Mahindra & Mahindra Financial's stock jumps nearly 9% on strong earnings

Shares of Mahindra & Mahindra Financial Services rose by nearly 9% on Monday after the company reported a 12% rise in consolidated net profit for quarter ended March 31.

At 1206 hours, the company's stock was dealing at Rs 300.60, up Rs 25.05 or 9.09% on BSE and on the National Stock Exchange, at Rs 300.25, with a gain of Rs 24.55 or 8.90%. 

Mahindra & Mahindra Financial Services on Saturday reported a 12% rise in consolidated net profit at Rs 411.33 crore in the March quarter.

The company had posted a net profit of Rs 367.26 crore in the corresponding quarter of 2014-15.

Total income increased to Rs 1,904.88 crore from Rs 1,680.10 crore in the same period a year ago, it had said in a BSE filing.

On a yearly basis, the Group posted a net profit of Rs 772.29 crore, down 15.4% from 2014-15.

The company also recommended a dividend of Rs 4 per equity share to the shareholders for the fiscal 2015-16.