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Saturday, August 20, 2005

Kamat Hotels: ‘Buy' vogue buoys it

Kamat Hotels is proving to be a big favourite of investors in the hospitality sector. The stock has been on an upswing and touched its 52-week high of Rs 129 on Wednesday.

Dealers said that several brokerages have recommended the stock to their investors that has led the interest in the stock.

Speculation about the hotel chain's business expansion plans has also added to the optimism in the counter, according to dealers.

The company owns the Orchid Hotel in Mumbai and the chain of Lotus Suites. Indications are that the chain will expand into other cities. The rise in the stock is also attributed to the unlocking of the real estate value. The hotels are located in prime localities of the city.

The stock has appreciated by over 67 per cent in the last month. It closed at Rs 121.45 on Wednesday.

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