M&M up on investment plans

Mahindra & Mahindra is trading higher by 1% at Rs 855 in an otherwise weak market on reports that the company plans to invest Rs 1,500 crore to develop a new vehicle platform with its Korean subsidiary Ssangyong Motor.

"We expect to see three products jointly developed with Ssangyong. There, we are investing close to Korean Won 300 billion which is almost Rs 1,500 crore," Pawan Goenka M&M President, Automotive and Farm Sector told reporters at the launch of Quanto, a mini SUV.

M&M holds 70% stake in SMC, for which it had shelled out $463 million (about Rs 2,105 crore) in 2010.

The stock opened at Rs 846 and touched the high of Rs 859 in trades so far. As many as 34,000 shares have changed hands compared to 1,58,000 shares which were traded daily in the past two weeks.