Ace investor Radhakishan Damani buys stake in hospitality company


Radhakishan Damani portfolio: Ace investor has added Advani Hotels and Resorts (India) Ltd to his stocks’ list. As per the hospitality company’s exchange communication, market magnet has bought 23,93,490 shares of the company, which is 5.17 per cent of total issued paid-up capital of the company. Like Radhakishan Damani, Stock market analysts are also bullish on the counter. Experts see this hospitality stock to go up to 130 per share levels in short term.

As per Advani Hotels and Resorts’ exchange communication available on BSE website, Radhakishan Damani has invested in the company through his investment company — Derive Investments. As per the company’s investment declaration, Derive Investments has bought 23,93,490 Advani Hotels and Resorts shares or 5.17 per cent stake in the company.

Once, BSE put this information on its official website, buyers’ interest in the stock went up all of a sudden hitting upper circuit on Thursday. However, it soon started trade again and some profit booking put down its early gains. Finally, this Radhakishan Damani portfolios tock ended around 11.50 per cent higher from its Wednesday close on NSE. However, stock market experts see more upside in the counter.

Speaking on this new Radhakishan Damani stock; Anuj Gupta, Vice President at IIFL Securities said, “Advani Hotels and Resorts shares have strong support at 69 apiece levels and after sudden rise in the counter some profit-booking is expected. One should buy this stock at current levels and keep on accumulating on big dips till it is quoting above 69. It is expected to go up to 130 levels in short term. However, one must maintain stop loss at 69 while taking position in this Radhakishan Damani stock.”

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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