Thomas Cook pares early gains; closes 1.5 pc lower

Travel services firm Thomas Cook India gave up early gains and closed the day 1.5 per cent lower on Tuesday, mainly due to profit-booking.

After surging 10.48 per cent to Rs 169.15 in intra-day trade on the BSE, the scrip pared all its morning gains and closed at Rs 151.95, down 0.75 per cent.

At the NSE, it declined 1.56 per cent to close at Rs 150.70. During the day, it had gained 11 per cent to Rs 170.

The company on Monday said its corporate restructuring process has been completed after receiving approvals from NCLT Mumbai and Bengaluru.

"...the Composite Scheme of Arrangement and Amalgamation amongst TC Forex Services Ltd and Travel Corporation (India) Ltd and TC Travel Services Ltd and SOTC Travel Management Pvt Ltd and Thomas Cook (India) Ltd and Quess Corp Ltd and their respective shareholders has become effective," the company said in a BSE filing.

The appointed date, from which the scheme will take effect, is April 1 next year, it added.

"Post approval of NCLT Mumbai and Bengaluru on October 10, 2019, and November 7, 2019, respectively, the board has announced the completion of the demerger of Human Resource Services Business of Thomas Cook (India) Ltd into Quess Corp Ltd on a going concern basis," Thomas Cook (India) Chairman and Managing Director Madhavan Menon said.

With this restructuring now completed, "we are confident that the new simplified group structure will further enable both Thomas Cook India and Quess to grow independently and consolidate their positions in their segments with far greater clarity of focus from an industry and growth and opportunity point of view -- for investors, management and teams," he added.