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Defying weakness in domestic equities amid turmoil in global financial markets following the US credit ratings downgrade, auto major Mahindra & Mahindra rose over 1 per cent on the bourses today on the back of growth in its net profit for the quarter ended June 30.
On the Bombay Stock Exchange, the scrip went up by 1.42 per cent to touch an early high of Rs 675.50. Similarly, on the National Stock Exchange (NSE), the stock rose 1 per cent to touch an early peak of Rs 675.25.
The company was the top performer among the Sensex blue-chips in the morning trade.
The company had yesterday reported a 7.56 per cent jump in standalone net profit for the quarter ended June 30, 2011 to Rs 604.88 crore on the back of good sales and expenditure control measures.
It had posted a net profit of Rs 562.39 crore during the corresponding period last year.
M&M’s standalone total income also increased by 30.49 per cent during the first quarter of the fiscal to Rs 6,733.54 crore from Rs 5,160.10 crore in the year-ago period.
In contrast to the gains in the company’s stock, the BSE Sensex was trading down by 295.60 points at 16,694.58 in the early trade. In the first few minutes of trade, the index had tanked by 558 points.
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