On the BSE, over 2.40 crore shares of the company had changed at the counter as compared with an average trading volume of 0.85 lakh shares in the past two weeks.

On the NSE, 37.21 lakh shares of the company were traded in the counter so far as against an average trading volume of 14.02 lakh shares in the past three months.

On the technical front, the stock's daily RSI (relative strength index) stood at 38.353. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On daily chart, the stock is trading above its 100-day and 200-day simple moving average (SMA) placed at 342.94 and 298.16, respectively. It is, however, trading below its 50-day SMA positioned at 384.47.

In the past three months, the stock has gained by 24.09% while the benchmark Sensex has lost 4.59% during the same period.

As per media reports, Mahindra & Mahindra (M&M) was to sell a 4.6% stake in auto component firm Mahindra CIE Automotive through a block deals on Monday.The floor price for the sale is Rs 355 a share and the deal size is estimated to be Rs 615 crore, the reports added.

M&M held 9.25% stake (equivalent to 3,51,02,068 crore shares) in Mahindra CIE Automotive at the end of December 2022 quarter.

Mahindra CIE Automotive is a multi-technology automotive components supplier. It is a subsidiary of the CIE Automotive group of Spain; an industrial group specialised in supplying components and sub-assemblies for the automotive market, which has presence across the globe.

The company had reported a consolidated net loss of Rs 657.81 crore in Q4 CY22 as against a consolidated net profit of Rs 80.23 crore in Q4 CY21. However, revenue from operations rose 34.6% to Rs 2,246.84 crore in Q4 calendar year (CY) 2022 over Q4 CY 2021.

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Mahindra CIE Automotive has allotted 44,998 equity shares under ESOP on 02 March 2023. Consequent to the allotment the issued capital increased from Rs. 3,79,31,83,240 to Rs. 3,79,36,33,220 and the subscribed and paid-up capital of the Company increased from Rs. 3,79,31,73,790 to Rs. 3,79,36,23,770.

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However, revenue from operations rose 34.6% to Rs 2,246.84 crore in Q4 calender year (CY) 2022 over Q4 CY 2021.

Profit before exceptional items and tax in Q4 CY2022 stood at Rs 232.5 crore, up by 47.3% from Rs 122.6 crore in Q4 CY2021.

The company reported an exceptional profit of Rs 37.9 crore in current quarter pertaining to sale of freehold land situated in Kanhe, Pune.

The company's India revenue was Rs 1,406.9 crore (up 21.71% YoY) while that from Europe was Rs 1,323.1 crore (up 43.08% YoY) during the period under review.

Total expenses rose by 30.37% to Rs 2,039.1 crore in Q4 CY2022 from Rs 1,564.1 crore in Q4 CY2021, due to higher raw material costs (up 44.71% YoY) and higher other expenses (up 37.74% YoY).

EBITDA jumped by 92% to Rs 354.7 crore in Q4 CY2022 from Rs 184.3 crore in Q4 CY2021. EBITDA margin improved to 17.1% in Q4 CY2022 as against 11.7% in Q4 CY2021.

The company said that its overall positive performance was supported by growth and solid profitability in India and big commercial efforts in Europe to offset huge cost increases (inflation, energy, transport).

Meanwhile, the board of directors recommended dividend of Rs 2.50 per equity share for the financial year ended 31 December 2022. The payment of dividend is subject to approval of the members of the company.

Mahindra CIE Automotive is a multi-technology automotive components supplier. It is a subsidiary of the CIE Automotive group of Spain; an industrial group specialised in supplying components and sub-assemblies for the automotive market, which has presence across the globe.

The scrip advanced 2.01% to currently trade at Rs 393.55 on the BSE.

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Mahindra CIE Automotive announced that the Board of Directors of the Company at its meeting held on 22 February 2023, has recommended a Final dividend of Rs.2.50 per share (i.e.25%), subject to the approval of the shareholders.

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