Mahindra CIE spurts after robust Q3 results

Mahindra CIE Automotive rose 7.22% to Rs 226.55 at 9:55 IST on BSE after net profit surged 777.3% to Rs 13.16 crore on 325.8% growth in total income to Rs 387.91 crore in Q3 December 2014 over Q3 December 2013.

The result was announced after market hours yesterday, 12 February 2015.

Meanwhile, the BSE Sensex was up 23.02 points, or 0.08%, to 28,556.99.

On BSE, so far 50,000 shares were traded in the counter, compared with an average volume of 3.55 lakh shares in the past one quarter.

The stock hit a high of Rs 231 and a low of Rs 223.75 so far during the day. The stock hit a 52-week high of Rs 256.50 on 15 January 2015. The stock hit a 52-week low of Rs 59 on 12 February 2014.

The stock had underperformed the market over the past one month till 11 February 2015, sliding 3.87% compared with 3.92% rise in the Sensex. The scrip had also underperformed the market in past one quarter, falling 0.47% as against Sensex's 2.24% rise.

The mid-cap company has an equity capital of Rs 322.79 crore. Face value per share is Rs 10.

Mahindra CIE Automotive (MCAL) is into forging business with plants in Germany, UK and India. It is engaged into the manufacturing of forged and machined products for automotive, agriculture, railway, mining, construction and other industries.

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