Thomas Cook (India) rallies 10%; Quess Corp falls nearly 10% in intra-day

Thomas Cook (India) rallied 10% to Rs 266 after the board of directors of the company has given consent to the management to explore the possibility of an internal corporate restructuring exercise

Shares of Thomas Cook (India) rallied 10% to Rs 266 on the BSE in intra-day trade in otherwise weak market after the company said that the board of directors has given consent to the management to explore the possibility of an internal corporate restructuring exercise.

“The restructuring exercise that would enable the company to focus on travel related business. The management would also look at providing shareholders of the company direct exposure and shareholding in the business of Quess Corp and enhance the stakeholders value,” Thomas Cook (India) said in a regulatory filing.

The company said no decision in respect of the proposed restructuring has been taken and there is a need to examine the specifics of the proposal.

At 11:48 am; Thomas Cook (India) was trading 7% higher at Rs 257 on the BSE, as compared to 0.93% decline in the S&P BSE Sensex. A combined 1.94 million shares changed hands on the BSE and NSE so far. The stock is trading close to its 52-week high of Rs 274 touched on January 15, 2018 in intra-day trade.

Quess Corp, on the other hand was down 7% at Rs 943, after falling nearly 10% to Rs 918 on the BSE in early morning trade. A combined 186,016 shares changed hands on the BSE and NSE so far. Thomas Cook (India) holds 49% stake in Quess Corp as of December 2017, the shareholding pattern data shows.