Mahindra Ugine hits the roof

Mahindra Ugine is locked on the 10% upper circuit at Rs.71.70, a new 52-week high, with around 4.4 lakh pending sell orders remaining on the counter.

The stock hit the roof on the back of its merger with Mahindra Forgings on a swap ratio of 284 shares of Mahindra Forgings for 100 shares of Mahindra Ugine.  Our Editor, Mr. SP Tulsian has stated in the Market Whispers column that the share eventually can move past 150 in this month and those holding it are advised to remain invested as new shares will not be available due to the stock being in the upper circuit.