M&M gains despite Goldman Sachs offloading stake in company

Mahindra & Mahindra (M&M) is currently trading at Rs. 1093.45, up by 3.75 points or 0.34% from its previous closing of Rs. 1089.70 on the BSE. The scrip opened at Rs. 1089.00 and has touched a high and low of Rs. 1105.00 and Rs. 1080.00 respectively. So far 13015 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1175.00 on 13-May-2014 and a 52 week low of Rs. 741.50 on 28-Aug-2013. Last one week high and low of the scrip stood at Rs. 1175.00 and Rs. 1056.90 respectively. The current market cap of the company is Rs. 67323.20 crore. The promoters holding in the company stood at 25.29%, while Institutions and Non-Institutions held 52.80% and 16.92% respectively. Investment banking giant Goldman Sachs has sold seven million shares of tractor and utility vehicle maker Mahindra & Mahindra (M&M) for a little over Rs 753 crore through a block deal on the National Stock Exchange (NSE). Golboot Holdings, the Cyprus-based entity controlled by Goldman, sold the shares, representing 1.14 per cent of M&M’s equity, at Rs 1,076.21 a share; the bank held 3.05 per cent stake in the Mumbai-based company as on March 31 last year. Life Insurance Corporation is the largest institutional shareholder in M&M with 11.38 per cent. Institutional shareholders hold 26 per cent in the vehicle maker, higher than the promoter group’s stake of 25.3 per cent