Synopsis
Indian Hotels Company says that its properties in both leisure and business domestic markets reported over 70% occupancy and a rate of growth of 27% as compared to pre-Covid-19 levels. For the July-September quarter 2022, the company saw profits of INR383 crore — up 403% over the last year for the same period. But why did mutual funds reduce their stake?
Just as the pandemic began, between April-June 2020, the now deceased Rakesh Jhunjhunwala made a bet on Tata Sons-owned Indian Hotels Company Limited (IHCL). A couple of quarters later he even raised the stake in the company, even as wave after wave of Covid-19 infections stalled the recovery of the hospitality sector — one of the biggest casualties of the pandemic. By the end of the second wave, Jhunjhunwala and his wife, Rekha owned a combined
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