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Business News/ Markets / Stock Markets/  Tourism Finance Corp share price locked at 5% upper circuit as investor Aditya Halwasiya buys 13% stake
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Tourism Finance Corp share price locked at 5% upper circuit as investor Aditya Halwasiya buys 13% stake

Tourism Finance Corp's share price rose by 5% as Aditya Halwasiya acquired a 13% stake. Varanium India Opportunity sold its shares, while promoters also offloaded equity. Analysts anticipate a further increase in the stock price towards ₹260.

Tourism Finance Corp share price opened at ₹231.05 apiece on BSE. (iStock)Premium
Tourism Finance Corp share price opened at 231.05 apiece on BSE. (iStock)

Tourism Finance Corp share price was locked in 5% upper circuit after investor Aditya Halwasiya acquired 13% stake, as per moneycontrol's news report. Tourism Finance Corp share price opened at 231.05 apiece on BSE.

Aditya Halwasiya purchased 1,18,02,094 equity shares of Tourism Finance Corporation of India at an average cost of 209.75 per share, according moneycontrol's news report. However, Varanium India Opportunity, a foreign investor, sold all 30,97,461 equity shares of the firm exiting the stock. 10,04,400 equity shares were also offloaded by Varanium Capital Advisors. 

Also Read: Mahindra & Mahindra, ICICI Bank & others hit 52 week high today ; Do you own any?

Furthermore, at an average price of 209.75 per share, promoters Pransatree Holdings Pte and Koppara Sajeeve Thomas sold 42,56,100 equity shares and 34,44,133 equity shares, respectively.

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According to BSE data, Pransatree Holdings Pte owned an 8.81% holding and Koppara Sajeeve Thomas held a 4.92% stake during the quarter that ended in December.

As per the news report, Varanium India Opportunity previously owned a 3.43% stake in Tourism Finance Corporation. 

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“The Tourism Finance Corp share price is in a strong uptrend, and since the last three sessions, it has moved into the 5% upper circuit. The overall bias remains positive, and an extension of the upmove towards 260 is expected, however, considering the price moving by 5%, one should avoid aggressive bets on such counters," said Rajesh Bhosale, Equity Technical and Derivative Analyst, Angel One

As per trendlyne data, Tourism Finance Corp share price rose 219.34% and outperformed its sector by 148% in the past year.

The Tourism Finance Corporation of India offers financial support to the tourism industry, which includes hotels, motels, resorts, spas, restaurants, food courts, amusement parks, family entertainment centres, multiplexes, and other lodging establishments. It also extends limited financial assistance to other industries, such as manufacturing, real estate, other services, social infrastructure (hospitals, schools, etc.), and affordable housing development.

Also Read: Union Bank of India share price jumps 7% on 3,000 crore QIP announcement; rallies 101% in last 1 year

Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decision.

 

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Published: 21 Feb 2024, 11:18 AM IST
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