M&M scrip up 3 pc on Ssangyong deal in early trade

MUMBAI: Shares of Mahindra & Mahindra today zoomed over three per cent at the Bombay Stock Exchange in the early trade, after the company announced it has signed a definitive agreement with Ssangyong Motor Company ( SYMC) to acquire 70 per cent stake in the South-Korean auto maker.

In a dull broader market, shares of Mahindra & Mahindra (M&M) soared 3.48 per cent to touch an early high of Rs 779.40 on the BSE. The counter was also the most sought after for investors and was the top performer in the Sensex pack.

According to the deal, Mahindra will acquire 70 per cent stake in Ssangyong at a total cost of USD 463 million (about Rs 2,105 crore).

Similarly, the stock went up 1.28 per cent to trade at Rs 776.35 on the National Stock Exchange.

On the volume front, over 10 lakh shares of the auto major have been traded on the two bourses within the first few hours of trade today.

Meanwhile, the BSE Sensex was quoting at 19,757.93, down 199.66 points.