Mahindra & Mahindra up on SsangYong takeoever deal

Shares of Mahindra & Mahindra today jumped nearly two per cent in the early trade on BSE amid smart buying in the broader market.

Mahindra & Mahindra scrip opened the day on a firm note and gained up to 1.99 per cent to Rs 657.20 a share on the Bombay Stock Exchange.

Similarly, the counter witnessed a surge of 1.89 per cent at Rs 657.40 a share on the National Stock Exchange.

Auto major Mahindra & Mahindra on Tuesday said it has completed the acquisition of a majority stake in South Korea's SsangYong Motor Company (SMC).

Mahindra, which emerged as the preferred bidder for SsangYong in August 2010, will now hold a 70% stake in SMC, for which it has shelled out $463 million (about Rs 2,105 crore).

At 12:31 pm, the stock was up 2 per cent at Rs 658.55.