M&M recovers on bargain hunting

Mahindra & Mahindra rose 1.6% to Rs 1178 at 14:47 IST on BSE, with the stock recovering on bargain hunting after recent slide.

Meanwhile, the S&P BSE Sensex was down 3.61 points or 0.01% at 25,242.64.

On BSE, so far 35,000 shares were traded in the counter as against average daily volume of 86,538 shares in the past one quarter.

The stock hit a high of Rs 1,185 and a low of Rs 1,160 so far during the day. The stock hit a record high of Rs 1,268.75 on 2 June 2014. The stock hit a 52-week low of Rs 741.50 on 28 August 2013.

The stock had underperformed the market over the past one month till 18 June 2014, surging 4.39% compared with the Sensex's 4.66% rise. The scrip had also underperformed the market in past one quarter, jumping 14.76% as against Sensex's 15.64% rise.

The large-cap company has equity capital of Rs 307.94 crore. Face value per share is Rs 5.

Shares of Mahindra & Mahindra (M&M) had declined 5.7% in three trading sessions to settle at Rs 1,159.40 on Wednesday, 18 June 2014, from a recent high of Rs 1,229.50 on 13 June 2014.

M&M's net profit rose 0.9% to Rs 896.88 crore on 4.7% growth in net sales to Rs 10837.89 crore in Q4 March 2014 over Q4 March 2013.

The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two wheeler industries.

Powered by Capital Market - Live News