resume trading on the NSE and BSE on April 3, 2024; promotor holdings increased by 81.6 per cent last quarter!
From its 52-week of Rs 1.52, this penny stock has given multibagger returns of 141 per cent till October 19, 2023.
Viceroy Hotels Ltd, which trades on both the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE), is set to resume trading on April 3, 2024. The company recently completed its Corporate Insolvency Resolution Process (CIRP), with Anirudh Agro Farms Limited (AAFL) emerging as the Successful Resolution Applicant. This process concluded with an order from NCLAT Chennai Bench on October 6, 2023, approving AAFL's Resolution Plan. Viceroy Hotels Limited confirmed in a filing on January 6, 2024, that all payments outlined in the Resolution Plan were duly made by Loko Hospitality Private Limited, a subsidiary of Anirudh Agro Farms Limited.
Viceroy Hotels Limited owns two prominent hotels, Marriott and Courtyard by Marriott, situated on a 4.5-acre freehold land parcel on Tank Bund in Hyderabad, adjacent to the new secretariat. The combined hotels offer 409 operational rooms with the potential to expand to 493 rooms, making it one of Hyderabad's largest hotel properties. Additionally, the property features one of the city's largest convention centers and holds a significant historical legacy, having been one of Hyderabad's earliest five-star hotels, known as THE VICEROY prior to Marriott's management takeover.
The hotel industry has experienced significant growth over the past two years, driven by the resurgence of business travel and tourism following the Covid-19 pandemic. Average Room Rates (ARRs) and Occupancy rates have reached unprecedented levels, and industry experts anticipate this trend to continue in the foreseeable future. With demand outpacing supply additions, the hospitality sector is witnessing a paradigm shift in revenue generation.
Management Commentary
"The company is looking to expand its assets across the country with strategic acquisitions of distressed hotel assets. We are excited about the hotel landscape, given the strong demand and increase in domestic travel we expect the industry and our ARRs to grow significantly,” said K. Ravinder Reddy MD of Viceroy Hotels.
The stock’s last trading day was October 19, 2023. The shares of Viceroy Hotels Ltd traded at Rs 3.60 up by 4.35 per cent from its previous close. This is a micro-cap company with a market cap of Rs 15.3 crore.
From its 52-week of Rs 1.52, this penny stock has given multibagger returns of 141 per cent till October 19, 2023.
Investors can keep an eye on this micro-cap stock after it resumes trading on April 3, 2024.
Disclaimer: The article is for informational purposes only and not investment advice.