M&M Financial gets SEBI approval for setting up Mahindra Mutual Fund

The company has received approval from the Securities and Exchange Board of India to act as the Asset Management Company to the Mahindra Mutual Fund, set up by the company.

Mahindra & Mahindra Financial Services Ltd has informed BSE that Mahindra Asset Management Company Private Limited, a wholly-owned subsidiary of the Company has on February 04, 2016 received the approval from the Securities and Exchange Board of India to act as the Asset Management Company to the Mahindra Mutual Fund, set up by the Company.


Stock view:
Mahindra & Mahindra Financial Services Ltd ended at Rs. 201, down by Rs. 0.2 or 0.1% from its previous closing of Rs. 201.2 on the BSE.

The scrip opened at Rs. 201.5 and touched a high and low of Rs. 207.75 and Rs. 200 respectively. A total of 918126(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs. 11431.88 crore.

The BSE group 'A' stock of face value Rs. 2 touched a 52 week high of Rs. 294 on 07-Jul-2015 and a 52 week low of Rs. 192.95 on 28-Jan-2016. Last one week high and low of the scrip stood at Rs. 211.55 and Rs. 195.75 respectively.

The promoters holding in the company stood at 51.97 % while Institutions and Non-Institutions held 43.44 % and 4.59 % respectively.

The stock traded above its 200 DMA.