Advani Hotels at 20% upper circuit

Advani Hotels has hit the 20% upper circuit at Rs.51.60 the moment it opened for trading. This is a new 52-week high.

The stock hit the ceiling on unconfirmed reports that ITC is on the verge of acquiring a luxury hotel in Goa - Ramada Caravela Beach Resort. This is expected to fetch around Rs.700 crore.

This is a 199-room, 5-star deluxe hotel. It was recently renovated and it currently managed by US company, Wyndham Worldwide. There is neither a denial nor a confirmation from either Advani Hotels or ITC.