Scooters India rose 5% today to Rs.49.95, breaching the upper circuit. Volumes are also robust at almost 3 times.
The stock price has soared today on its announcement that at its Board meeting yesterday, they approved hiving off of its non-core land. This is 89.69 acres of land.
The government owns 95.38% stake in Scooters India and this is one of the 18 companies identified for strategic sale and the main interest in the company is on account of its 150 acres of land that it owns.
Mahindra & Mahindra was interested in buying the government's stake but was stalled due to opposition from other ministries.