Radhakishan Damani checks in Advani Hotels; stock hits upper circuit!

The stock got locked at its upper circuit limit of the day and also, witnessed the highest single-day volume in history.

Advani Hotels & Resorts (India) owns and operates the 201-key, five-star deluxe, Caravela Beach Resort Goa on a 23-acre estate, situated on the powdery white sands of Varca Beach in South Goa. The stock got locked at its upper circuit limit of the day and also, witnessed the highest single-day volume in history.   

The buzz is that ace investors like Radhakishan S Damani, Shrikantadevi R Damani, and Derive Investments have increased their stake in the company between February 14 and 15, 2022. They have recently acquired a 0.31 per cent stake in the company, which takes their holding to 5.17 per cent.   

The stock is up by nearly a staggering 30 per cent on a YTD basis while on an MTD basis, it jumped 18 per cent. One of the main reasons for the standout performance by the stock in recent times is the standout financial performance in the quarter ended December 31, 2021. For the quarter ended December 31, 2021, the revenue increased more than double, in spite of the adverse impact of the COVID-19 on hospitality while the net profit after tax for the quarter jumped to Rs 746 lakh, a mind-boggling growth of 363 per cent.   

During the quarter, the hotel recorded an 82.4 per cent average occupancy in the month of October, 87.9 per cent in November, and 87.3 per cent in December.