Mahindra and Mahindra has reported robust earnings for the quarter ending March. Strong volumes and an exceptional gain have boosted the auto company’snumbers. Net profit climbed 35.5% to Rs 911 crore. That was on a 39% rise in net sales to Rs 9,241 core. Mahindra’s profits were boosted by a one-time gain in taxes. But the company also said a tight control on expenses had helped it defend margins in a time of rising input costs. Mahindra’s shares closed 0.14% higher on the BSE at Rs 657.20 on a day the Sensex dropped 0.77%.
And staying with the auto industry, Tata Motors saw its shares go into free fall on Wednesday, just a day after it reported its fourth quarter earnings. While Tata Motors posted a bumper profit fueled by exceptional gains, investors are worried about its UK subsidiary JLR. Jaguar Land Rover’s fourth quarter operating margins have fallen to less than 15% from 20% in the previous quarter. Shares of Tata Motors plummeted 11.8% on the BSE to end trade at 243.35.
And finally, with Tata Motors nose-diving, and a fresh set of GDP numbers expected on Thursday, Indian markets ended deep in the red. The Sensex dropped 126 points to 16,312. And the Nifty lost 39 to close at 4,951.