Mahindra & Mahindra trades higher on incorporating wholly owned subsidiary
Mahindra & Mahindra is currently trading at Rs. 1291.35, up by 10.60 points or 0.83% from its previous closing of Rs. 1280.75 on the BSE.
The scrip opened at Rs. 1280.85 and has touched a high and low of Rs. 1294.75 and Rs. 1280.00 respectively. So far 10755 shares were traded on the counter.
The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1365.90 on 09-Sep-2022 and a 52 week low of Rs. 671.00 on 08-Mar-2022.
Last one week high and low of the scrip stood at Rs. 1295.00 and Rs. 1224.65 respectively. The current market cap of the company is Rs. 160663.99 crore.
The promoters holding in the company stood at 19.38%, while Institutions and Non-Institutions held 66.84% and 13.73% respectively.
Mahindra & Mahindra (M&M) has incorporated wholly owned subsidiary company namely ‘Mahindra Electric Automobile’ (MEAL) on October 25, 2022. The company has incorporated MEAL to carry on, directly or indirectly, the business of designing, developing, manufacturing, fabricating, assembling, selling, buying, re-selling, importing, servicing, exporting, supplying, trading, altering, marketing, acting as stockists, dealers, distributors, let on hire, buy or sell on hire-purchase or instalment system of, and all kinds of services related thereto or otherwise dealing in any manner with 4-wheel passenger electric vehicles (incl. parts) of all kinds and description.
M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.