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This is an archive article published on May 30, 2011
M038;M stock skids post-poor Q4 nos
Shares of Mahindra amp; Mahindra Ltd took a hit on the bourses today,falling by 5.34 per cent on the BSE,after the company reported a below-market-expectation results for the quarter ended March 31,2011.
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M038;M stock skids post-poor Q4 nos
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Mahindra amp; Mahindra Mamp;M stock took a hit on the bourses today,falling by 5.34 per cent on the BSE,after the company reported a below-market-expectation results for the quarter ended March 31,2011.
The stock settled 5.34 per cent lower at Rs 664.60 on the BSE. In intra-day,the scrip tanked by 5.91 per cent to touch a low of Rs 660.60.
On the NSE,the scrip tumbled by 5.87 per cent to close at Rs 663.55.
According to analysts,the company8217;s earnings has lagged market estimates which in-turn has sent the stock on a downward trajectory.
In terms of volume,over 55 lakh shares of the company changed hands on the bourses during the day.
8220;Mamp;M posted disappointing results,declaring lower profit year-on-year,dampening the investor8217;s sentiments in auto stocks,8221; Bonanza Portfolio Sr Research Analyst Shanu Goel said.
Mamp;M reported a 6.36 per cent increase in net profit for the quarter ended March 31,2011 at Rs 606.54 crore.
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The company had a net profit of Rs 570.26 crore in the same quarter a year ago.
Meanwhile,the BSE key index Sensex finished the day at 18,232.06,down by 34.04 points.
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