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    HomeNewsBusinessCompaniesM&M gains on earnings hopes of Korea unit

    M&M gains on earnings hopes of Korea unit

    Shares in Mahindra and Mahindra Ltd gain 3.8 percent, after stocks of its subsidiary Ssangyong Motor Co Ltd hit a 16-month high, dealers say.

    May 20, 2013 / 15:10 IST

    Shares in Ssangyong Motor jumped as much as 13.5 percent on Monday amid expectations the ailing automaker may post a profit this year.

    Ssangyong Motor's factory utilisation and sales were growing faster than expected, and the company was seen returning to profit this year, said Yang Hee-joon, an analyst at Taurus Investment & Securities, in a note on Monday.

    Mahindra and Mahindra will raise its holding in Ssangyong Motor to 72.85 percent in an 80 billion Korean won investment, the South Korean carmaker said in a statement on February 14. The payment is expected to be made on May 22.

    first published: May 20, 2013 02:18 pm

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