NEW DELHI: Shares of Mahindra Lifespace jumped nearly 4 per cent in Friday’s trade after Deep Mangal Developers, one of wholly-owned subsidiaries of company, signed a non-binding agreement with Maharashtra government for development of a tourist destination in Murud in district Raigad. Reversing its two-day fall, 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, company said, will be developed under aegis of Maharashtra government’s tourism policy and wll help drive investments and create opportunities for employment and skill development, company said in a BSE filing.