India's Mahindra CIE leaps 9% to record high after equity changes hands

CIE Automotive India

24/05/2023 06:36

** Shares of Mahindra CIE Automotive Ltd  MAHN.NS  jump as
much as 9.01% to a fresh record-high of 493.65 rupees
    ** About 12.24 mln shares, or around 3.24% equity, change
hands in a block, as of 10:43 a.m. IST, at 463.05 rupees per
share
    ** On Tuesday, media reports said that parent Mahindra &
Mahindra Ltd  MAHM.NS  planned to sell 3.2% stake in MAHN
    ** Stock most active in five years, with trading volume of
16.96 mln shares as of 10:52 a.m. IST, 12x the 30-day avg
-Refinitiv data
    ** All six analysts tracking MAHN maintain "buy"; median TP
is 490 rupees
    ** Relative strength index is 78, suggesting the stock may
be overbought


     ($1 = 81.7800 Indian rupees)
    
    

 (Reporting by Bharath Rajeswaran in Bengaluru)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))