Swaraj Mazda up on Sumitomo plan to raise stake in co

Newswire

MUMBAI, Dec 31 (Reuters) - Swaraj Mazda rose as much as 8.8 percent after Sumitomo Corp agreed to raise its stake in the Indian truck maker to 53.52 percent by buying out the equity share held by Punjab Tractors . The shares opened up 5.4 percent and at 10:01 a.m. were trading 6.7 percent higher at 219.75 rupees on the BSE. The Japanese firm will buy 14.04 percent stake held by Punjab Tractors, a unit of India's top utility vehicle and tractor maker Mahindra & Mahindra , for 272 ...

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