Mahindra Holidays climbs up as board approves 1:2 bonus issue

Mahindra Holidays and Resorts India gained 2.96% to Rs 473.20 at 10:15 IST on BSE after the company's board of directors recommended 1 bonus issue of share for 2 shares held.

The announcement was made after market hours on Friday, 19 May 2017.

Meanwhile, the S&P BSE Sensex was up 148.61 points, or 0.49%, to 30,613.53. The S&P BSE Mid-Cap index was down 45.97 points or 0.31% to 14,598.03.

On the BSE, 3,982 shares were traded in the counter so far, compared with average daily volume of 1.72 lakh shares in the past one quarter. The stock had hit a high of Rs 485.70 and a low of Rs 465.60 so far during the day. The stock had hit a 52-week high of Rs 513.30 on 26 August 2016. The stock had hit a 52-week low of Rs 382.65 on 25 May 2016.

The stock had outperformed the market over the past one month till 19 May 2017, rising 5.74% compared with the 3.85% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 4.38% as against Sensex's 7.01% rise.

The mid-cap company has equity capital of Rs 88.78 crore. Face value per share is Rs 10.

Mahindra Holidays and Resorts India's board has fixed 11 July 2017 as the record date for the purpose of determining members who would be entitled to the bonus shares.

The company also announced after market hours on Friday, 19 May 2017 that its net profit rose 4.5% to Rs 31.8 crore on 26.3% rise in total income to Rs 315.7 crore in Q4 March 2017 over Q4 March 2016.

The board recommended a dividend of Rs 5 per share for the financial year ended 31 March 2017.

The board also approved the appointment of Akhila Balachandar as the Chief Financial Officer and designated her as a key managerial personnel of the company with effect from 20 May 2017. Further, consequent to the above, the board of directors have re-designated S Krishnan who is currently CFO & Executive Director to Executive Director of the company with effect from 20 May 2017.

Mahindra Holidays & Resorts India is a part of the leisure and hospitality sector of the Mahindra Group.

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