Mahindra soars on inking pact with Castrol

M&M and Castrol India have inked a new strategic partnership agreement. Following this development, the stocks of M&M surged in Friday’s trading session. 

Castrol India, a leading automotive and industrial lubricant manufacturing company, and M&M the flagship company of the Mahindra Group has signed a pact under which Mahindra will endorse a range of Castrol products that would consist of aftermarket engine oils and transmission fluids for Mahindra tractors under the brand name 'Mileage Ka Master' (MKM). 

Earlier, Mahindra Agri Solutions (MASL), a subsidiary of Mahindra & Mahindra (M&M) incorporated a subsidiary ‘Mahindra Summit Agriscience’ into itself. 

On Friday, the shares of M&M opened at Rs. 739.90 per share on the BSE versus Thursday’s close of Rs. 730.20. At 11:17 hours, the shares of the M&M gained momentum and jumped 4.97 per cent to trade at Rs. 766.50 per share. Its intraday high was Rs 768.70 and intraday low was Rs. 737.95 per share. Its 52-week high was Rs. 992 and its 52-week low was at Rs. 657.70 per share. 

The BSE Sensex was quoting 34,672.89, up by 671.74 points or 1.98 per cent.