/ M&M Tanks 2.69% On Acquisition Reports And Auto Sales Data ~ Ways2Capital|Stock Tips|Stock Market Tips|Intraday Stock Tips|Stock Trading Tips|NSE BSE Tips

Thursday, 2 February 2017

Mahindra Overseas Investment Company (Mauritius) Limited, a wholly owned subsidiary of M&M, has agreed to acquire upto 60% of the equity share capital of OFD Holding BV, a fruit distribution company based in Netherlands.

In December, M&M had declared that its other wholly-owned subsidiary, Mahindra Agricultural Solutions Ltd., had signed a definitive agreement to acquire 60% stake in OFD Holding.

However, the deal was actually completed by the other overseas arm, Mahindra Overseas Investment Company (Mauritius) Limited. Following the transaction, OFD Holding will become a subsidiary of Mahindra Overseas Investment Co.

The company came out with not so impressive auto sales numbers for January month as well. Today, stock of Mahindra & Mahindra touched low of Rs 1258.65 per share, down by Rs 43.75 per share or 3.35% on the National Stock Exchange.

Mahindra & Mahindra Ltd is currently trading at Rs 1262.05, down by Rs 34.85 or 2.69% from its previous closing of Rs 1296.9 on the BSE.

The scrip opened at Rs 1297.9 and has touched a high and low of Rs 1297.9 and Rs 1259.15 respectively. So far 887404(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 80549.47 crore.

The BSE group 'A' stock of face value Rs 5 has touched a 52 week high of Rs 1508.8 on 09-Aug-2016 and a 52 week low of Rs 1092 on 12-Feb-2016. Last one week high and low of the scrip stood at Rs 1303 and Rs 1229.95 respectively.

The promoters holding in the company stood at 25.33 % while Institutions and Non-Institutions held 54.68 % and 14.6 % respectively. The stock is currently trading above its 200 DMA.

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