Mahindra & Mahindra Financial Services rose 1% to Rs 267.50 at 14:51 IST on BSE after the company said it has signed initial pact with Woori Financials, Korea to evaluate and establish a JV for financing Ssangyong Motor's vehicles in Korea.
The announcement was made during trading hours today, 6 September 2013.
Meanwhile, the S&P BSE Sensex was up 261.03 points or 1.38% at 19,240.79.
On BSE, 93,000 shares were traded in the counter as against average daily volume of 2.70 lakh shares in the past one quarter.
The stock hit a high of Rs 273.45 and a low of Rs 265.75 so far during the day. The stock had hit a record high of Rs 287.50 on 19 June 2013. The stock had hit a 52-week low of Rs 145.02 on 5 September 2012.
The stock had outperformed the market over the past one month till 5 September 2013, surging 7.36% compared with the Sensex's 1.06% fall. The stock had also outperformed the market in past one quarter, jumping 8.5% as against Sensex's 3.01% fall.
The large-cap company has equity capital of Rs 113.75 crore. Face value per share is Rs 2.
Post the memorandum of understanding (MoU), both Woori Financials and Mahindra & Mahindra Financial Services will work together and evaluate the feasibility of setting up a joint venture (JV) to provide appropriate financing solutions to the customers of Ssangyong vehicles. Ssangyong Motor is majority owned by Mahindra & Mahindra (M&M).
Woori Financials, Korea is an affiliate of the Woori Financial Group.
Mahindra & Mahindra Financial Services' consolidated net profit rose 18.1% to Rs 203.05 crore on 32.2% growth in total income to Rs 1170.66 crore in Q1 June 2013 over Q1 June 2012.
Mahindra & Mahindra Financial Services, part of the $16.2 billion Mahindra Group, is one of India's leading non-banking finance companies (NBFC) 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.
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