Hotel Leela gains; property sale to reduce debt

Tue Feb 19, 2013 11:44am IST

A man fishes in front of the under-construction Hotel Leela, facing the backwaters of Bay of Bengal, near the coastal area of Chennai June 14, 2012. REUTERS/Babu/Files

A man fishes in front of the under-construction Hotel Leela, facing the backwaters of Bay of Bengal, near the coastal area of Chennai June 14, 2012.

Credit: Reuters/Babu/Files

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Reuters Market Eye - Hotel Leelaventure(HTLE.NS) shares rise 9 percent, a day after the company sold its IT park building in the city of Chennai for 1.7 billion rupees to Reliance Industries, according to an exchange filing.

Traders say the hotel operator will be able to reduce debt, a critical factor given higher interest costs led Hotel Leelaventure to post a net loss of 970 million rupees in the October-December quarter, despite what analysts called a better-than-expected top line performance.

(Reporting by Manoj Dharra)

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