Swaraj Mazda jumped 15.02% to Rs 299 at 13:19 IST on BSE on reports Mahindra & Mahindra is likely to sell its 14.04% stake in the Punjab-based light commercial vehicle manufacturer
The scrip had touched a high of Rs 300 and a low of Rs 235 so far during the day. The stock had hit a 52-week high of Rs 395 on 15 January 2008 and a 52-week low of Rs 200 on 2 September 2008.
India's fifth largest commercial vehicle manufacturer by sales has an equity capital of Rs 10.50 crore. Face value per share is Rs 10.
At the current price of Rs 299, the scrip trades at a PE multiple of 12.86, based on Q1 June 2008 annualised EPS of Rs 23.24.
As per reports, Mahindra & Mahindra's plans to sell its 14.04% stake in Swaraj Mazda post its recent plan to merge Punjab Tractors (PTL) with itself.
Swaraj Mazda (SML) is a joint venture between Japan's Sumitomo Corporation and Mahindra & Mahindra-controlled Punjab Tractors. The Sumitomo Corporation is the largest shareholder in SML with 39.49% stake, while Mahindra & Mahindra holds holds 14.04% in the company, through Punjab Tractors (as at end June 2008).
Net profit of Swaraj Mazda rose 1.70% to Rs 6.10 crore on 6.30% rise in net sales to Rs 162.70 crore in Q1 June 2008 over Q1 June 2007.
Swaraj Mazda makes light commercial vehicles (LCVs).
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