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Shares of Mahindra Holidays & Resorts jumped over 5 per cent on the bourses today after the company acquired a property in Goa, a popular holiday destination in the country.
Defying the weakness in the broader market, the scrip opened on a bullish note and soon touched an early high of Rs 293.35, up 5.16 per cent from the last closing price on the BSE. On the NSE, the stock gained 5.28 per cent to trade at Rs 294.80.
The announcement was made after market close yesterday.
Mahindra Holidays & Resorts said it has acquired a 106-room property in Goa for an undisclosed sum. The new property will now operate as Mahindra Emerald Palms.
The company is a leading player in leisure hospitality and offers vacation ownership membership.
The surge in the stock was in contrast with the bearish broader market trend, where the BSE barometer Sensex was trading down by over 120 points.
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