India's SML Mahindra surges 20% after Mahindra & Mahindra sells truck, bus business to firm

Mahindra And Mahindra

29/07/2026 09:59

** Shares of SML Mahindra SMLM.NS hit the exchange-allowed maximum with a 20% surge to 4,566 rupees
** Rises most since February 2024
** Parent Mahindra & Mahindra MAHM.NS says it would transfer its truck and bus business to co for 5.25 bln rupees ($54.92 million)
** Sale to consolidate Mahindra Group's commercial vehicle operations under single entity
** More than 351,000 shares traded by 2:20 pm, 4.7x 30-day avg
** MAHM trading 1.5% lower
** YTD, SMLM up nearly 15% vs MAHM's about 13% fall 
     
($1 = 95.5875 Indian rupees)

(Reporting by Abhirami G in Bengaluru)
((abhirami.g@thomsonreuters.com))