Mahindra CIE automotive drops over 8%
To begin with, on Thursday, 27 Feb, the shares of Mahindra CIE Automotive dropped by over 8.5% to Rs 129 apiece on the Bombay Stock Exchange. So then, the automotive supplier had reported a 91% year-on-year drop in its consolidated net profit at Rs 12.6 crores for the Dec 2019 quarter. Also, the company had posted a profit of Rs 142 crores in the year-ago period.
Besides, the profit before tax (PBT) for the quarter under review stood at Rs 121.5 crores. So then, this remained down by 33% against Rs 182 crores secured in the corresponding quarter of the previous year.
However, the total consolidated revenue decreased to 13% to Rs 1,729 crores year-on-year. Despite this, the stock traded around 6.5% lower at Rs 132 on the Bombay Stock Exchange. Comparatively, the benchmark S&P BSE Sensex stood trading at 359 points. In other words, it stood around a percent down at Rs 39,529. 54 levels.
Besides, the Sensex seems to trade with a loss of 276.63 points reached 39,612.33 level with 0.69% down. Whereas, Nifty remained trading with a loss of 85.30 points reached 11,592.20 level with 0.75% down.
In the border Market, the S&P BSE Midcap seems to trade with a loss of 129.46 points reached 15,044.18 level with 0.84% down. Whereas, S&P BSE SmallCap remained trading with a loss of 139.57 points reached 14,190.50 level with 0.96% down.