Mahindra CIE up after Q3 results on India unit's performance, order book

CIE Automotive India

23/02/2023 06:36

** Shares of Mahindra CIE Automotive Ltd  MAHN.NS  rise as
much as 3.3% to 399.2 rupees 
    ** Automotive components supplier reports quarterly loss of
6.58 billion rupees ($79.52 million) from profit of 802.3
million rupees, a year earlier, hurt solely by loss of 9.23
billion rupees from discontinued operations of its UK forging
business Stokes Group Ltd
    ** Revenue from continued operations rose nearly 35% to
22.47 billion rupees
    ** MAHN recommends dividend of 2.5 rupees per share for the
year
    ** December quarter India business performance in line with
estimates, says Motilal Oswal, which maintains "buy" rating on
stock
    ** MAHN bagged orders worth over 10 bln rupees in 2023 and
new electric vehicle orders worth 3 bln rupees, adds Motilal
Oswal
    ** Trading volume is 1.1 mln shares as of 11:44 p.m. IST,
0.9x of 30-day avg of 1.2 mln shares - Refinitiv data
    ** Of the seven analysts tracking MAHN, six maintain "strong
buy" or "buy" and one suggests "sell"; median PT is 390 rupees
    ** Stock up 12.4% so far this year, as of last close
($1 = 82.7500 Indian rupees)
 (Reporting by Priya Sagar in Bengaluru)
 ((Priya.Sagar@thomsonreuters.com;))