Why Are Wonderla Shares Trading At An All-Time High?

Shares of Amusement park operator Wonderla Holidays shot up over 4% to a record high on Monday after the company got a massive tax break for a project in Tamil Nadu.

What Happened? Wonderla said on Friday that the government of Tamil Nadu had granted it a significant waiver of the local body tax for 10 years after persistent efforts by the company seeking the waiver.

The waiver will likely provide a material boost to the business. However, the company will have to begin commercial operations at the site within two years to receive the tax waiver.

See Also: TCS Chosen To Give UK’s 2nd Largest Public Sector Pension Scheme A Digital Makeover

Wonderla currently has amusement parks in Bengaluru, Hyderabad and Kochi. It is also looking to set up a new park in Bhubaneshwar by 2025.

Price Action: Wonderla’s share price was trading 4.03% higher at ₹542 in afternoon trade on Monday.

Read Next: Amazon Marks 10 Years In India With Seller Fee Cut, Big Future Plans

Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.

Posted In: EntertainmentEquitiesGovernmentRegulationsTravelMarketsGeneralWonderla Holidays