M&M's shares surged to fresh highs. Know why
Advertisement
Advertisement
Shares of Mahindra & Mahindra Ltd., a leading commercial vehicles maker, surged to fresh highs after its quarterly profit beat market's expectation even as sales suffered due to a slowdown in rural demand.M&M said its first quarter Net Profit fell 7.3 percent to 831 crore rupees compared with the street's estimate of 731 crore rupees. This number versus the year-ago PAT of 896 crore rupees. Sales during April-June fell 4 percent to 9,437 crore rupees from 9,818 crore rupees in the year ago period. Revenue was ahead of forecasts as well.
The company said it saw tractor sales drag owing to the stress in the rural economy but sales of medium heavy commercial vehicles had picked up as the economy showed signs of gaining traction.
M&M gained 33.75 rupees, or 2.4 percent, to 1,431 rupees on the National Stock Exchange, where 17.8 lakh shares were traded by 1:55 pm compared with the 5-day average of 7 lakh shares.
M&M's market capitalisation has jumped 14 percent in the past one year to 88,410 crore rupees.
Advertisement
Image credit: Indiatimes
Advertisement
- A centenarian who starts her day with gentle exercise and loves walks shares 5 longevity tips, including staying single
- A couple accidentally shipped their cat in an Amazon return package. It arrived safely 6 days later, hundreds of miles away.
- FSSAI in process of collecting pan-India samples of Nestle's Cerelac baby cereals: CEO
- India's e-commerce market set to skyrocket as the country's digital economy surges to USD 1 Trillion by 2030
- Top 5 places to visit near Rishikesh
- Indian economy remains in bright spot: Ministry of Finance
- A surprise visit: Tesla CEO Elon Musk heads to China after deferring India visit
- Unemployment among Indian youth is high, but it is transient: RBI MPC member