Lemon Tree Hotels jumps 5 % as CLSA sees 40% upside

Lemon Tree Hotels shares rallied 5 percent intraday on June 24 after global brokerage CLSA said it sees 40 percent upside from current levels, citing potential in Mumbai property.

While maintaining buy call and target price at RS 91, the research house said its upcoming Mumbai property is significant as Mumbai is a lucrative hotel market with an occupancy level of over 75 percent.


Its another large property in Mumbai is expected to open by 2021, it said, adding upcoming properties will boost the company's average daily rate.

The stock was quoting at Rs 65.15, up to Rs 0.35, or 0.54 percent on the BSE at 1356 hours IST.

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