ITDC hit the 10% UC at Rs.735.60 – and Rs.10 away from its 52-week high of Rs.745, touched on 24/4/17.

The market is celebrating that finally some things are moving in this PSU. It signed an agreement for the transfer of equity stake in its joint venture subsidiaries.

According to the company’s exchange filing:

• 51 percent equity stake in MP Ashok Hotel Corporation Ltd. will be transferred to Madhya Pradesh State Tourism Development Corporation
• 51 percent equity stake in Assam Ashok Hotel Corporation Ltd. will be transferred to the Government of Assam
• Transfer of Hotel Bharatpur Ashok to Government of Rajasthan