Stock market today: Shares of India Tourism Development Corporation (ITDC) witnessed strong buying during the early morning session on Wednesday. ITDC share price today opened upside at ₹524.50 per share and touched an intraday high of ₹589 apiece within a few minutes of the Opening Bell. According to stock market experts, ITDC shares are skyrocketing in early morning deals after the announcement of the board meeting to consider the proposal for asset monetisation of Ashoka Hotel.
On why ITDC share price is skyrocketing, Anshul Jain, Head of Research at Lakshmishree Investment and Securities, said, “ITDC share price is rising due to two major reasons: board meeting to consider and approve the proposal for asset monetisation of Ashok Hotel and strong Q4 results after the Maha Kumbh.” Jain said that the ITDC board has set a meeting date on 11th March 2025 to discuss the asset monetisation proposal.
Expecting more upside in ITDC shares, Sumeet Bagadia, Executive Director at Choice Broking, said, “ITDC share price is looking strong on the technical chart. The stock is facing a hurdle at ₹600, while it has made a strong base at ₹540. On breaking above ₹600 apiece on a closing basis, we can expect the scrip to touch the ₹650 per share mark. Hence, ITDC shareholders can hold the scrip for the near-term target of ₹650, maintaining a stop loss at ₹540.”
On the suggestion to the fresh investors, Bagadia said, “Fresh investors can initiate momentum buying in ITDC shares for the short-term target of ₹650 maintaining stop loss at ₹540 apiece.”
The ITDC board informed Indian stock market exchanges about the asset monetisation proposal, saying, “Notice is hereby given that a Board Meeting of India Tourism Development Corporation Limited (ITDC) will be held on Tuesday, the 11th day of March, 2025 at 11 a.m. at The Ashok, Chankyapuri, New Delhi to consider the agenda on Asset Monetization of the Ashok Hotel along with the presentation from the consultant. In view of the above, it has been decided that Trading Window for trading in the shares of ITDC shall remain closed with immediate effect from Tuesday, 4th March, 2025 to Thursday the 13th March, 2025 or till 48 hours after the announcement of Board decision in the meeting held on 11.03.2025.”
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Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
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