M&M Financial jumps up

The second top gainer on the BSE after Jet Airways is Mahindra & Mahindra Financial. The stock opened today at Rs.214 and went on to the day’s high point at Rs.225.25 and it currently remains at around the same levels, up almost 9%. Volumes are around 3 lakh shares. Market cap is at Rs.12,740 crore.

The stock is buzzing loud and clear today on the back of its very good performance for Q4FY13. The company declared a consolidated net profit at Rs.347 crore, up 43% (YoY). The growth was thanks to the NII, which at Rs.721 crore, was up 32%. This apart, an exceptional gain of Rs.30 crore on account of 12.4% stake sale in Mahindra Insurance also added on to the robust bottomline. Post these numbers, brokerage houses have upgraded the stock and given out ‘buy’ calls.