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M&M Q2 net profit falls 20%; shares trim gains

This article was posted on Oct 29, 2008 and is filed under Stock News

MUMBAI: Shares of Mahindra & Mahindra on Wednesday posted a lower-than-expected 20.6 per cent drop in quarterly net profit that was hurt by high raw material prices. Mahindra, which aims to enter the United States with a pick-up truck and a sport utility, said net profit fell to Rs 226.7 crore in the fiscal second quarter to end-September from Rs 285.94 crore reported a year earlier.

Total income stood at Rs 3252.26 crore in the September where as the same was at Rs 2871.54 crore in the same quarter previous year.

At 2:30 pm, the automaker’s shares were up 19.56 per cent at Rs 296.50, paring some gains. The stock had touched a high of Rs 296.50 ahead of the results.

source: Economictimes

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