M&M Financial Services hits record high

capital market | Mumbai |

Mahindra & Mahindra Financial Services rose 1.17% to Rs 1,129 at 14:49 IST on BSE after a block deal of 5.65 lakh shares was executed at Rs 1,160 per share at 10:14 IST on BSE.

The block deal constitutes 0.49% of Mahindra & Mahindra Financial Services' (MMFSL) equity.

Meanwhile, the BSE Sensex was down 17.25 points or 0.09% at 19,400.21.

On BSE, 6.16 lakh shares were traded in the counter as against average daily volume of 42,590 shares in the past one quarter.

The stock hit a high of Rs 1,172.55 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,119.90 so far during the day. The stock had hit a 52-week low of Rs 590.10 on 28 December 2011.

The stock had outperformed the market over the past one month till 26 December 2012, surging 13.98% compared with the Sensex's 4.75% rise. The scrip had also outperformed the market in past one quarter, jumping 26.4% as against Sensex's 4.21% gain.

The large-cap company has equity capital of Rs 113.75 crore. Face value per share is Rs 10.

MMFSL's board of directors at a meeting held on 21 December 2012 approved a 5-for-1 stock split.

MMFSL's consolidated net profit jumped 41.1% to Rs 192.51 crore on 46.2% growth in total income to Rs 975.62 crore in Q2 September 2012 over Q2 September 2011.

MMFSL 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 purchases of utility vehicles, tractors and cars. MMFSL is part of the Mahindra Group.

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