Maha Scooters soars on buyout premium talk

DALAL STREET SPIKES

Maharashtra Scooters scrip was in limelight in anticipation that Bajaj Auto will pay a substantial premium to buy out Western Maharashtra Development Corporation's 27 per cent stake in the company.

The stock as a result was up 9.22 per cent to close at Rs 225.35. More than 2.55 lakh shares changed hands at the counter on BSE alone. Market sources said there were rumours that Bajaj Auto will pay a substantial premium which resulted in renewed buying at the counter.

The stock has witnessed a sharp jump in past few trading sessions. From a low of Rs 167 on March 3, the stock has now appreciated 34.7 per cent to Thursday's close of Rs 225.35. Bajaj Auto has a 24 per cent stake in Maharashtra Scooters.