Mahindra & Mahindra stock price up by 1.3% today

15 May 2024 , 02:23 PM

On May 15, shares of Mahindra and Mahindra Ltd (M&M) surged by 1.5%, reaching an all-time high of ₹2,306 per share, just ahead of the company’s scheduled announcement of its January-March quarter (Q4FY24) results.

Previously, M&M’s wholly-owned subsidiary, Mahindra Holdings, entered into a share purchase agreement to divest its entire stake in New Delhi Centre for Sight (NDCFS).

The proposed transaction involves Mahindra Holdings selling 30.8% of the paid-up capital of NDCFS to Space Investments, Defati Investments Holding BV, and Infinity Partners, amounting to ₹425.4 Crore on a fully diluted basis.

NDCFS is considered an associate company of Mahindra Holdings under the Companies Act and functions as a joint venture between Mahindra Holdings and M&M.

Additionally, M&M signed a memorandum of understanding (MoU) with the Ministry of Skill Development and Entrepreneurship (MSDE) to conduct two pilot projects under the ‘Drone Didi Yojana.’

The Drone Didi Yojana initiative aims to train 15,000 women in operating drones for various agricultural purposes, such as fertilizing crops, monitoring crop growth, and planting seeds.

Mahindra Group will provide initial setup support for the pilot projects, including simulation machinery or drones, simulator controllers, desktop computers, trainers, and cover the operating costs for the project duration.

Year-to-date, M&M’s stock has surged by over 32%, outperforming the benchmark Nifty 50 index, which rose by 2% during the same period.

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