M&M gains after announcing incorporation of a subsidiary company in UAE

Mahindra & Mahindra rose 0.59% to Rs 1,430.50 at 09:48 IST on BSE after the company announced incorporation of a subsidiary company in UAE viz. Bristlecone Middle East DMCC.

The announcement was made after market hours yesterday, 29 August 2016.

Meanwhile, the S&P BSE Sensex was up 185.31 points or 0.66% at 28,087.97

On BSE, so far 5,540 shares were traded in the counter as against average daily volume of 90,979 shares in the past one quarter. The stock hit high of Rs 1,433.25 and low of Rs 1,425.50 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had underperformed the market over the past 30 days till 29 August 2016, falling 3.05% compared with 0.53% fall in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 7.35% as against Sensex's 4.63% rise.

The large-cap company has an equity capital of Rs 310.55 crore. Face value per share is Rs 5.

Bristlecone Middle East DMCC was incorporated as a 100% subsidiary of Bristlecone, which in turn is a subsidiary of Mahindra & Mahindra (M&M). Bristlecone Middle East DMCC was incorporated to promote business consulting, software implementation and related support services. The authorised capital of Bristlecone Middle East DMCC is 50,000 UAE Dirham.

M&M's net profit rose 12.37% to Rs 955.21 crore on 13.56% growth in total income to Rs 11348.62 crore in Q1 June 2016 over Q1 June 2015.

M&M enjoys a leadership position in tractors and utility vehicles in India.

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