Mahindra & Mahindra extends gains to 2nd straight day after Q2 earnings

Mahindra & Mahindra (M&M) shares gained nearly three percent on Wednesday, a day after the auto major's quarterly revenue beat Street estimates. M&M shares rose as much as 2.9 percent to Rs 918.9 on BSE in early deals.

At 9:20 am, the Mahindra & Mahindra stock traded with a gain of 2.3 percent at Rs 913.3 on BSE, looking strong despite a 0.6 percent drop in the headline Sensex index.

On Tuesday, Mahindra & Mahindra Ltd (M&M) and Mahindra Vehicle Manufacturers Ltd (MVML) posted a net profit of Rs 1,929 crore for the quarter ended September, up more than three times on a year-on-year basis. They reported revenue of Rs 13,305 crore for the three-month period, up 14.8 percent on a year-on-year basis.

Analysts in a CNBC-TV18 poll had predicted the company's quarterly revenue at Rs 12,348 crore.

Mahindra & Mahindra shares have rewarded investors with a return of nearly 48 percent in the past year. In the last three months alone, the M&M stock has risen more than 16 percent.

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