India's Mahindra CIE at 15-yr high in rally post solar power deal

CIE Automotive India

16/12/2022 09:30

** Mahindra CIE Automotive shares  MAHN.NS  rise as much as
6.1% to 334 rupees, highest since Jan 2008
    ** Stock last up nearly 4%, adding to a 9.7% surge on
Thursday in much heavier-than-usual volumes
    ** Rally spurred by late Wednesday announcement of Mahindra
CIE taking a 27.35% stake in Strongsun Solar, which is setting
up two captive plants to supply solar power to Mahindra CIE
 urn:newsml:reuters.com:*:nFWN3321B6
    ** ~3.4 mln MAHN shares traded on the day, and 4.5 mln on
Thurs; daily vol not topped 1 mln since Oct. 20
    ** Stock now well above its 50-, 100- and 200-day simple
moving avgs
    ** Analysts avg rating on the stock is "buy," median PT is
378 rupees - Refinitiv data
    ** Incl session's gain, stock up ~40% YTD
 (Reporting by Anisha Ajith in Bengaluru)
 ((anisha.ajith@thomsonreuters.com))