Mahindra & Mahindra Financial Services (MMFSL) slipped 1.36% to Rs 351.90 at in morning deals on the Bombay Stock Exchange (BSE) on reports that a domestic brokerage has downgraded the stock to reduce from add citing higher valuations.
On BSE, so far 13,000 shares were traded in the counter as against average daily volume of 2.05 lakh shares in the past one quarter. The stock hit a high of Rs 360 and a low of Rs 351.45 in intra-day trade. MMFSL had hit a record high of Rs 364.20 on 11 July 2016.
The domestic brokerage reportedly said that no signs of income buoyancy are seen in rural India and Mahindra & Mahindra Financial Services' (MMFSL) business performance needs to catch up significantly. The brokerage does not see any upside for MMFSL stock for now.
On consolidated basis, Mahindra & Mahindra Financial Services' net profit rose 12% to Rs 411.33 crore on 13.4% growth in total income to Rs 1904.88 crore in Q4 March 2016 over Q4 March 2015.
Mahindra & Mahindra Financial Services, part of the Mahindra Group, is one of India's leading non-banking finance companies.
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