Volumes jump at Ahmednagar Forgings counter

Ahmednagar Forgings clocked volume of 7.38 lakh shares by 12:54 IST on BSE, a 7.88-times surge over two-week average daily volume of 94,000 shares. The stock fell 0.47% to Rs 106.

Persistent Systems notched up volume of 1.01 lakh shares, a 7.73-fold surge over two-week average daily volume of 13,000 shares. The stock rose 0.46% to Rs 508.

Petronet LNG saw volume of 5.20 lakh shares, a 5.30-fold surge over two-week average daily volume of 98,000 shares. The stock rose 0.38% to Rs 131.05.

HT Media clocked volume of 5.35 lakh shares, a 3.80-fold surge over two-week average daily volume of 1.41 lakh shares. The stock rose 1.07% to Rs 99.50.

Mahindra Forgings saw volume of 11.77 lakh shares, a 3.35-fold rise over two-week average daily volume of 3.52 lakh shares. The stock rose 3.17% to Rs 68.40. The Mahindra Group and CIE Automotive S. A. (Spain) on Saturday, 15 June 2013, announced the signing of a global alliance agreement between Mahindra's automotive component businesses (held under its Systech Sector) and CIE Automotive (involving also its subsidiary Autometal). The agreement will see the formation of a global automotive component supply network with combined annual sales of approximately Rs 15000 crore or $3 billion with operations in North America, South America, Europe and Asia held through listed businesses in Spain, Brazil and India.

As part of the transaction, CIE Automotive, through one of its subsidiaries, will acquire from Mahindra Group a stake in its listed and unlisted companies belonging to Systech Automotive Component business and CIE Automotive will contribute its forging businesses in Spain and Lithuania and together consolidate all companies under Mahindra Forgings (MFL) which will be rechristened Mahindra CIE. Mahindra CIE will continue to be listed on BSE (Bombay Stock Exchange) and NSE (National Stock Exchange).

The share sale by Mahindra group will trigger open-offer provisions under the Securities Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations 2011. The proposed business transaction will be carried out in a series of steps over the next year that will culminate in Mahindra & Mahindra (M&M) taking a stake of 13.5% in CIE Automotive and CIE Automotive taking a majority stake in a single listed entity in India which will continue to operate the current Systech automotive component businesses globally and include CIE's European forgings operations. Post acquisition of 13.5% stake, M&M will be second largest shareholder in CIE. M&M will nominate 2 directors to the CIE board.

The Mahindra Systech business consists of five companies viz. Mahindra Forgings, Mahindra Ugine Steel Company, Mahindra Composites, Mahindra Hinoday Industries and Mahindra Gears.

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