M&M: Net Q4 Profit Soars, Stock Up By 3%

Mahindra and Mahindra, a flagship company of the Mahindra Group is the top Nifty gainer in opening sessions on Wednesday. The stock was trading at Rs 1420 per share clocking gains of Rs 60 per share or 4.4% on the NSE at 0935 hours.

The tractor and utility maker posted a 26.3% growth in profit at Rs 873.72 crore for the fourth quarter ended March 2017. The company’s bottom line was boosted by other income.

Revenue during the quarter increased 4.3% to Rs 10,612 crore compared to Rs 10,174.58 crore in same quarter last fiscal, impacted by slow volume growth of 2.5%.

The stock is contributing nearly 30% to the BSE Auto index gains, helping it to rally 188 points in early hours of Wednesday.

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