Mahindra shares fall after Aston Martin bid reports

Mon Nov 26, 2012 12:49pm IST

Workers inspect the body of a Mahindra & Mahindra's XUV 500 vehicle on the assembly line at the company's vehicle manufacturing plant in Chakan, outside Pune, September 29, 2011. REUTERS/Vivek Prakash/Files

Workers inspect the body of a Mahindra & Mahindra's XUV 500 vehicle on the assembly line at the company's vehicle manufacturing plant in Chakan, outside Pune, September 29, 2011.

Credit: Reuters/Vivek Prakash/Files

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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.

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