MM hits record high on talks to buyout Navistar

Country's largest utility vehicle maker Mahindra and Mahindra (M&M) has touched an all-time high of Rs 973.35 on Tuesday as media reports suggest that the company is in advanced negotiations to buyout its American partner Navistar's stake in the 51:49 commercial vehicle joint venture Mahindra Navistar Automotives.

The Times of India reported that Navistar has been facing financial troubles back home in the US and is "not able to remain invested in a JV that's currently losing money," said a top auto industry source. "As a result they have now decided to opt out," the reports said. M&M and Navistar invested a total of Rs 900 crore in equity in the JV so far.

At 10:36 hours IST, the stock climbed 1.53 percent to Rs 971.75 on the Bombay Stock Exchange.

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