M&M hits new high on strong Q4 results

The stock hit a new high of Rs 895, up 3%, extending its 2.2% gain on Tuesday on the BSE in otherwise weak market.

Shares of Mahindra & Mahindra (M&M) hit a new high of Rs 895 per share, up 3%, extending their 2.2% gain on Tuesday on the BSE in an otherwise weak market, after the company reported a strong 50% year on year growth in consolidated net profit at Rs 11.55 billion in March 2018 quarter (Q4FY18). It had profit of Rs 7.7 billion in the same quarter last fiscal.

The company’s total revenue rose by 24% to Rs 133.55 billion during Q4FY18, compared to Rs 107.95 billion in the year-ago period, boosted by strong sales across tractors and utility vehicles.