Shares of Mahindra & Mahindra Financial Services Limited (MMFSL) hit a 52-week high of Rs 206.85 (intraday) on the BSE, gaining 3 per cent in Tuesday’s weak trade on a strong business outlook before ending on Rs 204.05 per share. The stock of the Mahindra group company surpassed its previous high of Rs 206.40 touched on November 9, 2021.
In comparison, the S&P BSE Sensex ended the day down 0.94 per cent at 53,886.61 points.
Thus far in July (last eight days), MMFSL has rallied 16 per cent, as compared to a 1.6 per cent rise in the S&P BSE Sensex.
In June 2022, the company had delivered a 115 per cent year on year (YoY) and a 27 per cent sequential month-on-month (MoM) growth in disbursement at nearly Rs 3,750 crore, aided by macro tailwinds.
The year to date disbursement at around Rs 9,450 crore registered a YoY growth of 145 per cent. As of June 30, the company estimates the gross business assets at Rs 67,500 crore, a YoY growth of 6 per cent.
“Stock like MMFSL is likely to perform better in the coming trading sessions along with the ongoing recovery seen in sectoral peers. The stock witnessed significant delivery-based activity in early April and May 2022 at Rs 170-180, which is a crucial support level for the stock. Since accumulation was seen in this stock last week, we believe downsides are limited and positive momentum is likely to remain intact in the stock above the mentioned levels,” said ICICI Securities.
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