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This is an archive article published on May 26, 2010

M038;M ends almost flat on Reva buy

Shares of Mahindra amp; Mahindra Mamp;M settled at Rs 519.45,a gain of just 0.64 per cent.

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Paring early the rally on Wednesday following its announcement to acquire a majority stake in electric carmaker Reva,the Mahindra amp; Mahindra counter settled up a paltry 0.64 per cent.

Shares of Mahindra amp; Mahindra Mamp;M settled at Rs 519.45,a gain of just 0.64 per cent on the Bombay Stock Exchange. During the trade,the stock soared 4.33 per cent to touch an intra-day high of Rs 538.55 on a day when the 30-share Sensex ended with 2.3 per cent gains.

The country8217;s largest SUV and tractor maker Mamp;M entered into an agreement to acquire 55.2 per cent equity stake in the Bangalore-based electric carmaker Reva by a combination of equity purchase from the promoters and infusion of fresh equity of over Rs 45 crore into Reva.

On the National Stock Exchange,the scrip settled at Rs 518,up 0.40 per cent. During the trading session,the stock climbed 4 per cent to touch a intra-day high of Rs 536.70.

After the buyout,the board of Mahindra Reva will be re-constituted under the chairmanship of its automotive amp; farm equipment sector president Pawan Goenka.

 

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