M&M Financial Services Surges 10% On Healthy Q1FY21 Result; Rights Issue Approval

Shares in Mahindra & Mahindra Financial Services in early trade on July 20, 2020 surged as much as 10% to Rs. 228.65 per share on the BSE.

On July 18, the financial services firm reported 300% jump in consolidated profit year on year to Rs. 432 crore for the June ending quarter of Fy21. In the same quarter a precious year ago, profit after tax came in at Rs. 432 crore.

M&M Financial Services Surges 10% On Healthy Q1FY21 Result; Rights Issue Approva

Also as another development, the company's board has approved a rights issue for a total number of equity shares and issue size of 61,77,64,960, fully paid-up equity shares of the face value of Rs 2 each, for an aggregate amount not exceeding Rs 3,089 crore.

At 9:28 am, the stock reversed all gains to trade lower by 0.05% at Rs. 207.80 per share on the BSE.

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