M&M slips on plans of aviation extention

Mahindra & Mahindra has ended at Rs 1,152, weaker by Rs 25 or 2.1%, on the BSE.
 
The stock opened at Rs 1,175, touched a high of Rs 1,178 and a low of Rs 1141 during the day.

The counter clocked volumes of 1.18 lakh shares.

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(Updated at 0938 am)

Mahindra & Mahindra has dropped in early trades as they plan to extend their reach in the aviation sector.

The stock opened at Rs 1,175 and touched a high of Rs 1,178. However, it slipped 1.7% to a low of Rs 1,157 and is currently trading at that level. The counter has clocked volumes of 19,000 shares on the BSE.

The company has recently enetered the aviation market and now wishes to replicate the global success of Brazilian aircraft maker Embraer.

The company acquired a stake of more than two-thirds in two Australian aerospace companies last month, to expand its aircraft and aerospace component manufacturing business. M&M is looking at establishing itself as a premier aircraft manufacturer, as well as a supplier of high-precision aircraft components. It has formed a wholly-owned unit named Mahindra Aerospace for the purpose.

M&M executives say they hope to sell about 475 aircraft globally in the next five years.