Mahindra shares fall after Aston Martin bid reports
Reuters Market Eye - Shares in Mahindra & Mahindra(MAHM.NS) drop as much as 2.9 percent after reports that the automaker has entered into a takeover deal with an Italian private equity fund for 50 percent of British luxury car maker Aston Martin.
Brokerage Edelweiss says in a note Aston Martin would require significant investments in research and development, and benefits of technology transfer to the Indian tractor and utility vehicle maker's product portfolio was "questionable" given little similarity between portfolios. Edelweiss says it views the bid with caution, but maintains its "buy" rating with a target price of 1,027 rupees on Mahindra stock.
Mahindra & Mahindra shares have gained 7.9 percent this month as on Friday's close. The stock was down 2.78 percent at 927.50 rupees at 12:12 p.m.
- Tweet this
- Share this
- Digg this
- UPDATE 3-Boeing, SpaceX win contracts to build 'space taxis' for NASA
- Apple iPhone 6 pre-orders hit record 4 million on first day
- Pakistani Islamists use floods to turn opinion against India
- Iraqi official briefs Syria's Assad on efforts against Islamic State
- Google launches $105 Android One; eyes low-price smartphone boom
India will decide on ending government control on diesel pricing after elections in two states next month, an oil ministry source said, even though local prices of the fuel are currently higher than the global rates, making a case for a cut in retail prices. Full Article
Climate smart farmers get tech savvy to save India's bread basket. Full Article