Shares of Mahindra and Mahindra ended among the top gainers on the Nifty 50 on Monday. Auto stocks were buzzing in trade after the GST council clarified on the definition of SUV and MUV on Saturday, leading to more clarity on the cess added to these vehicles.
Sources within the dealing rooms tell CNBC-TV18 that foreign investors were buyers in the utility vehicles and tractor manufacturer on Monday, that took the stock higher.
Mahindra and Mahindra's stock has gained in four out of the last five trading sessions and has risen 55 percent this year, ranking among the top performers on the Nifty 50 index.
A Rebound After A Drop
Dealers say that the market ended higher but on lower volumes due to the lack of FII participation. Financials continue to be well bid while technology names continue to remain under pressure. Here's what Ajay Srivastava of Dimensions Corporate Finance Services had to say about these technology names.
What dealers also said that the quality of the midcap rally needs to be monitored with the focus moving to extremely small or microcaps.
Besides M&M, here are some other stocks that have been part of the dealing room chatter today:
Shares have now gained in four out of the last five trading sessions. Today was the last day to tender shares in the company's delisting offer. The floor price to buy the shares was revised higher to Rs 263.80 earlier this month,
in accordance with the delisting regulations in place. AI Global Investments (Cyprus) PCC, the sole promoter of DFM Foods, holds 37.05 million equity shares, which make up 73.70 percent of the paid-up equity share capital of the company.
Sterling & Wilson Renewables: Shares ended lower for the third day in a row on Monday. Dealing rooms indicate that there may be an offer for sale launched by the promoters to comply with the minimum public shareholding norms. Based on the September quarter shareholding pattern, promoters held 76.69 percent stake in the company, of which, Reliance New Energy Ltd. held a 40 percent stake.