M&M Financial rallies 10% post Q1 results
STOCK MARKET - Mahindra & Mahindra (M&M) Financial Services surged 10% to Rs 401 on BSE on the back of heavy volumes after the company said it has had higher collection efficiency, lower repossessions and lower growth of nonperforming assets (NPAs) in the June quarter (Q1FY18) compared to same period of the previous year, on account of improved sentiments at the rural markets. The company reported 45.7% year on year (Y-o-Y) drop in its consolidated net profit at Rs 47 crore in Q1FY18, due to higher provisioning for bad loans. It had reported profit of Rs 108 crore in the year ago quarter. Total income from operations during the quarter under review was up by 19.6% to Rs 1,875 crore on Y-o-Y basis.