Mahindra Holidays & Resorts India rose 3.19% to Rs 259 at 12:38 IST on BSE after the company announced the divestment of investment in the company's two Austrian subsidiaries.
The announcement was made after market hours on Tuesday, 3 December 2013.
Meanwhile, the S&P BSE Sensex was down 41.27 points or 0.2% at 20,813.65.
On BSE, 10,000 shares were traded in the counter as against average daily volume of 6,403 shares in the past one quarter.
The stock hit a high of Rs 264.75 and a low of Rs 251 so far during the day.
The stock had outperformed the market over the past one month till 3 December 2013, surging 7.43% compared with the Sensex's 1.81% fall. The scrip had also outperformed the market in past one quarter, jumping 17.92% as against Sensex's 14.37% gain.
Mahindra Holidays & Resorts India said that BAH Hotelanlagen AG, Austria and MHR Hotel Management GmbH, Austria have ceased to be subsidiaries of the company with effect from 29 November 2013 in view of divestment of investment held by the company in these two subsidiary companies. Further, the company has informed that the existing arrangement for room inventory will continue between BAH Hotelanlagen AG (which has a hotel property "Bon Alpina" in Innsbruck, Austria) and the company. Accordingly, Club Mahindra members can continue to avail the room inventory in Bon Alpina, Mahindra Holidays & Resorts India said.
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Mahindra Holidays & Resorts India's net profit rose 6.7% to Rs 28.83 crore on 12.9% growth in net sales to Rs 171.43 crore in Q2 September 2013 over Q2 September 2012.
Mahindra Holidays & Resorts offers quality family holidays, primarily through vacation ownership memberships under its flagship brand Club Mahindra. Mahindra Holidays & Resorts is a part of the Mahindra group.
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