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      M&M picks up speed after incorporating new subsidiaries

      MoM Team / Mumbai, Jun 27, 2017 11:40 AM IST

        M&M picks up speed after incorporating new subsidiaries

        Mahindra & Mahindra rose 0.6 percent to Rs 1,384 on BSE after the company announced incorporating two new subsidiary companies with effect from 25 June 2017

        The announcement was made on Monday, 26 June 2017, when the stock markets remained closed on account of holiday.

        Meanwhile, the S&P BSE Sensex was down 99.79 points or 0.32 percent at 31,038.42.

        On the BSE, 10,461 shares were traded on the counter so far as against the average daily volumes of 1.62 lakh shares in the past one quarter. The stock had hit a high of Rs 1,391.80 and a low of Rs 1,375.95 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016.

        The stock had outperformed the market over the past one month till 23 June 2017, rising 3.51 percent compared with 2.55 percent rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 8.01 percent as against Sensex's 6.16 percent gains. The scrip had, however, underperformed the market in past one year, rising 0.12 percent as against Sensex's 15.32 percent gains.

        The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

        Mahindra & Mahindra (M&M) said that Mahindra Waste Energy Solutions is incorporated as its new subsidiary company with effect from 25 June 2017.

        The new company shall carry on the activities connected with renewable energy/non renewable energy. M&M has subscribed to 10,000 shares of Rs 10 each aggregating Rs 1 lakh.

        M&M separately said on Monday, 26 June 2017 that Mahindra Telecom Energy Management Services is incorporated as a new subsidiary company with effect from 25 June 2017.

        This subsidiary shall carry on the business in India and abroad for operations, routine, preventive, corrective and break down maintainenece of energy management and telecom infrastructure.

        M&M's net profit rose 19.9 percent to Rs 725.16 crore on 3.3 percent rise in net sales to Rs 11125.15 crore in Q4 March 2017 over Q4 March 2016.

        M&M enjoys a leadership position in tractors and utility vehicles in India.


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      Source: Capital Market



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