Automobiles & Ancillaries Newsletter – June 12 To June 16, 2017

Mahindra & Mahindra on Tuesday said that its board has approved the sale of a part of shareholding in its arm, Mahindra Logistics.

The size of the stake sale, price and other details of the IPO will be determined in the due course by a committee of directors, it added.

The stock was trading at Rs 1,412 per share lower by Rs 5 per share or 0.3% at 0957 hours. The stock on the NSE has delivered 4.5% returns in a period one year and has underperformed the BSE Sensex and BSE Auto indices over the same time span.

Mahindra & Mahindra Limited is engaged in the manufacture of passenger cars, commercial vehicles and tractors. The company's segments include automotive, which is engaged in the sale of automobiles, spare parts and related services.

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