M&M gains on earnings hopes of Korea unit

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.