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IHCL’s share price declined 4% despite strong quarterly numbers, as brokerage houses have mixed opinions on the company’s future growth. Nuvama Institutional Equities retained its ‘Reduce’ call, citing concerns over management fees and renovations. However, Motilal Oswal maintained its ‘Buy’ rating and expects double-digit revenue growth in Q4. The company has a pipeline of 30,200 keys.