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The Rs 2-face valued Hotel Leela stock is recording substantial volumes with investors swooping down on it after the company announced a stock-split, for which September 15 was the record date.

On Friday, it closed on the NSE at Rs 67, with trading volumes standing at 8.85 lakh shares. The stock, as analysts put it, is trading at a rough P/E multiple of 17.3x fiscal 2008 estimated earnings. With new properties expected in fiscal 2009, Hotel Leela will show decent revenue visibility, it is felt. Average room tariffs are expected to rule steady.

The company's board has recently okayed plans to enter management contracts for hotels in Jaipur, Dubai and Abu Dhabi. Besides, a proposal to start a golf course in Goa has also been approved.

Nilanjan Dey

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