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Mahindra gaining focus on Auto front

May 26, 2010

Mahindra & Mahindra rose over 2.5 percent after the vehicles and tractor maker said on Wednesday it would buy a 55.2 percent stake in Reva Electric Car Company.

Shares in the utility vehicle maker, worth nearly $7.1 billion, pares most of the gaines and ended 0.6 percent higher at 519.45 rupees with volumes of 0.3 million shares.

M&M, which is trying to increase its global footprint, said it would launch its compact diesel pick-up truck in the United States by the end of the year.

The counter has given a negative return of over 2 percent so far this year.

Do you think M&M’s move to explore new opportunities and diversify business will give the stock much-needed strength?

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