M&M slips in volatile trade after incorporation of MachinePulse Tech

Mahindra & Mahindra fell 0.4% to Rs 1,243.05 at 09:51 IST after the company announced incorporation of MachinePulse Tech in India as its wholly owned subsidiary.

Meanwhile, the S&P BSE Sensex was down 46.99 points or 0.18% at 25,533.35

On BSE, so far 12,758 shares were traded in the counter as against average daily volume of 77,212 shares in the past one quarter. The stock was volatile. The stock rose as much as 0.47% at the day's high of Rs 1,254 so far during the day. The stock fell as much as 0.56% at the day's low of Rs 1,241 so far during the day. The stock had hit a record high of Rs 1,441.45 on 7 August 2015. The stock had hit a 52-week low of Rs 1,095 on 7 September 2015.

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

Mahindra & Mahindra (M&M) before market hours today, 6 January 2016, announced that Mahindra Susten, a step down subsidiary of Mahindra Holdings which is in turn a subsidiary of M&M, has incorporated a company MachinePulse Tech in India on 5 January 2016 as its wholly owned subsidiary. MachinePulse Tech has been incorporated to carry on the businesses of software and data analytics and to undertake other IT enabled services.

M&M's net profit declined 2.4% to Rs 923.56 crore on 1.8% decline in net sales to Rs 9121.79 crore in Q2 September 2015 over Q2 September 2014.

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

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