India's Mahindra CIE Automotive up nearly 10% on Q1 profit surge

CIE Automotive India

26/04/2023 05:04

** Shares of Indian auto components supplier Mahindra CIE
Automotive  MAHN.NS  rise as much as 9.5% to 392.70 rupees,
sharpest intraday pct gain since Feb. 24
    ** Subsidiary of Spain's CIE Automotive  CIEA.MC  reports 
near-73% jump in first-quarter consol profit which came in at
2.79 bln rupees ($34.04 mln), helped by strong domestic and
European demand
    ** Europe, a key market for co, clocks rev of 15.53 bln
rupees for the qtr, up 20.7% YOY, while rev from India business
up 13.3% on lower commodity costs and pent-up demand supporting
sales in domestic auto industry
    ** Shares hit their highest since March 10
    ** About 842,981 shares traded by 9:19 a.m. IST, 0.6x the
30-day avg
    ** All seven analysts have "buy" or higher rating on stock;
median PT is 397 rupees - Refinitiv data
    ** Stock up 4.3% so far this year, up to last close

($1 = 81.9650 Indian rupees)

 (Reporting by Dimpal Gulwani in Bengaluru)
 ((dimpal.gulwani@thomsonreuters.com))