Mahindra Lifespace jumps 4% on signing Maharashtra tourism deal

NEW DELHI: Shares of Mahindra Lifespace jumped nearly 4 per cent in Friday’s trade after Deep Mangal Developers, one of the wholly-owned subsidiaries of the company, signed a non-binding agreement with the Maharashtra government for the development of a tourist destination in Murud in district Raigad.

Reversing its two-day fall, the stock scrip rose 3.57 per cent to hit a high of Rs 408.50 on BSE. The stock has been trading higher than 5-day, 20- and 50-day moving averages, but lower than 100- and 200-day moving averages.

This project, the company said, will be developed under the aegis of the Maharashtra government’s tourism policy and wll help drive investments and create opportunities for employment and skill development, the company said in a BSE filing.