Shares of automotive components supplier Mahindra CIE Automotive Ltd. rallied more than 8 percent to hit a 52-week high on Wednesday after 1.2 crore shares or 3.2 percent of the overall equity exchanged hands in a large trade.
Mahindra and Mahindra aimed at selling 1.21 crore shares of Mahindra CIE Automotive in a price range of Rs 430 to Rs 452.85 per share, which would garner around Rs 546 crore at the upper limit.
Mahindra CIE Automotive is a subsidiary of Spain-based CIE Automotive group, which is specialised in supplying components and subassemblies for the automotive market and has a presence across the globe.
The automotive components maker reported revenue of Rs 1,142.37 crore for the March quarter as against Rs 992.49 crore in the year ago period. Its profit after tax rose to Rs 207.57 crore in the March quarter from Rs 168.69 crore in the year-ago period.
