Investors made huge profits in Mahindra CIE today, after the results, the stock rose up to 18% in a day
Mahindra CIE stock jumps
According to the company, the consolidated net profit has reached the level of Rs 161 crore in the March quarter. Net profit in the same quarter a year ago was Rs 10 crore.
Domestic today after two days of decline Share Market (Stock Market) has seen a sharp increase. In today’s business, investors have also earned a lot in many stocks. One such stock is also owned by Mahindra CIE Automotive. After good results, the stock has given as much return in a day as many stocks are able to give in a whole year and investment options like FD are able to give only in many years. Mahindra CIE, the company of auto component segment, has closed today with a gain of more than 12 percent. The stock has risen by about 18 percent during the trading. The company has recently released its results. According to the company, its profit has increased manifold.
sharp jump in stock
Mahindra CIE Automotive stock today closed at 223.5 with a gain of more than 12 percent on the BSE. During today’s trading, the stock reached the day’s high of 234.80 against the previous closing level of 199.05. That is, today the maximum increase was seen in the stock up to 18 percent. The year’s high of the stock is 311 and the low is 153.3. The stock has seen a rise since April 22. On April 22, the stock was at the level of 188. At today’s closing level, the stock has seen a gain of 19 percent during the last 2 sessions. The total market cap of the company is at the level of Rs 8400 crore. Although the free float market cap is close to Rs 21 hundred crores.
Why did the stock rise
Today’s rally in the stock has been seen due to better results than the company’s estimates. According to the company, the consolidated net profit has reached the level of Rs 161 crore in the March quarter. Net profit in the same quarter a year ago was Rs 10 crore. This is the company’s first quarter results. The company gives results according to the January-December financial year. According to the company, the income has reached the level of Rs 2588 crore. In the corresponding quarter of the last financial year, the income was at the level of Rs 2,189.4 crore. The company has declared a dividend of Rs 2.5 per share for the last financial year ended December. Motilal Oswal has given investment advice in the stock.