India's Mahindra CIE Automotive gains as qtrly profit surges

CIE Automotive India

18/10/2021 08:51

** Auto parts supplier's shares  MAHN.NS  jump as much as
9.8% to 275 rupees - a near three-month high
    ** Mahindra CIE Automotive reported a consolidated net
profit of 1.66 bln rupees ($22.05 mln) for the September quarter
vs 607.6 mln rupees a year ago  urn:newsml:reuters.com:*:nFWN2RA1FJ
    ** MAHN said it recovered pre-COVID sales and margin levels
during the qtr
    ** Co's total revenue for the qtr jumped ~21% to 20.98 bln
rupees 
    ** MAHN said it expects positive market sentiment during
upcoming quarters but this could be affected by semiconductor
supply limitations
    ** Including session's gains, MAHN stock up ~55% for the
year


($1 = 75.2880 Indian rupees)

 (Reporting by Shivani Singh in Bengaluru)
 ((ShivaniSingh1@thomsonreuters.com; +91 89 6969 2349))