Midcap Mahindra Group Stock Jumps 5.15% On Signing MoU With Uttarakhand Government

Mahindra Holidays & Resorts India Limited (MHRIL) on Thursday signed a Memorandum of Understanding (MoU) with the Government of Uttarakhand to establish and develop Club Mahindra Resorts in the State of Uttarakhand.

The approx. cost to develop the Club Mahindra Resorts in Uttarakhand is Rs 1,000.

"The Company has today, signed a Memorandum of Understanding (MoU) with the Government of Uttarakhand to establish and develop Club Mahindra Resorts in the State of Uttarakhand," the company said in a filing.

It added, "The estimated investment for the above development of Club Mahindra Resorts is expected to be approximately Rs. 1,000 crores to be made over the next few years."

Following the announcement, the shares of Mahindra Holidays & Resorts India surged 5.15% to close at Rs 410.75 apiece on the BSE. The stock gained 2.41% in 1 week, and 20.49% in 1 month, respectively. It gained 76.78% in 1 year, and 234.60% in 3 years, respectively.

Its 52-week high is Rs 412.35 apiece and its 52-week low is Rs 391.85 apiece. It is a midcap stock with a market cap of Rs 8,279.52 Crore.

Mahindra Holidays & Resorts India Ltd. (MHRIL), a part of the 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. Started in 1996, the company's flagship brand 'Club Mahindra', today has over 2,81,000 members, who can holiday at 125+ resorts in India and abroad. Mahindra Holidays & Resorts India Limited is part of Mahindra Group.