M& M gains as arm incorporates new subsidiaries in green-energy push

Shares of Mahindra & Mahindra rose marginally in early trade on June 15 after the company’s arm incorporated two companies, Gelos Solren and Furies Solren, in the renewable energy segment.

The incorporation with Mahindra Holdings, a wholly-owned subsidiary of M&M, has been done to enhance the company’s presence in the renewable energy segment. Furies Solren will be involved in the production and sale of power and generating electricity and distribution of energy for various segments.

Gelos Solren and Furies Solren are wholly owned subsidiaries of Mahindra Susten, a subsidiary of Mahindra Holdings.

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The authorised and paid-up share capital of Furies are both worth Rs 20 lakhs comprising 2,00,000 equity shares of Rs 10 apiece.

At 9.56 am, M&M was trading at Rs 1,382 on the National Stock Exchange, up 0.24 percent from the previous close. The stock has gained over 17 percent in three months and has a market capitalisation of Rs 171,805 crore.

Mahindra & Mahindra had been in action in recent weeks, buoyed by the improving prospects of automakers. The stock is among the best picks of analysts.

Global research and broking firm CLSA believes M&M‘s core business is on track to deliver a strong performance. It also expects M&M to maintain an SUV volume market share above 20 percent.

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