Shares of India Tourism Development Corporation Ltd (ITDC) skyrocketed by over 15% on Wednesday after the company announced a key meeting to discuss the monetization of its flagship property, The Ashok Hotel in Chanakyapuri, New Delhi.
The stock hit an intraday high of INR 589 per share on the National Stock Exchange (NSE), marking a 15.6% jump. By 11:28 AM, the stock was trading at INR 582.5, up 14.38%.
In an exchange filing on Tuesday, ITDC stated, “A Board Meeting of India Tourism Development Corporation Limited (ITDC) will be held on Tuesday, March 11, 2025, at 11 a.m. at The Ashok to discuss the agenda on asset monetization, along with a presentation from the consultant.”
As a result, the trading window for designated persons under SEBI’s Prohibition of Insider Trading Regulations, 2015has been closed from Tuesday, March 4, and will remain shut until March 13 or 48 hours after the Board’s decision.
Despite recent market fluctuations, ITDC has shown resilience:
- Q3 FY25 revenue: INR 149.41 crore, up 10.7% YoY from INR 134.93 crore.
- Net profit: INR 20.63 crore, a 15.25% increase compared to INR 17.9 crore YoY.
- Revenue breakdown:
- Hotel division: INR 95.68 crore
- Travel and tours: INR 11.56 crore
- Event management and other segments: INR 40.11 crore
Although ITDC shares have declined 7.16% year-to-date and 24.5% over the past year, the current rally indicates renewed investor confidence tied to the asset monetization prospects.
The upcoming board meeting will be pivotal in determining the future of ITDC’s iconic property. With monetization on the horizon, market watchers are optimistic about ITDC’s potential to unlock value from its hospitality assets.
