Swaraj Mazda: Surges on stake-sale buzz

DALAL STREET SPIKES

Light commercial vehicle maker Swaraj Mazda (SML) shot up by 13.85 per cent to Rs 295.95 a share on reports that Mahindra & Mahindra (M&M) is likely to sell its 14.04 per cent stake in the Punjab-based light commercial vehicle manufacturer.

The company is a joint venture between Japan’s Sumitomo Corporation and M&M-controlled Punjab Tractors. Sumitomo Corporation is the largest shareholder in SML with 39.49 per cent stake, while M&M holds 14.04 per cent in the company. The stock touched a high of Rs 304 in intraday trading.