SML Mahindra Ltd. shares surged 20% on Wednesday after its board approved the acquisition of the Mahindra Truck & Bus Division, creating a unified truck and bus business under a single entity.
The stock hit the 20% upper circuit at Rs 4,566, after opening at Rs 3,805.
The transaction is aimed at consolidating Mahindra's commercial vehicle operations, bringing its truck and bus businesses under SML Mahindra.
The integration is expected to streamline operations and strengthen Mahindra's presence in the truck and bus segment, making SML the primary listed vehicle for its commercial vehicle ambitions.
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