M&M advances 2% despite fall in FY09 net

The stock finally ended with a gain of 2% at Rs 639. A total of 265,880 shares changed hands at the counter on the BSE.
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(Updated at 1422 hrs)

Mahindra & Mahindra has soared over 6% despite 10% decline in FY09 net profit.

The stock opened at Rs 630 and then slipped to a low of Rs 625 in the morning session. The stock zoomed to a high of Rs 663.70 and is now trading at Rs 659, up 5.4%. Around 182,306 shares have been traded on the BSE so far.

According to a release issued by the company to the BSE, the group posted a 10% decline in the net profit after minority interest of Rs 1,405.41 crore for the year ended March 31, 2009, as compared to Rs 1,571.12 crore for the year ended March 31, 2008.

Total income increased 10% to Rs 26,919.81 crore as against Rs 24,445.29 crore, in the previous year.

The company posted 89% surge in the standalone net profit of Rs 418 crore for the fourth quarter ended March 31, 2009 as compared to Rs 221.10 crore for the quarter ended March 31, 2008.

Total income soared 17% to Rs Rs 3,715.88 crore as against Rs 3,175.45 in the previous quarter.