M & M’s Thumbs Up As The Government Agrees To Reduce Its Stake In Mahindra Holidays

The announcement was made during trading hours today, September 15, 2011.

Meanwhile, the BSE Sensex was down 54.47 points, or 0.33% at 16,655.13.

On BSE, 78,000 shares were traded in the counter compared to an average daily volume of 1.71 lakh shares during the quarter past.

The action peaked at 802.95 rupees and 793.65 rupees at least so far during the day. The action touched a low of 585.10 rupees 52 weeks of February 28, 2011. The action peaked at 826.40 rupees November 11, 2010.

The stock has outperformed the market over the last month until the September 14, 2011, gaining 7.08% compared to Sensex’s fall of 0.77%. Certificates have also outperformed the market in the last quarter of 18.03% versus 8.73% in the Sensex down.

The Indian car maker of tractors and the gain on the sale has an endowment of Rs 306.99 crore. The nominal value per share is Rs 5.

Shares of Mahindra Holidays & Resorts India (MHRIL) rose 3.32% to Rs 328.75. MHRIL is holding sales of one or more tranches in June 2013, Mahindra & Mahindra (M & M) said in a statement. Currently, M & M holds 83.09% stake in Mahindra Holidays.

M & M said that the current legislation to require listed companies have at least one public participation is 25% within three years from the date of the Securities Contracts (Regulation) (Amendment) Rules, 2010. To meet this need and allows publicly owned MHRIL growth and the free float of M & M Board of Directors has decided to sell up to 8.09% of the capital MHRIL, M & M said in a statement.

M & M net income net income increased 7.6% to 604.88 rupees crore on 30.2% increase in sales to RS 6673.20 crore in the first quarter, in June 2011 the first district in June 2010.

Mahindra & Mahindra makes of commercial vehicles, passenger cars, vans, tractors and motorcycles.


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