M&M Soars: Market Cap Reaches Rs 3 Lakh Crore, Shares Hit Annual Peak

Mahindra & Mahindra's market valuation reached Rs 3.12 lakh crore for the first time as its shares hit a 52-week high on the bourses. The company's stock jumped nearly 6% on both BSE and NSE, driven by a 4% rise in consolidated profit after tax for the March quarter. In intra-day trade, shares surged 8%. Revenue for the fourth quarter increased by 9%, and for the full year ended March 2024, consolidated net profit rose 25%, with revenue up 15%. The BSE Sensex and NSE Nifty indices also posted gains.

The market valuation of Mahindra & Mahindra hit the Rs 3.12 lakh crore-mark for the first time on Friday, as the company's shares touched 52-week high on the bourses. Continuing its triumphant run for the fourth session, the stock of the company hit a 52-week high after the company reported a 4 per cent rise in consolidated profit after tax (PAT) for the March quarter.

The scrip of the company jumped 5.97 per cent to close at Rs 2,514.45 apiece on the BSE.

On the NSE, shares of Mahindra & Mahindra climbed 5.83 per cent to settle at Rs 2,510 per piece.

In the intra-day trade, shares of the company surged nearly 8 per cent to hit a 52-week high of Rs 2,557.95 apiece on the NSE and the BSE.

At the end of the session, the company's market valuation jumped Rs 17,608.38 crore to Rs 3,12,679.11 crore on the BSE. On the NSE, its market capitalisation stood at Rs 3,12,125.74 crore.

A total of 97.96 lakh equity shares were traded on the NSE, while 4.38 lakh shares were traded on the BSE, during the day.

The 30-share BSE Sensex benchmark climbed 253.31 points, or 0.34 per cent, to settle at 73,917.03, while broader NSE Nifty advanced 62.25 points, or 0.28 per cent, to close at 22,466.10.

On Thursday, shares of Mahindra & Mahindra climbed nearly 4 per cent.

Mahindra & Mahindra on Thursday reported a 4 per cent increase in consolidated profit after tax (PAT) to Rs 2,754 crore for the March quarter, driven by strong performance of its automotive and farm sector segments.

The company had posted a consolidated PAT of Rs 2,637 crore in the January-March quarter of the 2022-23 fiscal, M&M said in a regulatory filing.

Revenue increased to Rs 35,452 crore in the fourth quarter, registering a growth of 9 per cent, as compared to Rs 32,456 crore in the corresponding period a year ago, it added.

For the full year ended March 2024, the company posted a consolidated net profit of Rs 11,269 crore, as against Rs 9,025 crore in FY23, an increase of 25 per cent.

Revenue rose 15 per cent to Rs 1,39,078 crore in the last fiscal year, as compared with Rs 1,21,362 crore in FY23.