Meanwhile, the BSE Sensex was up 163.92 points or 0.85% at 19,419.01.
On BSE, 20,000 shares were traded in the counter as against average daily volume of 1.27 lakh shares in the past one quarter.
The stock hit a high of Rs 950 and a low of Rs 936 so far during the day. The stock hit a record high of Rs 973.35 on 19 December 2012. The stock had hit a 52-week low of Rs 621.75 on 18 May 2012.
The stock had underperformed the market over the past one month till 24 December 2012, declining 1.83% compared with the Sensex's 4.04% rise. The scrip had, however, outperformed the market in past one quarter, surging 11.81% as against Sensex's 3.12% gain.
The large-cap company has equity capital of Rs 306.99 crore. Face value per share is Rs 5.
Shares of Mahindra & Mahindra (M&M) had fallen 3.23% in three trading sessions to settle at Rs 936.65 on Monday, 24 December 2012, from a recent high of Rs 967.95 on 19 December 2012.
M&M last week said that it intends to purchase Navistar Group's stake in Mahindra Navistar Automotives (MNAL) and Mahindra Navistar Engines (MNEPL) for a total consideration of about Rs 175 crore. Following the purchase of Navistar Group's stake in MNAL and MNEPL, both MNAL and MNEPL would become wholly-owned subsidiaries of M&M. M&M would take complete ownership of operations and continue to sell MNEPL and MNAL products. The sale requires regulatory approval in India, is subject to the conclusion of definitive agreements, and is expected to be completed by early 2013, M&M said in a statement.
The agreement allows Navistar to continue sourcing components from India while Mahindra would continue to provide engineering services to Navistar. Navistar Group would continue to support M&M through a license agreement and extend necessary support to MNAL and MNEPL for the purpose of business continuity, M&M said in a statement.
Navistar and M&M had entered into the MNAL joint venture (JV) in late 2005 to manufacture trucks and buses in India, source components and provide engineering services for the design and development of Navistar vehicle products. The MNEPL JV was formed in 2007 and began producing engines in 2010.
Navistar International Corporation is a holding company whose subsidiaries and affiliates produce International brand commercial and military trucks, MaxxForce brand diesel engines, IC Bus brand school and commercial buses, and Navistar RV brands of recreational vehicles. The company also provides truck and diesel engine service parts.
The combined net profit of M&M and its 100% subsidiary -- Mahindra Vehicle Manufacturers (MVML) -- jumped 28.4% to Rs 978.10 crore on 31% growth in gross revenue plus other income to Rs 10786.70 crore in Q2 September 2012 over Q2 September 2011. MVML, located at Chakan near Pune in Maharashtra, has been set up as a 100% subsidiary of M&M with a view to source contemporary products for expanding the market offering of M&M.
The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.
Powered by Capital Market - Live News