M&M gains on 1:1 bonus shares, good Q2 results

The stock was up 3.5% at Rs 1,410 on the BSE after its board has recommended issue of bonus shares in the proportion of 1:1, i.e. 1 bonus share for every 1 share held as on record date.

Mahindra & Mahindra (M&M) was up 3.5% at Rs 1,410 on the BSE after its board  recommended issue of bonus shares in the proportion of 1:1, i.e. 1 bonus share for every 1 share held as on record date.

The company reported 22% year on year (y-o-y) growth in its Group consolidated net profit at Rs 1,411 crore in September 2017 quarter (Q2FY18). Revenue grew 17% at Rs 12,573 crore on y-o-y basis.

“In Q2FY18, the domestic tractor industry grew 37% as compared to the Q2FY17. During the quarter, normal monsoons helped in boosting the rural sentiments and