Stock Report

Saboo Sodium Chloro Ltd to commence development of new property in Rajasthan

Posted On : 2021-10-19 13:27:23( TIMEZONE : IST )

Saboo Sodium Chloro Ltd. has announced that its hospitality division is commencing development on a new property in Rajasthan.

Saboo Sodium Chloro Ltd's existing company property situated near Sambhar Lake, Rajasthan will be converted into a luxury short-stay accommodation. This is in-line with successful strategies in North America and Europe where freestanding properties available for short-term rentals have found above-market rates and high occupancy levels.

The property currently features a swimming pool, tennis courts, sauna / spa facilities and multiple bedroom accommodations. In addition, the property is situated scenically amongst expansive acres of environment-conscious lawns and gardening.

The new property will be developed fully out of internal accruals and no additional debt will be taken by the company for the project.

Mr. Durgesh Sharma, director of Saboo Sodium Chloro Ltd. and company head-of-hospitality, commenting on the decision, said, "We're experiencing renewed hospitality demand post COVID, and are considering expansion to multiple locations within Rajasthan. This new luxury property near Sambhar Lake will be finished using a very capital-lean structure - which is helped by the fact that a building, swimming pool, tennis court etc. already exist on the location. We expect to only invest in renovation, hiring a top-consultant for design, and promotion. We've also built a strong tourism sales network through SSCL's "Samskara' brand and hope to start experiencing good economies of scale. This project will re-affirm our company's status as a leading regional hospitality player."

The Sambhar Resort and salt Spa will be operational starting FY23 and will be 100% owned by Saboo Sodium Chloro Ltd. The project is expected to significantly add to both the top and bottom line of Saboo Sodium Chloro Ltd's hospitality division.

Shares of SABOO SODIUM CHLORO LTD. was last trading in BSE at Rs. 30.45 as compared to the previous close of Rs. 29.70. The total number of shares traded during the day was 66209 in over 348 trades.

The stock hit an intraday high of Rs. 31.15 and intraday low of 29.05. The net turnover during the day was Rs. 1997960.00.