Thomas Cook (India) advanced 6.59% to Rs 256.40 at 12:58 IST on BSE after the company's board of directors gave their consent to the management to explore the possibility of an internal corporate restructuring exercise.
The announcement was made after market hours on Thursday, 1 March 2018. The stock market was closed on Friday, 2 March 2018 on account of Holi.Meanwhile, the S&P BSE Sensex was down 374.17 points, or 1.1% to 33,672.77. The S&P BSE Mid-Cap index was down 195.12 points, or 1.19% to 16,266.15.
On the BSE, 1.34 lakh shares were traded in the counter so far, compared with average daily volumes of 1.98 lakh shares in the past two weeks. The stock had hit a high of Rs 265.85 and a low of Rs 245.40 so far during the day.
The stock had hit a record high of Rs 274.15 on 15 January 2018. The stock had hit a 52-week low of Rs 185.85 on 28 February 2017.
The mid-cap company has equity capital of Rs 37 crore. Face value per share is Re 1.
The board of directors of Thomas Cook (India) at its meeting held on Thursday, 1 March 2018 gave consent to the management to explore the possibility of an internal corporate restructuring exercise that would enable the company to focus on travel related business, give the shareholders direct exposure and shareholding in the business of Quess Corp and enhance the stakeholders' value (proposed restructuring). Shares of Quess Corp were down 5.29% to Rs 960.90.
No decision in respect of the proposed restructuring has currently been taken and there is a need to examine the specifics of the proposal. After the completion of the exploratory exercise, the details of the proposal in relation to the proposed restructuring shall be tabled by the management before the board of directors for their deliberation and consideration for the purpose of seeking their approval to the specific terms of such proposed restructuring.
Thomas Cook's consolidated net profit spurted 1188.36% to Rs 59.78 crore on 51.18% rise in net sales to Rs 3005.45 crore in Q3 December 2017 over Q3 December 2016.
Thomas Cook (India) is the leading integrated travel and travel related financial services company in the country offering a broad spectrum of services that include foreign exchange, corporate travel, MICE, leisure travel, insurance, visa & passport services and e-business.
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