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Easy Trip Rebounds: Share gains 7% after hitting 52-wk low in last session
Source: Business Standard
The rebound followed a major drop of up to 8 per cent the previous day amid multiple block deals. The drop, meanwhile, led to a fresh 52-week low for the stock.
Promoter Nishant Pitti sold a total of 246,549,833 shares. He sold 67,357,201 shares at an average price of Rs 37.42; 10,000,000 shares at an average price of Rs 38.28; and 16,919,263 shares at an average price of Rs 37.22, NSE data showed.
Following these transactions, Pitti’s stake in Easy Trip Planners decreased to 28.13 per cent, equating to 49,841,078 shares, indicating he has sold nearly half of his overall stake, or about 13.9 per cent.
In a separate filing, the company said that it has entered an exclusive partnership with PhonePe to launch its Hotels segment on the platform.
The collaboration aims to enhance user experience by providing seamless access to millions of domestic and international hotel options.
PhonePe users will benefit from unique access to a wide array of top hotel deals and special offers. EaseMyTrip plans to expand its offerings further by introducing Activities and Cabs on PhonePe, creating a comprehensive travel booking experience.
The EaseMyTrip Hotels platform is known for its user-centric design, featuring a smooth interface, competitive pricing, and flexible booking options, including free cancellations. All these advantages will now be available to PhonePe users, the company revealed.
Q1FY25 financial performance
Easy Trip Planners reported a 31 per cent year-on-year increase in consolidated profit after tax, amounting to Rs 33.93 crore for the June 2024 quarter, up from Rs 25.9 crore in the same period last year. Total income rose to Rs 156.22 crore, compared to Rs 126.64 crore a year earlier. However, total expenses also increased, reaching Rs 109.03 crore, up from Rs 91.56 crore year-on-year.
The market capitalisation of Easy Trip is Rs 6,473.26 crore, according to BSE. The company falls under the BSE 500 category.
At 11:20 AM, shares of Easy Trip were trading 6.50 per cent higher at Rs 36.53 per share. In comparison, BSE Sensex was trading 0.29 per cent higher at 85,419.93 levels.
First Published: Sep 26 2024 | 11:27 AM IST
