Shares of Mahindra & Mahindra (M&M) rallied 4.3 per cent to ₹1,527 per share on the BSE on Monday after the company reported a 60 per cent year-on-year (YoY) jump in consolidated profit after tax (PAT) to ₹3,508 crore in the April-June quarter (first quarter, or Q1) of 2023-24 (FY24).
So far this calendar year, the stock of the sport utility vehicle (SUV)-to-tractor manufacturer has jumped 21 per cent, compared to an 8 per cent rise in the S&P BSE Sensex.
The stock has recovered after falling sharply on July 26 when the company announced that it is taking a 3.53 per cent stake in RBL Bank for ₹417 crore. Given investor concerns about unrelated investments, the management has reiterated its commitment to maintaining a disciplined approach towards capital allocation and will continue to focus on its core areas.
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