India's Mahindra and Mahindra jumps on upbeat forecast for international units

KG Mobility

08/02/2021 09:10

** Shares of auto maker  MAHM.NS  jump as much as 10% to
952.05 rupees, their highest since September 2018
    ** Mahindra expects losses from international subsidiaries
to plunge 90% in FY 2021 with the disposal of Ssangyong Motor
 003620.KS  as business review nears conclusion, a company
executive said on Friday  urn:newsml:reuters.com:*:nL4N2KB2D5
    ** Losses from the international subsidiaries are expected
to shrink to about $41 million in the fiscal year starting April
1 from an expected loss of $411 million in the current year
    ** Mahindra reported a slump in quarterly profit on Friday,
booking a one-time loss of 12.1 billion rupees ($166 million)
related to the South Korean unit, which filed for bankruptcy in
December
    ** Stock set for its biggest pct gain in more than two
months
    ** Q3 profit after tax on a standalone basis slumps 90% to
309.3 million rupees for the Oct-Dec period, compared with 3.07
billion rupees a year earlier; revenues up 15%
    ** About 18.7 mln shares change hands by 0845 GMT, compared
with the 30-day average volume of 6.3 mln shares
    ** Stock up 20% this year, as of Friday's close
    


 (Reporting by Chandini Monnappa in Bengaluru)
 ((Chandini.M@thomsonreuters.com; 910867497919;))