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    M&M   INE101A01026

MAHINDRA AND MAHINDRA LTD

(M&M)
  Report
Delayed NSE India Stock Exchange  -  07:29 2022-10-06 am EDT
1256.90 INR   -0.27%
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Indian shares end higher, rupee firms as RBI raises key policy rate

08/05/2022 | 07:02am EDT

BENGALURU, Aug 5 (Reuters) - Indian shares settled higher on Friday, supported by banking stocks, while the rupee and bond yields firmed after the Reserve Bank of India hiked its key policy rate on expected lines.

The Monetary Policy Committee (MPC), in a unanimous decision, raised the repo rate by 50 basis points to 5.40%, as the central bank sought to tame persistently high inflation in Asia's third-largest economy.

India's annual consumer inflation remained above the 7% mark in June and beyond the RBI's upper tolerance limit of 6% for a sixth month in a row.

"With inflation expected to remain above the upper tolerance threshold in Q2 and Q3 of the current financial year, the MPC stressed that sustained high inflation could de-stabilise inflation expectations and harm growth in the medium term," RBI Governor Shaktikanta Das said.

With the raise, the MPC said it remains focused on withdrawal of accommodation to ensure that inflation remains within the target, while supporting growth.

The NSE Nifty 50 index was up 0.09% at 17,397.50, at close, and the S&P BSE Sensex advanced 0.15% to 58,387.93. Both the benchmark indexes, after rising over 0.5% at session high, ended 1.4% up in their third weekly gain.

"The MPC rate hike was in line with the market's expectations of anywhere between 35 to 50 basis points. Though at the higher levels we were seeing some profit taking, which is a trend seen in the last few trading sessions," said Ajit Mishra, vice-president of research at Religare Broking.

In Mumbai trading, Nifty's finance, private bank index and bank index closed 0.4% higher each.

The rupee closed up 0.3% at 79.23 per U.S. dollar, having jumped up to 78.94 in the session.

India's benchmark 10-year bond yield rose to 7.315% as of 1035 GMT.

Among other individual stocks, automaker Mahindra and Mahindra Ltd fell 2.1% after it reported a lower operating margin.

Fintech firm Paytm closed 3.1% lower, ahead of its quarterly earnings results later on Friday. (Reporting by Rama Venkat in Bengaluru; Editing by Uttaresh V and Shailesh Kuber)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF INDIA LIMITED 1.04% 48.5 End-of-day quote.-5.55%
MAHINDRA AND MAHINDRA LTD -0.27% 1256.9 Delayed Quote.50.55%
NIFTY 50 0.33% 17331.8 Delayed Quote.-0.46%
ONE7 COMM 2.02% 688.6 Delayed Quote.-49.42%
SENSEX BSE30 0.27% 58222.1 Real-time Quote.-0.32%
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Financials
Sales 2023 755 B 9 192 M 9 192 M
Net income 2023 63 994 M 780 M 780 M
Net cash 2023 66 460 M 810 M 810 M
P/E ratio 2023 23,4x
Yield 2023 1,01%
Capitalization 1 398 B 17 027 M 17 027 M
EV / Sales 2023 1,76x
EV / Sales 2024 1,50x
Nbr of Employees 260 000
Free-Float 67,4%
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Mean consensus -
Number of Analysts 0
Last Close Price 1 256,90
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Managers and Directors
Anish Dilip Shah Chief Executive Officer, MD & Director
Manoj Bhat President & Group Chief Financial Officer
Anand Gopal Mahindra Executive Chairman
Mohit Kapoor Group Chief Technology Officer & Executive VP
Rucha Nanavati Chief Information Officer
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