Hotel Leela gains; property sale to reduce debt
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)
- Tweet this
- Share this
- Digg this
India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article