M&M shares continue to gain, up 3 pc

Shares of Mahindra & Mahindra today rose by 3 per cent, extending its rally for the second straight session, after the company posted 50 per cent jump in net profit for the March quarter.

The company's stock gained 3.08 per cent to settle at Rs 895.60 on BSE. Intra-day, it jumped 3.70 per cent to Rs 901 -- its 52-week high.

On NSE, shares of the company went up by 2.78 per cent to close at Rs 894.50.

The stock was the biggest gainer on both the key indices at the close of trade.

In terms of equity volume, 5.05 lakh shares of the company were traded on BSE and over 82 lakh shares changed hands on NSE during the day.

Shares of Mahindra & Mahindra yesterday also went up by nearly 3 per cent, adding Rs 5,719.32 crore to its market valuation in two days.

Mahindra & Mahindra yesterday posted 50 per cent jump in net profit to Rs 1,155 crore for the March quarter, driven by robust sales across segments including utility vehicles and tractors.

M&M had reported a net profit of Rs 770 crore during the January-March quarter of the previous fiscal.

Its revenue and other income rose by 24 per cent to Rs 13,355 crore during the fourth quarter of 2017-18, compared to Rs 10,795 crore in the year-ago period, M&M said in a regulatory filing.