M&M revs up
Mahindra & Mahindra gained 1.3% to Rs 828 after the company said on Thursday it is in talks to buy a majority stake in German forging company Schoeneweiss & Co GmbH from its founders.
12,621 shares changed hands in the counter on BSE.In the past three days, the stock had cooled off from a record high. It had declined to Rs 816.75 on 16 November from a record closing high of Rs 841.70 on 13 November 2006.
It had surged in the past one month on the back of robust Q2 results. From Rs 690.40 on 23 October, it had surged to Rs 841.70 on 13 November.
Reports suggest that the German firm Schoeneweiss & Co GmbH in which M&M is eying a majority stake, has an enterprise value of about $75-$85 million. M&M has approached the German Federal Cartel for approval of the deal, which also is subject to fulfilling certain conditions and other regulatory approvals.
In September, M&M said it would buy a controlling stake in Germany's Jeco Holding AG, which has an enterprise value of about $178 million.
M&M last week entered a joint venture with French car maker Renault to set up a plant to make 5,00,000 cars a year in India. Renault's Japanese alliance parter, Nissan Motor Co. may join the project in the next four months.
12,621 shares changed hands in the counter on BSE.In the past three days, the stock had cooled off from a record high. It had declined to Rs 816.75 on 16 November from a record closing high of Rs 841.70 on 13 November 2006.
It had surged in the past one month on the back of robust Q2 results. From Rs 690.40 on 23 October, it had surged to Rs 841.70 on 13 November.
Reports suggest that the German firm Schoeneweiss & Co GmbH in which M&M is eying a majority stake, has an enterprise value of about $75-$85 million. M&M has approached the German Federal Cartel for approval of the deal, which also is subject to fulfilling certain conditions and other regulatory approvals.
In September, M&M said it would buy a controlling stake in Germany's Jeco Holding AG, which has an enterprise value of about $178 million.
M&M last week entered a joint venture with French car maker Renault to set up a plant to make 5,00,000 cars a year in India. Renault's Japanese alliance parter, Nissan Motor Co. may join the project in the next four months.
posted by SY at 4:20 PM
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