Shares of Wonderla Holidays went up close to 10% on Wednesday to hit a new 52-week high of ₹887.

What Happened: On Wednesday, the amusement park major announced that it has secured all the necessary approvals from the Government of Tamil Nadu for its forthcoming Chennai project.

The proposed amusement park will be situated 45 kilometres from Chennai, in the village of Illalur. With just 2 kilometres from the OMR highway, the project will cover an expansive 62-acre area.

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The project is expected to cost around ₹400 crores. “This upcoming amusement park promises to be an iconic addition to the company's expansion plans,” the company announced in a statement. “It’s poised to be a shining jewel in the organization’s crown, offering a remarkable recreational experience to visitors.”

The announcement today helped the stock jump back in the green after it had closed marginally lower on the last trading day i.e. Monday. The stock has been on a massive bull run, going up over 140% since the start of the year. Tata Small Cap Fund owns a 2.22% stake in the company.

Price Action: Wonderla’s share price was up 5.82% to trade at ₹854.75 in the early hours of trading on Wednesday.

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