These amusement park stocks are trading above 4 per cent in a volatile market!

Let us find out the reason behind the positive momentum in these stocks.

The pandemic had severely hurt businesses in the amusement and theme park sector. They have begun to function in full swing now that the situation has been brought under control. On Thursday afternoon as indices are trading flat and at 12:35 pm, the S&P BSE is at 52,925.88, a decline of 0.19 per cent, the following stocks are the mid-day movers! 

Wonderla Holidays is one of the largest operators of amusement parks in India. It currently owns and operates two amusement parks under the brand name ‘Wonderla’, situated in Kochi and Bangalore and is in the process of setting up its third amusement park in Ranga Reddy District of Andhra Pradesh, Wonderla Hyderabad. The company has signed an agreement with the Government of Odisha for leasing land of about 50 acres for the development of an amusement park project in Bhubaneswar, Odisha. This news has rallied the share price by 4.03 per cent and the scrip is trading at Rs 236.45.    

Imagicaaworld Entertainment Ltd which owns and operates Imagicaa which is one of India’s leading holiday destinations provides fun activities all in one location with its theme park, water park, and hotel. On June 24, the company announced that Malpani Group (MPG) has acquired a majority stake and control in Imagicaaworld Entertainment Ltd. MPG has acquired a 66.25% stake in the company by way of preferential allotment of equity shares worth Rs 415 crore. Today, the shares of the company touched their fresh 52-week high at Rs 20.20. The shares jumped by 4.99 per cent and the scrip is trading at Rs 20.