This is further to stock in focus news reported today wherein it was spotlighted the major stock actions for the day.
Mahindra CIE Automotive Limited has approved the acquisition of 100percent of the issued and outstanding share capital of Aurangabad Electricals (AEL) and authorized the signing of a share purchase agreement.
Mahindra CIE Automotive said its board has approved to buy AEL for Rs 875.6-crore, which includes a future deferred payment about Rs62.2-Crore, Mahindra CIE Automotive said in a regulatory filing.
This advancement brought cheers among investors which led to a sharp surge in the price of Mahindra CIE Automotive stocks. The Stock rose over 3 intra-day on the NSE. At 11:40 AM, the stock was up 2.01percent at Rs 243.60 apiece on the NSE.
In comparison, the BSE Sensex up 118points at 37,654 and the Nifty is marginally up 18 points at 11,319.