Shares of real estate firm Omaxe surged 20 per cent in intraday on Monday after the company announced the launch of a dedicated hospitality vertical with a planned investment of ₹6,200 crore.
The stock opened at ₹77.40 and rallied to an intraday high of ₹92.97, hitting the upper circuit on the National Stock Exchange (NSE).
As of 12:20 PM, the stock was trading 16.7 per cent higher at ₹90.40, with over 10 million shares changing hands on the exchange.
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Of the 19 hotels, the company said that 12 will be developed in Uttar Pradesh, including two in Ayodhya, three in Lucknow, one each in Prayagraj, Ghaziabad and Gorakhpur, two in Kaushambi and two in Vrindavan. Besides, Omaxe will also develop one hotel each in New Delhi, Faridabad and Ujjain, along with four hotels across Chandigarh, Amritsar and Ludhiana, including two properties in Chandigarh.
“In total, Omaxe will have a presence across 13 cities in five states over the next 4-5 years,” the company said in a filing.
The portfolio will cater to multiple demand segments, including business travel, leisure tourism, destination weddings, MICE (Meetings, Incentives, Conferences and Exhibitions) and religious tourism.
The investment is proposed to be deployed in phases over the next 4–5 years, Omaxe said, adding that it is currently in advanced discussions with leading domestic and international hospitality operators for branding and management partnerships.