Meanwhile, the BSE Sensex was 85.18 points, or 0.59%, to 14,607.07.
On BSE, 88171 shares were traded in the counter. The scrip had an average daily volume of 6.07 lakh shares in the past one quarter.
The stock hit a high of Rs 65.50 and a low of Rs 62.50 so far during the day. The stock had hit a 52-week high of Rs 103.95 on 19 June 2008 and a 52-week low of Rs 34 on 12 March 2009.
The stock had underperformed the market over the past one month till 19 June 2009, falling 1.45% as compared to the Sensex's 1.54% gain. It had, however, outperformed the market in the past one quarter, soaring 74.39% as against the Sensex rise of 61.32%.
The mid-cap hospitality firm has an equity capital of Rs 72.34 crore. Face value per share is Rs 1.
The current price of Rs 63.70 discounts the company's year ended March 2009 EPS of Rs 3.24, by a PE multiple of 19.66.
The rally in Indian Hotels Company (IHCL) shares in the previous session came after a decline of 22.47% in five trading sessions to Rs 60.55 on 18 June 2009, from Rs 78.10 on 11 June 2009.
IHCL, on 12 June 2009, said it will acquire Sea Rock Hotel in Mumbai for Rs 680 crore. IHCL will pick up an 85% stake in ELEL, the company which holds a long-term sub-lease of the land on which Sea Rock is built. IHCL will demolish Sea Rock and develop a hospitality structure, which would also house a convention centre, besides commercial and retail outlets.
Sea Rock was one of Mumbai's best known landmarks and is located in Bandra, an upmarket suburb. The hotel was badly damaged in the Mumbai bomb blasts in 1993 and was bought over by Claridges in 2005. The Claridges group is owned by Suresh Nanda, an industrialist based in Delhi.
IHCL already owns the Taj Lands End which is situated across the road from Sea Rock.
Indian Hotel Company's net profit tumbled 71.6% to Rs 38.25 crore on 40.3% fall in net sales to Rs 332.68 crore in Q4 March 2009 over Q4 March 2008. The company's net profit slumped 38% to Rs 234.03 on 13.1% fall in net sales to Rs 1534.03 crore in the year ended March 2009 over the year ended March 2009 over Q4 March 2008. The company announced the results after trading hours on 12 June 2009.
At the time of announcing results, the board of directors of the company recommended a dividend at the rate of Rs 1.20 per share (120%).
Indian Hotels Company, better known as the Taj group of Hotels, was set up in the early twentieth century, has since emerged as one of the leading players in the domestic hospitality sector in India and overseas.
The company had in February 2009 announced that Tata Sons, a promoter group company pledged 2.50 crore shares representing 3.46% of the equity capital of the company. Tata Sons held 14.37% stake in the company, while the total promoter shareholding stood at 29.53% (as on 31 March 2009).