Mahindra & Mahindra dropped 3.73% to Rs 1895.20 following multiple block deals in intraday trade today, 7 March 2024.
On the BSE, 7.92 lakh shares of the company traded in the counter as against an average trading volume 1.07 lakh shares in the past three months.On the NSE, 1.75 crore shares of the company traded in the counter as against an average trading volume 26.53 lakh shares in the past three months.
The media reported that Prudential Management and Services ("PMSL"), promoter group entity of Mahindra and Mahindra ("M&M") considering sale of 93 lakh shares, or 0.75% equity, of M&M via a block deal for Rs 1,832 crore at a price range of Rs 1,911.51,970.65.
Following the media reports, M&M clarified to the bourses that PMSL is considering selling a portion of M&M shares via a block deal. The decision stems from the family's need for liquidity after the transmission of shares from the late Keshub Mahindra to his family members. The family plans to offload a small number of shares, intending to maintain its promoter group status in M&M without any further share sales in the near future.
Management consulting firm Prudential Management held an 11.64% stake (14,15,21,940 shares) in M&M as of December 2023.
The Mahindra Group is one of the largest multinational federation of companies. It enjoys a leadership position in farm equipment, utility vehicles, information technology and financial services in India and is the worlds largest tractor company by volume. It has a strong presence in renewable energy, agriculture, logistics, hospitality and real estate.
The auto major's standalone net profit surged 60.59% to Rs 2,453.98 crore in Q3 FY24 as against Rs 1,528.06 crore recorded in Q3 FY23. Revenue from operations increased 16.7% year on year (YoY) to Rs 25,288.51 crore in the quarter ended 31 December 2023.
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