Tag: financial shares

Shares of Mahindra & Mahindra Financial Services (Mahindra Finance) hit over two-year high of Rs 267.30, as they rallied 10 percent on the BSE in Monday’s intra-day trade amid heavy volumes after the company reported healthy earnings for December quarter (Q3FY23). The company reported strong growth in assets under management and an improvement in asset quality during the third quarter. The total Income of the financial company increased by 12% to ₹3,353 Crores during the quarter that ended December 31, 2022, as against ₹2,986 Crores during the corresponding quarter last year. The Profit After Tax (PAT) stood at ₹664 Crores during the quarter that ended December 31, 2022, as against PAT of ₹992 Crores during the corresponding quarter last year. The fall in net profit was due to a decline in credit cost, higher operational expenditures, and lower net interest margins. Read more

Shares of financials including banks, housing finance companies, non-banking finance companies (NBFCs) and microfinance institutions (MFIs) were under pressure, falling up to 8 percent after the Reserve Bank of India's (RBI's) Monetary Policy Committee (MPC) at its meeting held today decided to extend moratorium period by another three months till August 31, 2020. AU Small Finance Bank was locked in the 5 percent lower circuit band at Rs 399.95 on the BSE at 10:56 am. Bajaj Finance declined 5.6 percent to hit a 52-week low of Rs 1,876.25, while SBI tumbled 1.5 percent to hit a 52-week low of Rs 149.55. Furthermore, Union Bank of India, Power Finance Corporation, and Mahindra & Mahindra Financial Services, too, hit their respective 52-week lows in intra-day trade today.