M&M erases gains; ends down over 1%

The stock surged further to a high of Rs 884 but slipped 4% from there to touch a low of Rs 847. It finally ended with a loss of 1.3% at Rs 850. Around 196,185 shares changed hands at the counter today.

Meanwhile, Swaraj Engines soared to the upper circuit of Rs 341 - up 10% and ended at that level. Around 48,955 shares were traded with 1,341 buy orders pending at the counter on the BSE.

Swaraj Mazda erased losses and gained 5% to touch a high of Rs 219. The stock finally ended with a gain of 2% at Rs 213. The counter clocked a volume of 317 shares.
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(Updated at 1026 hrs)

Mahindra & Mahindra has added in early trades this morning on hopes of acquiring Kirloskar's stake in Swaraj Industries.

The stock opened flat at Rs 860 and slipped into teh red to a low of Rs 856. Thereafter, the stock gained 3% to a high of Rs 881. The stock is now up 2% at Rs 880. Around 26,233 shares have been traded on the BSE so far.

The company is planning to consolidate its stake in Swaraj Industries with a view to expand its diesel engine business. Mahindra & Mahindra acquired a stake in both Swaraj Engines and Swaraj Mazda through its acquisition of Punjab Tractors thwo years ago.

On the other hand, Swaraj Engines has soared 8% to Rs 334 on the news. The counter has clocked volumes of 5,807 shares on the BSE. Swaraj Mazda is down marginally at Rs 209. Only 155 shares have been traded on BSE so far.