MMFSL gains on getting long-term issuer rating upgrade from India Ratings

Mahindra & Mahindra Financial Services is currently trading at Rs. 315.00, up by 0.85 points or 0.27 % from its previous closing of Rs. 314.15 on the BSE. The scrip opened at Rs. 317.10 and has touched a high and low of Rs. 318.00 and Rs. 312.95 respectively. So far 23179 shares were traded on the counter. The BSE group 'A' stock of face value Rs. 2 has touched a 52 week high of Rs. 355.90 on 23-Dec-2013 and a 52 week low of Rs. 212.60 on 23-Aug-2013. Last one week high and low of the scrip stood at Rs. 316.40 and Rs. 286.50 respectively. The current market cap of the company is Rs. 17864.91 crore. The promoters holding in the company stood at 52.12 % while Institutions and Non-Institutions held 42.73 % and 5.14 % respectively. Credit rating agency, India Ratings & Research has upgraded Mahindra & Mahindra Financial Services’ (MMFSL) long-term issuer rating to ‘AAA’ from ‘AA+’ with a stable outlook. The ratings reflect the credit strength of MMFSL’s parent company - Mahindra & Mahindra. Mahindra & Mahindra Financial Services is a large non-banking finance company and M&M is a leading Indian automobile company. Besides financing M&M’s vehicles, MMFSL is also the holding company of the group's other financial services forays, including rural housing finance.