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    500850   INE053A01029

THE INDIAN HOTELS COMPANY LIMITED

(500850)
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Indian shares slip 1%, hammered by losses in metal

09/20/2021 | 06:49am EDT

BENGALURU, Sept 20 (Reuters) - Indian shares slid 1% and the Nifty 50 logged its worst session since July, dragged by a sharp dip in metals on concerns of default by Chinese property behemoths, while investors awaited further cues on monetary policy by U.S. Federal Reserve.

The blue-chip NSE Nifty 50 index closed down 1.07% at 17,396.9 on Monday, and the benchmark S&P BSE Sensex fell 0.9% to 58,490.93.

U.S. listings of iron ore miners and steel companies dropped premarket, as did European basic resources stocks, after sentiment was hurt by growing risks of defaults at Chinese property developers like China Evergrande Group.

The Indian subindex for metal stocks dived nearly 7% to its lowest levels in nearly a month, with Tata Steel and JSW Steel dropping about 10% and 8%, respectively, to be the biggest losers on the Nifty 50.

"There are also fears of a weakening in Chinese demand (for iron ore)," said A. K. Prabhakar, head of research at IDBI Capital.

Iron ore futures in China fell last week on concerns around demand for the raw material.

Investors will be closely watching the Fed's two-day meet starting on Tuesday, where it is expected to lay the groundwork for the tapering of its bond buying programme.

Banking stocks fell 1.8%, snapping four consecutive sessions of gains, with the subindex for public sector banks crashing over 4%.

Bucking the wider trend, consumer goods stocks advanced 0.9%, with ITC Ltd rising over 1% after Prime Minister Narendra Modi on Saturday said the country was giving "a lot of priority to its vaccination programme in states whose economies are driven by the tourism sector."

Fellow hotelier Indian Hotels Co jumped 8%.

News media firm New Delhi Television soared 10% on rumours of a buyout, though its promoters after market close clarified there were no such discussions ongoing. (Reporting by Soumyajit Saha in Bengaluru; Editing by Shinjini Ganguli)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHINA EVERGRANDE GROUP -12.54% 2.58 End-of-day quote.-82.68%
ITC LIMITED -3.31% 236.6 Delayed Quote.17.08%
JSW STEEL LIMITED -1.74% 673.45 End-of-day quote.73.88%
NEW DELHI TELEVISION LIMITED 4.33% 83.05 End-of-day quote.111.05%
TATA STEEL LIMITED -2.11% 1314.45 End-of-day quote.104.25%
THE INDIAN HOTELS COMPANY LIMITED -2.40% 213.9 End-of-day quote.78.10%
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Financials
Sales 2022 31 006 M 414 M 414 M
Net income 2022 -2 077 M -27,8 M -27,8 M
Net Debt 2022 50 685 M 677 M 677 M
P/E ratio 2022 -156x
Yield 2022 0,17%
Capitalization 254 B 3 399 M 3 400 M
EV / Sales 2022 9,84x
EV / Sales 2023 6,67x
Nbr of Employees 15 409
Free-Float 54,6%
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Mean consensus OUTPERFORM
Number of Analysts 9
Last Close Price 213,90 INR
Average target price 183,67 INR
Spread / Average Target -14,1%
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Managers and Directors
Puneet Chhatwal Chief Executive Officer, Director & MD
Giridhar Sanjeevi Chief Financial Officer & Executive Vice President
Natarajan Chandrasekaran Chairman
Vinay Deshpande Senior Vice President & Head-Digital & IT
Uday Narain Chief Operating Officer
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