Mahindra & Mahindra Financial Services Ltd (M&MFIN)

M&M Finance Implements Safeguards After Fraud; Analysts Recommend Buying - 08 May, 2024

Mahindra & Mahindra Financial Services has implemented safeguards against fraud following an incident at its Aizwal branch. Anand Rathi and Motilal Oswal both recommend buying the stock, with targets of Rs 320 and Rs 325 respectively.

Mixed Analyst Calls for Mahindra & Mahindra Financial Services - 07 May, 2024

Mahindra & Mahindra Financial Services receives mixed analyst calls as Citi and Nomura have neutral and reduce calls respectively while Motilal Oswal has a buy call with a target price of Rs 325. The company's Q4 FY24 consolidated total income increased by 4.74%.

M&M Finances Reports Mixed Earnings Results - 06 May, 2024

Mahindra & Mahindra Financial Services reported mixed earnings results for Q4 FY2024, with a 10% YoY fall in net profit due to higher provisions and finance costs. The company's revenue beat expectations, but EPS fell short. Analysts are questioning whether the company can achieve its targets after setting aside ₹136 crore to cover losses from a fraud in one of its branches.

Mahindra & Mahindra Financial Services Reports Decline in Net Profit Due to Fraud - 05 May, 2024

Mahindra & Mahindra Financial Services' Q4 FY24 net profit falls by 9.5% YoY to Rs 619 crore due to increased expenses and a one-time provision of Rs 136 crore on account of fraud at its Aizawl branch. The company identified 2,887 potentially fraudulent loan accounts. For the entire FY24, there was a broad-based growth of 13% YoY in disbursements to Rs 56,208 crore.

M&M Financial's Q4 Net Profit Falls, Recommends Dividend - 04 May, 2024

Mahindra & Mahindra Financial Services reports a decline in Q4 net profit by 9.5% YoY and recommends a dividend of Rs 6.30 per equity share for FY24.

Raul Rebello Takes Over as MD and CEO of Mahindra & Mahindra Financial Services - 02 May, 2024

Mahindra & Mahindra Financial Services has appointed Raul Rebello as its new Executive Director and Managing Director & CEO. He assumed the role on April 30, following the superannuation of Ramesh Iyer from his position as Vice-Chairman and MD. Rebello transitioned to this role from his previous position as a whole-time Director.

Fraud Detection and Borrowing Limit Increase Affect M&M Financial Services Stock - 24 Apr, 2024

Mahindra & Mahindra Financial Services Ltd faces a challenging time as it detects a fraud of Rs 150 crore, leading to deferred board meetings and Q4 result announcements. The company has also increased its borrowing limit to Rs 1.3 lakh crore.

M&M Finance Postpones Board Meeting After Fraud Detection - 23 Apr, 2024

Mahindra & Mahindra Financial Services has postponed its Q4 results board meeting after discovering a fraud worth Rs 150 crore in one of its branches. The fraud involved forgery of KYC documents for retail vehicle loans, leading to embezzlement of company funds. Investigations are ongoing, and corrective actions are being implemented. The estimated financial impact is expected to be under Rs 150 crore.