Mahindra CIE Automotive gains on strong Q4 profit

Reuters | | Updated on: Apr 20, 2018

Shares of Mahindra CIE Automotive gained on strong Q4 profit. The stock rose as much as 7.6 per cent to Rs 249.8, highest since January 16.

The company’s Q4 profit more than doubled to Rs 38.57 crore ($5.84 million), helped by a rise in production. Revenue from operations surged nearly 19 per cent.

About 808,800 shares changed hands as of 0417 GMT, more than thrice the average 30-day trading volume. All 10 brokerages have rated the stock “buy” or higher; their median price target is Rs 288.50.

Up to Thursday's close, the stock had fallen 10 per cent in the past year.

Published on April 20, 2018
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