Mahindra Holidays soars on inking MoU with Tamil Nadu government to build 3 Greenfield resorts
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Mahindra Holidays & Resorts India is currently trading at Rs. 398.30, up by 11.40 points or 2.95% from its previous closing of Rs. 386.90 on the BSE.
The scrip opened at Rs. 397.35 and has touched a high and low of Rs. 403.20 and Rs. 389.95 respectively. So far 8316 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 10 has touched a 52 week high of Rs. 469.80 on 17-Oct-2023 and a 52 week low of Rs. 245.45 on 30-Jan-2023.
Last one week high and low of the scrip stood at Rs. 414.90 and Rs. 380.75 respectively. The current market cap of the company is Rs. 8007.83 crore.
The promoters holding in the company stood at 66.77%, while Institutions and Non-Institutions held 15.80% and 17.42% respectively.
Mahindra Holidays & Resorts India (MHRIL) has signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 800 crore in Tamil Nadu to build three Greenfield resorts over the next five to six years. It will directly generate employment opportunities for over 1,500 people, thereby contributing to the overall economy of the state.
With this significant investment, MHRIL will double its footprint in Tamil Nadu, with Club Mahindra already operating resorts in Ooty and Kodaikanal. This would be the second-largest investment by MHRIL, following the Rs 1,000 crore investment in Uttarakhand last year. These investments are part of the company's expansion plans to increase room inventory from 5,000 to 10,000 by 2030.
Mahindra Holidays & Resorts India (MHRIL), a part of Leisure and Hospitality sector of the Mahindra Group, offers quality family holidays primarily through vacation ownership memberships and brings to the industry values such as reliability, trust and customer satisfaction.
