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    M&M   INE101A01026

MAHINDRA AND MAHINDRA LTD

(M&M)
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Delayed NSE India Stock Exchange  -  03:19 2022-08-08 am EDT
1263.50 INR   +2.23%
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Indian shares fall as metals tumble; automobiles help cap losses

05/23/2022 | 06:39am EDT
A man walks past the Bombay Stock Exchange building in Mumbai

BENGALURU, May 23 (Reuters) - Indian shares closed lower on Monday after a volatile session, weighed down by a sell-off in metal stocks after the government imposed heavy export taxes on steel products, while gains in automobile stocks helped cap some of the losses.

The NSE Nifty 50 index was down 0.32% at 16,214.70 at close, while the S&P BSE Sensex fell 0.07% to 54,288.61.

The Nifty Metal index, which saw its worst day since March 2020 in the session, settled 8.1% lower. JSW Steel and Tata Steel were the top losers on the Nifty 50 index, falling 13.2 and 12.6%, respectively.

India on Saturday announced a series of changes to the tax structure levied on fuel and crucial commodities in a bid to help fight surging inflation.

The country imposed an export tax of 15% on eight steel products at a time steelmakers are looking to make up for tepid local demand by increasing market share in Europe, whose supplies have been hit by Russia's invasion of Ukraine.

"Prospects of additional market borrowings by the government of India in the wake of the tax cuts on fuel to tame inflation came to the forefront," said S Ranganathan, head of research at LKP securities.

However, Reserve Bank of India governor Shaktikanta Das told CNBC-TV18 in an interview on Monday that the Indian government would likely stick to its fiscal deficit target as specified in the budget and there may not necessarily be a need for increasing government borrowing just yet.

"The hawkish monetary and fiscal measures adopted by the RBI and the government will have a cascading effect on market & economy in the short to medium-term," said Vinod Nair, head of research at Geojit Financial Services.

The Nifty Auto index rose 1.8%, as automakers stand to benefit from lower input costs following the tax changes. Maruti Suzuki India and Mahindra and Mahindra were the top gainers on the Nifty 50, rising 4% each.

Among individual stock moves, Divi's Laboratories and TTK Healthcare Ltd fell 9.5% and 10.5%, respectively, after their quarterly results. (Reporting by Rama Venkat in Bengaluru; editing by Uttaresh.V and Maju Samuel)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BANK OF INDIA LIMITED 0.21% 48.8 End-of-day quote.-4.97%
DIVI'S LABORATORIES LIMITED -0.12% 3907.65 Delayed Quote.-16.37%
JSW SA 1.03% 48.31 Delayed Quote.36.97%
JSW STEEL LIMITED 0.44% 667.2 End-of-day quote.1.72%
MAHINDRA AND MAHINDRA LTD 2.25% 1263.5 Delayed Quote.47.63%
MARUTI SUZUKI INDIA LTD 0.53% 8884.7 Delayed Quote.19.05%
NIFTY 50 0.72% 17523.2 Delayed Quote.0.25%
SENSEX BSE30 0.15% 58387.93 Real-time Quote.0.23%
TATA STEEL LIMITED -0.32% 107.35 End-of-day quote.-3.42%
TTK HEALTHCARE LIMITED 1.75% 853.15 End-of-day quote.20.44%
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Financials
Sales 2023 730 B 9 200 M 9 200 M
Net income 2023 63 766 M 803 M 803 M
Net cash 2023 51 236 M 645 M 645 M
P/E ratio 2023 22,8x
Yield 2023 1,04%
Capitalization 1 374 B 17 312 M 17 312 M
EV / Sales 2023 1,81x
EV / Sales 2024 1,58x
Nbr of Employees 260 000
Free-Float 67,4%
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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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