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The Mint Report for 14 November 2011

The Mint Report for 14 November 2011

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Mahindra and Mahindra reported lower than expected results despite robust sales growth. Stand-alone net profit fell to Rs737 crore compared to last year’s Rs758 crore. Sales, on the other hand, jumped up 37.6% at Rs7,307 crore. Mahindra and Mahindra’s utility vehicle business expanded 14.2% during the quarter and its tractor sales grew 28.2%.But its stocks dropped 5.73% to end at 790.40.

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India’s stubbornly high inflation isn’t going down. Indeed, prices have risen more than expected in October. The country’s wholesale price index climbed 9.73% during the month. That’s virtually unchanged from September’s 9.72%. Inflation in India has hovered at close to 10% despite 13 rate hikes by the Reserve Bank.

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