BUZZ-India's Mahindra Finance climbs to five-month high on quarterly profit rise

Morgan Stanley

Morgan Stanley

MS

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** Shares of India's Mahindra & Mahindra Financial Services MMFS.NS extend gains to rise 8.8% to 380.60 rupees

** Stock climbs to its highest level since February 27

** The consumer lending company's first-quarter profit surges 69.71% y/y, and revenue from operations up 12.5% y/y

** Morgan Stanley ("equal-weight") raises TP to 370 rupees from 335 rupees; says PAT beat its estimates due to lower operating and credit costs

** Centrum Broking ("buy") revises TP to 399 rupees from 379 rupees; says MMFS well-positioned to deliver structurally higher and more diversified earnings profile in medium term

** About 18.6 million shares traded by 10:41 am, 4.3x the 30-day average

** MMFS on avg rated "buy" by 33 analysts; median PT is 387.50 rupees - LSEG-compiled data

** Stock down 5.6%, YTD


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