Sterling Holiday Resorts (India) Ltd

Sterling Holiday Resorts (India) Ltd

	Sterling Holiday Resorts sizzles on buzz Jhunjhunwala, Damani pick up stake Thursday, September 29, 2011
	Sterling Holiday Resorts (India) hit upper circuit of 10% at Rs 102.55 at 10:10 IST on BSE on reports investors Rakesh Jhunjhunwala and Radhakrishna Damani have invested around Rs 40 crore each for a 7.1% stake each in the firm in the past 2 months.Meanwhile, the BSE Sensex was down 93.94 points, or 0.57%, to 16,352.08. On BSE, 3.14 lakh shares were traded in the counter compared with average volume of 1.88 lakh shares over the past two weeks. The stock hit a high of Rs 102.55 and a low of Rs 97 so far during the day.  Siddharth Mehta, Chairman, Sterling Holiday Resorts India reportedly confirmed the development at the company's annual general meeting on Wednesday, 28 September 2011. Ramesh Ramanathan, Managing Director, added that both the investors (Rakesh Jhunjhunwala and Radhakrishna Damani) have picked up 7.1% each for an investment of Rs 40 crore each in the last two months. Siddharth Mehta was quoted by media as saying that Sterling Holiday Resorts is on the verge of a turnaround and this year and that the company will report operating profit. The company has become debt free, Ramesh Ramanathan told the media, who was earlier Managing Director of Mahindra Holidays. According to reports, as part of refurbishment of properties, the company is planning to invest around Rs 40 crore and also looking at entering into South East Asia including Singapore, Indonesia and others. The company is also reportedly planning to add 300 rooms over the next 6-18 months, by leasing out properties to the existing 1,258 inventory. Sterling Holiday Resorts India reported net loss of Rs 4.85 crore in Q1 June 2011 as against net loss of Rs 1.84 crore in Q1 June 2010. Net sales rose 58.38% to Rs 16.06 crore in Q1 June 2011 over Q1 June 2010. Sterling Holiday Resorts (India) is leisure hospitality company. It has a total inventory of 1258 rooms spread across a network of 10 owned and 5 leased resorts in 13 scenic holiday destinations in India. The company also has 13 additional sites where it plans to add new resorts in the coming years. All resorts in the Sterling Holidays network also have specially designed hotel blocks for the comfort and convenience of guests who prefer to vacation as a one-time hotel guest.