M&M Financial declines after recent gains

Mahindra & Mahindra Financial Services lost 1.04% to Rs 417.70 at 14:19 IST on BSE, with the stock sliding on profit booking after recent gains.

Meanwhile, the S&P BSE Sensex was up 181.54 points or 0.58% at 31,678.92.

On the BSE, 41,000 shares were traded on the counter so far as against the average daily volumes of 2.13 lakh shares in the past one quarter. The stock had hit a high of Rs 428.50 and a low of Rs 416 so far during the day. The stock had hit a record high of Rs 455.80 on 11 September 2017 and a 52-week low of Rs 244.35 on 27 December 2016.

 

The stock had underperformed the market over the past one month till 3 October 2017, sliding 3.09% compared with the Sensex's 1.24% fall. The stock had, however, outperformed the market over the past one quarter, advancing 20.74% as against the Sensex's 0.88% rise. The scrip had underperformed the market over the past one year, gaining 9.48% as against the Sensex's 11.52% rise.

The large-cap company has equity capital of Rs 113.75 crore. Face value per share is Rs 2.

Shares of Mahindra & Mahindra Financial Services (MMFSL) had gained 6.79% in the preceding three trading sessions to settle at Rs 422.10 yesterday, 3 October 2017, from its close of Rs 395.25 on 27 September 2017.

MMFSL in a stock exchange filing issued after market hours yesterday, 3 October 2017 stated that its board of directors meeting is scheduled on Friday, 6 October 2017, to consider and approve inter alia, augmenting the long term fund requirements of the company including by way of issuance of securities and/or other means, subject to such approvals as may be required.

On a consolidated basis, MMFSL's net profit fell 45.7% to Rs 58.42 crore on 19.5% growth in total income to Rs 1886.06 crore in Q1 June 2017 over Q1 June 2016.

Mahindra & Mahindra Financial Services (MMFSL), part of the Mahindra Group, is one of India's leading non-banking finance companies with a pan India presence. Focused on the rural and semi-urban sector, it provides finance for vehicles and tractors and has the largest network of branches amongst NBFC's operating in these areas.

Powered by Capital Market - Live News