Royal Orchid Hotels surges on board's consent for CDR

Royal Orchid Hotels surged 5.56% to Rs 45.60 at 11:22 IST on BSE after the company said its board has accorded its consent for making reference to the Corporate Debt Restructuring Cell for restructuring the debts of the company. The company made the announcement after market hours on Tuesday, 1 January 2013. Meanwhile, the BSE Sensex was up 155.17 points or 0.79% at 19,735.98. On BSE, 9,137 shares were traded in the counter as against average daily volume of 2,031 shares in the past one quarter. The stock hit a high of Rs 47.35 and a low of Rs 45 so far during the day. The stock had hit a 52-week low of Rs 41.50 on 4 June 2012. The stock had hit a 52-week high of Rs 59.20 on 3 March 2012. The stock had underperformed the market over the past one month till 1 January 2013, declining 2.92% compared with the Sensex's 1.25% rise. The scrip had also underperformed the market in past one quarter, sliding 11.29% as against Sensex's 4.02% gain. The small-cap company has equity capital of Rs 27.23 crore. Face value per share is Rs 10. Royal Orchid Hotels reported consolidated net loss of Rs 12.11 crore in Q2 September 2012, much higher than net loss of Rs 2.22 crore in Q2 September 2011. Net sales declined 0.8% to Rs 35.56 crore in Q2 September 2012 over Q2 September 2011. Royal Orchid Hotels operates 21 business and leisure hotels in 16 popular destinations.