Mahindra CIE Automotive Q2 earnings: The auto component supplier reported a profit of Rs 171.36 crore in the same quarter of the previous year.
Ahead of the Reserve Bank of India's rate decision, market participants are likely to remain cautious, as was seen the previous day when the benchmarks ended flat after choppy trade
Mahindra CIE Automotive was also in action, rising 4.7 percent to end at record closing high of Rs 474.3 and formed long bullish candlestick on the daily charts with huge volumes. The stock has broadly maintained higher highs higher lows formation since the end of March.
As many as 1,858 shares advanced, 1,539 declined, and 133 shares remained unchanged as equity benchmarks ended around 0.3 percent higher
NMDC has also formed bullish candle with long upper shadow on the daily scale, indicating a bit of profit booking at higher levels. The stock closed with 1.7 percent gains at Rs 116.4, with above average volumes. It has been making higher highs higher lows formation for second consecutive session.
The company has sold 2,29,80,000 equity shares representing 6.05 per cent of the paid-up share capital of Mahindra CIE Automotive Ltd, a listed unit of the company, the auto major said in a regulatory filing.
While the Nifty50 has gained 2.5 percent and the Sensex has climbed 4 percent since last Holi, there are stocks that have delivered returns ranging roughly between 100-200 percent.
Analysts also see margins improving, despite pressures on its crucial European market
PB Fintech has shown a rebound after testing the neckline of the Cup & Handle pattern, which had given a breakout two weeks prior - a reversal pattern. This breakout is further confirmed by higher trading volumes.
The stock, which closed at Rs 449, has gained more than 26 percent this calendar year, while Nifty Auto is up 2 percent
The company's net profit for the December quarter tripled to Rs 195 crore from the year-ago period on strong operational performance and exceptional gain. It also recorded an exceptional gain of Rs 37.87 crore for the quarter
The surge in profit was led by strong operating performance and exceptional gains.
PNC Infratech's stock price has broken through its previous swing high of Rs 335 (January 16, 2023), indicating a potential change in trend towards positive side. This move also validates the continuation previous pattern of Higher Highs and Higher Lows.
Mahindra CIE Automotive has a very profitable structure and has experienced a significant multi-month breakout over Rs 390. It has now resumed its ascent toward Rs 420 after retesting its earlier breakout mark of Rs 345.
Mahindra CIE Automotive was the fourth gainer in Nifty500 index, rising nearly 7 percent to end at record closing high of Rs 385 and formed long bullish candle on the daily charts which resembles Bullish Engulfing kind of pattern formation.
Mahindra CIE Automotive was also in action, climbing nearly 6 percent to end at record closing high of Rs 377 and formed long bullish candle on the daily charts with robust volumes, making higher high higher low for second consecutive session.
ICICI Securities is bullish on Mahindra CIE Automotive recommended buy rating on the stock with a target price of Rs 466 in its research report dated January 11, 2023.