Share Market Live

NSE

Mahindra CIE Automotive is the listed subsidiary of CIE Automotive S.A., Spain. Mahindra & Mahindra, the India partner, holds 9.25 percent stake in the company.

Recent news reports have suggested that the company is looking to hive off its German truck forging business and is actively scouting a buyer for the same. Plans to change the name of the company to CIE Automotive India Ltd. is also in the works.

India is a major focus for operations according to the parent company.

Analysts believe that the German truck forging business had single-digit margin and was seen as a drag on the overall business. The division had been scaled down recently as well.

They further said that it remains to be seen if Mahindra will offload its stake in the company, and if so, when?

On the technical front, the stock is trading above all three 50, 100, and 200-day moving averages and had gained 16 percent in the last three trading sessions until Monday.

The stock has gained 42 percent during this year so far.