EaseMyTrip Plans To Open 5 Star Hotel In Ayodhya; Shares Sink 7% From Day’s High – News18

EaseMyTrip Share Price: EaseMyTrip is about to enter the hospitality enterprise with the board of the web journey aggregator approving the proposal to open a 5-star lodge in Ayodhya, near the neighborhood of Ram Temple, which was inaugurated on January 22.

Shares of on-line journey aggregator EaseMyTrip fell seven per cent from its intraday excessive on February 12. In early commerce, shares surged 5 per cent however pared their features to fall 2 per cent within the purple. As of 10.50 am, shares of the corporate had been buying and selling at Rs 50.6, decrease by 1 per cent on the NSE in comparison with the earlier session’s closing value.

EaseMyTrip obtained an in-precept approval from its board for a three way partnership. The agency will commit Rs 100 crore as one of many three way partnership companions, in Jeewani Hospitality, the entity tremendous heading the venture underneath incorporation.

The firm mentioned in an announcement, “The Board of Directors (“Board”) of Easy Trip Planners Limited (“Company”) in its assembly held at present, i.e., on February 11, 2024, has, inter alia thought of and in-principally accepted the proposal to open a 5-star lodge in Ayodhya which is lower than 1Km from Shree Ram Mandir by way of an funding of an quantity of as much as ₹100 crores in Jeewani Hospitality Private Limited, an organization underneath incorporation for 50% of the combination share capital of the mentioned firm on a totally diluted foundation by way of swap i.e., recent issuance of the Company’s personal fairness shares on preferential foundation.”

On February 9, EaseMyTrip reported a 9.6 per cent enhance in web revenue at Rs 45.6 crore within the December quarter of FY24, up from Rs 41.69 crore throughout the identical interval a yr in the past on the again of sturdy development in journey demand.

Sequentially, the corporate’s earnings dropped from Rs 47 crore within the September quarter of FY24.

The journey aggregator reported a complete earnings of Rs 165 crore, up 18 per cent yr-on-yr (YoY) from Rs 139.8 crore. In Q2, the corporate had reported Rs 144 crore in earnings from operations.