Sinclairs Hotels checked-out

Sinclairs Hotels yesterday announced that the company's hotels at Siliguri, Dooars, Darjeeling, Kalimpong and Burdwan will resume limited operations effective 16th June 2021. This follows the relaxation in restrictions announced by the Government of West Bengal on 14th June 2021.

The other three hotels at Gangtok, Port Blair and Ooty shall remain closed till 21st June 2021. The company is awaiting announcement of relaxation of restrictions by the respective State Governments / Union Territory.

Yet, this news did not have all that a great impact; the stock opened in the green at Rs77.50 an even went on to an intraday high at Rs.79.80 and profit booking at this level has pushed the stock into the red. It is currently trading at Rs.74, down 3%.

Pent up demand will surge for holidays once lockdowns are gone fully but for that, this time around, people need to feel confident enough that the third wave is well under control and vaccination is on full steam.

The company had ended Q4FY21 with a net profit of Rs.2 crore v/s loss of Rs.79 lakh (YoY).