Shares of Mahindra Holidays & Resorts today jumped over 5 per cent on the bourses after the company acquired a property in Goa, a popular holiday destination in the country.
Defying the weakness in the broader market, shares of the company 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.
At the NSE, the stock gained 5.28 per cent to trade at Rs 294.80.
The announcement was made after close yesterday.
Mahindra Holidays & Resorts said it has acquired a 106-room property in Goa for an undisclosed sum.
The latest acquired property will now operate as Mahindra Emerald Palms.
The company is a leading player in leisure hospitality and offers vacation ownership membership.
Meanwhile, the surge in the stock was in contrast with the bearish broader market trend, where the BSE barometer Sensex was trading 136.55 points lower at 1050 hrs.
