Shares of Mahindra CIE Automotive surged 13 percent to Rs 225 on the BSE in Tuesday’s intra-day trade, after the company posted a consolidated net profit of Rs 161.42 crore for the first quarter ended March. The company had reported a consolidated net profit of Rs 10.09 crore in the year-ago period. The company, which follows January-December financial year, said revenue from operations rose to Rs 2,588.36 crore, up from Rs 2,189.4 crore in the January-March period of the previous year. The board of the Pune-based firm has also recommended a final dividend of Rs 2.5 per share of Rs 10 each for the financial year ended December 31, 2021.
The stock rallied 20 percent in the past two trading days. The management also remains positive on two-wheeler and tractor segments after a weak show in the last quarter. Mahindra CIE's Indian operations plan to make use of these opportunities and grow faster than underlying market segments.
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