Mahindra & Mahindra rose 1.99% to Rs 960 at 12:20 IST on BSE on a media report that the Mahindra Group will hold a press conference to announce a strategic initiative later today, 28 November 2013.
M&M will reportedly hold the press conference at 15:30 IST today, 28 November 2013.
Meanwhile, the BSE Sensex was up 132.02 points, or 0.65%, to 20,552.28.
On BSE, 78,000 shares were traded in the counter compared with average volume of 1.21 lakh shares in the past one quarter.
The stock hit a high of Rs 964.60 and a low of Rs 945 so far during the day. The stock hit a record high of Rs 1,026.45 on 20 May 2013. The stock hit a 52-week low of Rs 741.50 on 28 August 2013.
The stock had outperformed the market over the past one month till 27 November 2013, rising 8.48% compared with the Sensex's 1.27% fall. The scrip had also outperformed the market in past one quarter, rising 19.18% as against Sensex's 13.65% rise.
The large-cap company has an equity capital of Rs 307.94 crore. Face value per share is Rs 5.
The gross revenues and other income of Mahindra & Mahindra (M&M) and Mahindra Vehicle Manufacturers (MVML) (entity), fell 8.34% to Rs 9887.6 crore in Q2 September 2013 over Q2 September 2012. The net profit before tax fell 1.78% to Rs 1303.6 crore in Q2 September 2013 over Q2 September 2012. After providing for tax, the profit rose 5.06% to Rs 1027.6 crore Q2 September 2013 over Q2 September 2012. The operating margin of the entity rose to 14.5% in Q2 September 2013 from 13.8% in Q2 September 2012.
MVML, located at Chakan near Pune, was set up as a 100% subsidiary of the company with a view to sourcing contemporary products for expanding the market offerings of the company.
The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.
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