Shares of Lemon Tree Hotels gained over 3% percent inraday after brokerage firm CLSA has maintained a BUY rating on the stock in the latest report, commenting Key acquisition, new management contract opportunities to help gain scale.

The CLSA has given a price target of Rs89 per share. The brokerage said, Lemon Tree Hotels is gaining scale with the recently announced intention to acquire ‘Keys’ hotels, which will add 26percnet  to owned room count and 55percent to managed room count.

Meantime, key benchmark indices -Sensex & Nifty- were progressing through the afternoon hours of trade with the BSE benchmark gaining 197points at 38,804 levels. The Nifty50 also gained 43pts to trade at 11,639 levels at 3.00pm.