M&M allots NCDs worth Rs 500 cr

The auto major on Monday (8 June) said that it allotted unsecured, redeemable non-convertible debentures (NCDs) worth Rs 500 crore, on a private placement basis.

Mahindra and Mahindra (M&M) has allotted 6.19% 5,000 rated, listed, unsecured, redeemable non-convertible debentures (NCDs) of Rs 10 lakh each for cash at par, aggregating to Rs 500 crore on a private placement basis. The NCDs are proposed to be listed on the wholesale debt market segment of BSE.

Shares of M&M slipped 2.80% to Rs 470.80 on BSE. The scrip jumped 21.82% in a month. On the technical front, the stock's RSI (relative strength index) stood at 68.320. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

The stock was trading between its 50-day moving average (DMA) placed at 371.12 and its 200-day moving average (DMA) placed at 493.87.

On a consolidated basis, M&M's net profit slumped 84.74% to 199.94 crore on a 4.45% decrease in net sales to Rs 25,019.86 crore in Q3 December 2019 over Q3 December 2018.

M&M's segments include automotive, farm equipment, financial services, real estate, hospitality and others. Automotive segment comprises of sale of automobiles, spares, mobility solutions and construction equipment. Its farm equipment segment comprises of sale of tractors, implements and spares.

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