Shares in Mahindra and Mahindra Financial Services (M&M-Fin) surged 7 percent intraday on Wednesday after the company posted a 14-percent advancement in its net profit for the Q3FY20. The stock touched its day’s high level of Rs.379.50 up by Rs.28/- against the previous on the NSE.
On the BSE, the stock a similar growth at intraday by at Rs.380- per share.
The Nifty Financial Service Index, in which Mahindra and Mahindra Financial Services is a constituent, rose 0.62% at 14,362.05 during noon session with M&M Financial emerging the top gainer. Catch the latest updates in Free Nifty trading tips and the top stock trading tips from here.
The Company reported 14.6% growth in its net profit to Rs.365.3-crore in Q3FY20 as compared to Rs.318.7-crore, on a year-on-year basis. While the revenue growth during the quarter rose by 15.7% to Rs.2580.6-Cr, year-on-year.
As a reaction to this result, the stock of Mahindra and Mahindra Financial surged on the bourses. The stock, after the announcement of the result, recorded an intraday high of Rs.379.50, up by Rs.28.35 from the previous closing of Rs351.15.
In the afternoon session at 2.20-pm, the shares were trading 4.40 percent higher to Rs.366.60 per share, and in comparison, the Sensex stood at 41315-levels, up by 348 points and the Nifty added 100 points at 12156-mark.