This hotel stock has jumped over 75% this year! Have you invested in it?
The hotel stocks have defied weak market sentiment this year, as many posted strong double-digit growth.
Hotels sector has been in a strong bull run in recent times, as investors remain positive over the future growth of this sector in India. The hotel stocks have defied weak market sentiment this year, as many posted strong double-digit growth. Chalet Hotels shares have seen strong buying interest, and have soared over 75% in 2022 so far, and is back to its pre-covid levels. On Monday, the stock has surged over 5% to hit a fresh 52-week high level of Rs 377. It has also registered a strong price volume breakout on the daily technical chart, supported by above average volumes. The volume is found to be greater than 30-day and 50-day average volume, which indicates active buying activity from the institutions.
From the technical perspective, the stock is extremely bullish. The 14-period daily RSI (67.62) is in the bullish territory, and above its prior swing high. The ADX is in uptrend, which is a positive sign. The MACD indicated a bullish crossover lately, and strong follow up on Monday confirmed the bullishness. The OBV is rising steadily, demonstrating rising participation level in the stock.
In recent quarterly results, Chalet Hotels posted stellar numbers as revenue jumped over 250% YoY to Rs 253 crore in June 2022, while its net profit soared 168% YoY to Rs 28.55 crore. Overall, the company has seen strong growth recently, and has positive demand outlook in upcoming festive season. The technical parameters are bullish, and thus, the stock is expected to see positive trend in medium term.
Chalet Hotels Limited is engaged in the operation of high-end hotels in key metro cities of India. The Company focusses on driving business efficiencies and sustainable growth right from the pre-development stage, through the entire lifecycle of assets, while maximising returns on every square foot owned and operated. Keep an eye on this stock to track its further development.
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