Shares of Mahindra Holidays received a bump in the afternoon on Thursday propelling the stock over 3%.
What Happened: The stocks jumped as the company informed the exchanges that it had signed a memorandum of understanding (MoU) with the Government of Uttarakhand to establish and develop Club Mahindra Resorts in the northern state.
The company further added that the proposed development is expected to see around ₹1,000 crore investment over the next few years.
The stock shot up as soon as the announcement was made at around 11:30 a.m. The announcement helped the stock break its two-day losing streak.
The company yesterday on Sept 13 had informed the exchange that an arbitrator had asked the company to pay ₹6.53 crore with interest as compensation in a dispute. The counterclaims made by the company have been rejected. The firm further said that it was consulting with its lawyers about the decision and would take action as advised.
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Price Action: Mahindra Holidays’ share price was up 2.63% to trade at ₹400.45 in the mid-market hours of trading on Thursday.
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