The stock of EIH Associated Hotels witnessed a remarkable surge of 17%, reaching a record high, following the announcement that the company's board is contemplating issuing bonus shares.

In a filing to the exchanges, the company disclosed that it has scheduled a Board of Directors meeting for Friday, June 14, 2024. Among the agenda items, the meeting will focus on deliberating the proposal to capitalize reserves through the issuance of Bonus Shares to the Equity Shareholders of the Company, subject to the approval of the Shareholders.

In the past year, the company's shares have surged by 61.3%, and in the current calendar year, the stock has experienced an impressive increase of 73.5%. Additionally, over the past month alone, the stock has seen a gain of over 10%.

EIH Associated Hotels primarily owns premium luxury hotels under the renowned 'Oberoi' and five-star 'Trident' brands.

For the financial year 2023-24 (FY24), EIH Associated reported a significant year-on-year (Y-o-Y) increase in profit after tax, with a rise of 25.4% to ₹81.03 crore compared to ₹64.62 crore in FY23. Furthermore, revenue from operations also witnessed notable growth of 14% Y-o-Y, reaching ₹384.78 crore.

EIH Associated Hotels is linked with The Oberoi Group, a distinguished hospitality conglomerate in India and Asia. The group is distinguished for its ownership and management of 20 notable hotels under the prestigious Oberoi Hotels & Resorts brand, along with the operation of 10 five-star properties under the Trident Hotels brand. Additionally, the company offers a wide array of services, encompassing flight catering, airport restaurants, travel and tour arrangements, car rentals, project management, and corporate air charters.