Monday, 13 November 2017

Mahindra and Mahindra up 2% on Bonus Issue, Strong Q2 Numbers

Share price of Mahindra and Mahindra (M&M) gained 2.3 percent intraday Friday on the back of bonus announcement and strong September quarter numbers.

The company at its meeting held on November 10 has declared bonus share in the proportion of 1:1.

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It has fixed December 23, 2017 as the record date for the purpose of determining members who would be entitled to bonus ordinary equity shares.

The company (including Mahindra Vehicle Manufacturers) has reported 22 percent jump in its Q2 net profit at Rs 1,411 crore against Rs 1,156.7 crore in a year ago period.

Revenue of the company rose 19.4 percent at Rs 12,018 crore versus Rs 10,065 crore.

Earnings before interest, tax, depreciation and amortization (EBITDA) was up 35.1 percent at Rs 1,923.4 crore and EBITDA margin was up 210 bps at t 16 percent.

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