Mahindra & Mahindra share price: Following the sale, M&M said its shareholding in CIE has become nil. Mahindra & Mahindra share price: Following the sale, M&M said its shareholding in CIE has become nil. Mahindra & Mahindra share price: Following the sale, M&M said its shareholding in CIE has become nil. Mahindra & Mahindra Ltd on Wednesday sold its entire stake -- 3.20 per cent -- in Spain's CIE Automotive subsidiary, the Indian automaker said in an exchange filing. "We would like to inform you that the company has today sold its entire stake comprising of 1,21,22,068 Equity Shares representing 3.195 per cent of the paid-up share capital of CIE. The sale has been executed on the stock exchanges, at a gross price of Rs 447.6501 per share. Following the sale, the company's shareholding in CIE has become nil," M&M stated.
Before this, M&M, which was once the second biggest stakeholder in CIE, had sharply reduced its stake in the company to 3.20 per cent in March this year from 9.25 per cent earlier, BSE data showed.
A total of 19,000 shares changed hands today on BSE, which was lower than the two-week average volume of 92,000 shares. Turnover on the counter stood at Rs 2.40 crore, commanding a market capilatisation (m-cap) of Rs 1,58,207.96 crore. There were 59,490 buy orders today against sell orders of 58,835 shares.
M&M was last seen trading higher than the 5-day, 20-, 50-, 100- and 200-day moving averages. The counter's 14-day relative strength index (RSI) came at 61.75. A level below 30 is defined as oversold while a value above 70 is considered overbought. The company's stock has a price-to-equity (P/E) ratio of 24.88. It has a price-to-book (P/B) value of 3.83.
The stock has an average target price of Rs 1,528, Trendlyne data showed, suggesting a potential upside of 20 per cent. The scrip has a one-year beta of 1.05, indicating average volatility.
CIE is a multi-locational and multi-technology automotive components company with manufacturing facilities and engineering capabilities of its own. The company's lines of business include crankshafts, forged steel parts for industrial vehicles, aluminum castings, sheet metal stampings, castings, magnetic products, composites and gears.
CIE had a revenue of Rs 4,397.80 crore for the year ended December 31, 2022, on a standalone basis. It had a net worth of Rs 3,241.20 crore in the same period last year.
Shares of M&M were last seen trading 0.59 per cent higher today. And, Mahindra CIE Automotive was up 4.72 per cent.