M&M gains after setting record date for bonus issue

Mahindra & Mahindra rose 2.22% to Rs 1,424.30 at 09:31 IST on BSE after the company fixed 23 December 2017 as the record date issue of bonus shares.

The announcement was made on Saturday, 11 November 2017.

Meanwhile, the S&P BSE Sensex was down 28.49 points or 0.09% at 33,286.07.

On the BSE, 41,000 shares were traded on the counter so far as against the average daily volumes of 76,662 shares in the past one quarter. The stock had hit a high of Rs 1,426.75 and a low of Rs 1,404.15 so far during the day. The stock had hit a 52-week high of Rs 1,459.50 on 12 June 2017 and a 52-week low of Rs 1,141.80 on 2 December 2016.

The large-cap company has equity capital of Rs 310.80 crore. Face value per share is Rs 5.

It may be recalled that board of directors of Mahindra & Mahindra (M&M) at its meeting held on 10 November 2017 had recommended issue of bonus shares in the proportion of 1:1, i.e. one bonus share for every one share held as on record date.

Shares of M&M had gained 2.34% to settle at Rs 1,393.40 on Friday, 10 November 2017 after the company declared good Q2 result during market hours on that day. M&M's net profit rose 24.79% to Rs 1331.57 crore on 11.86% rise in total income to Rs 12744.05 crore in Q2 September 2017 over Q2 September 2016.

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

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