EIH Associated Hotels stock hits record high as board approves bonus issue

Shares of EIH Associated Hotels surged to their record high today after the company announced a bonus issue in the ratio of 1:1. This means the company’s board recommended one bonus equity share for every one existing share held by shareholders of the company as on the record date. The hotel stock climbed 9.55% to a high of Rs 925.50 against the previous close of Rs 844.75 on BSE. Total 0.44 lakh shares of the firm changed hands amounting to a turnover of Rs 3.97 crore. Market cap of EIH Associated Hotels rose to Rs 2766.96 crore on BSE. Later, the stock closed 7.51% higher at Rs 908.15.   

EIH Associated Hotels share price has risen 74.33% in a year and gained 147.22% in two years. The multibagger stock zoomed 93% in 2024.

Record date for the bonus issue of shares has been fixed as Monday, July 29, 2024. The same will be subject to the approval of shareholders at the forthcoming annual general meeting (AGM) of the company, the company said in a regulatory filing.

This is the first-ever bonus share issue undertaken by the company, as per data available on the exchanges.

EIH Associated Hotels shares have a one-year beta of 0.7, indicating very low volatility during the period. In terms of technicals, the relative strength index (RSI) of EIH Associated Hotels stands at 69.6, signaling it's trading neither in the overbought nor in the oversold zone. EIH Associated Hotels shares stand higher than the 5 day, 10 day, 20 day, 30 day, 50 day and higher than the 100 day, 150 day and 200 day moving averages.

EIH Associated Hotels is primarily engaged in owning premium luxury hotels under the luxury 'Oberoi' and five-star 'Trident' brands.