Mahindra & Mahindra Financial Services Ltd Share Price – NSE  /  BSE

Finance, Small Cap

Mahindra & Mahindra Financial Serv. will hold a meeting of the Board of Directors of the Company on 30 May 2024.

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The key equity indices traded with decent gains in morning trade. The Nifty traded above 22,400 level. Realty shares extended gains for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 230.31 points or 0.31% to 73,878.93. The Nifty 50 index added 66.50 points or 0.30% to 22,402.90.

In the broader market, the S&P BSE Mid-Cap index rose 0.42% and the S&P BSE Small-Cap index added 0.88%.

The market breadth was strong. On the BSE, 2,344 shares rose and 1,097 shares fell. A total of 158 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, tumbled 18.60% to 10.34.

Results Today :

Tata Consumer Products (down 0.54%), Tata Elxsi (up 0.48%), ICICI Prudential Life Insurance Company (down 0.35%), Mahindra EPC Irrigation (up 1.08%), Multi Commodity Exchange of India (up 2.11%), 360 ONE WAM (up 1.69%), Cyient DLM (up 3.98%), Huhtamaki India (up 1.97%), LKP Securities (up 2.27%) and NELCO (up 5.44%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Realty index gained 2.65% to 957.85. The index rallied 3.41% in two trading sessions.

Sobha (up 6.07%), Phoenix Mills (up 4.61%), DLF (up 3.43%), Macrotech Developers (up 2.87%), Oberoi Realty (up 2.48%), Godrej Properties (up 2.22%), Brigade Enterprises (up 1.73%), Prestige Estates Projects (up 1.69%), Mahindra Lifespace Developers (up 1.28%) and Sunteck Realty (up 1.12%) advanced.

Stocks in Spotlight:

Mahindra & Mahindra Financial Services slipped 3.93% after the NBFC announced deferment of board meeting for considering quarterly results due to detection of fraud at one of company’s branches in the North East.

Nibe declined 1.22% after the company announced that on Monday its chief financial officer (CFO), Hemant Dilip Wani has tendered his resignation with effect from 22 April 2024.

Redtape rose 1.40% after the company has commenced online operational activity from it's new warehouse situated at Bhiwandi, Maharashtra with effect from 22 April 2024. This new warehouse facility will help the company to fulfil delivery of its products more efficiently to the online shopping customers.

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In a regulatory filing made post-midnight, Mahindra Finance informed that that during the end of fourth quarter of the financial year ended 31 March 2024, a fraud was detected at one of company’s branches in the North-East.

In respect of retail vehicle loans disbursed by the company, the fraud involved forgery of KYC documents leading to embezzlement of company funds. The investigations in the matter are at an advanced stage.

The company estimates that the financial impact of this fraud is unlikely to exceed Rs 150 crore.

Investigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including arrest of few persons involved,” Mahindra Finance said in a statement.

The company further stated that in view of this development, the board meeting pertaining to approval of the audited standalone and consolidated financial results of the company for the fourth quarter and financial year ended 31 March 2024, which were to be considered at the board meeting scheduled to be held on 23 April 2024, is being deferred to a later date, which shall be intimated in due course.

Mahindra & Mahindra Financial Services (Mahindra Finance), part of the Mahindra Group, is one of India's leading non-banking finance companies. Focused on the rural and semi-urban sector, the company has over 8.4 million customers and has an AUM of over $11 billion. The company is a leading vehicle and tractor financier, provides loans to SMEs and also offers fixed deposits.

The NBFC’s net profit fell 12.11% to Rs 552.79 crore in Q3 FY24 as against Rs 628.95 crore posted in Q3 FY23. However, total income increased 20.71% YoY to Rs 3,490.42 crore in the quarter ended 31 December 2023.

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Mahindra & Mahindra Financial Services announced that during the end of 4th quarter of the financial year ended 31 March 2024, a fraud was detected at one of Company's branches in the North East. In respect of retail vehicle loans disbursed by the Company the fraud involved forgery of KYC documents leading to embezzlement of Company funds. The investigations in the matter are at an advanced stage. The Company estimates that the financial impact of this fraud is unlikely to exceed Rs.150 crore. Investigations are underway, and necessary corrective actions have been identified and are at various stages of implementation, including arrest of few persons involved.

In view of this development, the agenda matters pertaining to approval of the audited standalone and consolidated financial results of the Company for the fourth quarter and financial year ended 31 March 2024, recommendation of dividend, AGM and related matters, which were to be considered at the Board meeting scheduled to be held on 23 April 2024, are being deferred to a later date, which shall be intimated in due course. The Audit Committee and the Board Meeting scheduled on 23 April, 2024 will consider all other matters scheduled to be discussed at the respective meetings, including increase in aggregate borrowing limits and fund raise via issue of Non-convertible debentures.

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