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The stock of Maharashtra Scooters Ltd (MSL) has been gaining sharply of late. It has gained 15 per cent over a week to touch Rs 274.

According to market sources, the stock has been witnessing quiet accumulation by select investors expecting a favourable valuation for company’s shares. Maharashtra Scooters – a company jointly promoted by Bajaj Auto (24 per cent stake) an d Western Maharashtra Development Corporation Ltd or WMDC (27 per cent) – has been in talks for stake sale for quite sometime.

Earlier, WMDC had offered to sell its shareholding in MSL and Bajaj Auto has confirmed its willingness to purchase these shares.

However, WMDC declined the Rs 151.56-per share offer made by arbitrator Mr Arvind Sawant in January 2006, and approached the Bombay High Court.

When contacted, the management officials refused to comment on market talk saying that the matter was sub judice. – Jayanta Mallick K.S. Badri Narayanan

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