BLUE Coast Hotels & Resorts created a price wave on the BSE at its 52-week high of Rs 95.05. However, because of profit-taking, the counter closed at Rs 88.05, lowest of the day.

According to dealers, the occupancy rate of the 250-room super deluxe leisure outfit has shot up dramatically to 100 per cent this calendar year compared to an average of around 50 per cent last year. It is understood that all rooms at its Goa hotel are booked till April 2006.

The company, which was earlier called Morepen Hotels, since the December quarter (its financial year ends in September) reported remarkable revenue and profit growth.

Against a net loss of Rs 5.72 crore for the year to September 30, 2004, it reported a net profit of Rs 1.04 crore in the December quarter and Rs 3.32 crore in the March (2005) quarter.

The sudden change in financials of the company has caught the imagination of a section of market players, sources said.

Consolidated Fivest gains on its holdingsConsolidated Finvest, an investment company of the Jindal stable, is abuzz on Dalal Street over estimated current break-up valuations of its holdings, which translate to over Rs 400 per share. The stock closed at Rs 52.10, a gain of 1.17 per cent and 1.15 lakh shares were traded on the BSE.

After the Court-approved demerger of the photo films business and name change in October 2004, the company has been shaped up as a holding company of the group outfits such as Jindal Photo Films and Jindal Polyester.

It is also making investments in real estate development through its two new 100 per cent subsidiaries - Consolidated Realtor and Consolidated Buildwell.

Market sources also said that accumulation has been going on in this counter.

Jayanta Mallick

(This article was published in the Business Line print edition dated July 26, 2005)
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