Mahindra Finance shares: Mahindra & Mahindra Financial Services Ltd saw a reversal in its fortunes on Thursday, as its shares recovered from early losses and turned positive. The stock initially dropped 0.64 percent, hitting a low of Rs 288.15 in the early session. However, it later rebounded, rising 2.85 percent from that low to reach Rs 296.35.
Today’s share price rebound was triggered by the announcement of a corporate agency partnership between Kotak Mahindra Life Insurance Company Ltd and Mahindra Finance.
In their joint statement, the companies stated that the partnership aims to provide a wide range of tailored life insurance solutions from Kotak Life to benefit over 10 million customers of Mahindra Finance.
Mahesh Balasubramanian, Managing Director at Kotak Life, stated, “We are dedicated to the vision of ‘Insurance for All’ set by the IRDAI. Through our collaboration with Mahindra Finance, our goal is to expand our reach to underserved segments of the population. By leveraging Mahindra Finance’s extensive customer base and our expertise in life insurance, we aim to offer comprehensive life insurance solutions and ensure financial security for Mahindra Finance customers.”
Raul Rebello, the Managing Director & CEO at Mahindra Finance, expressed his excitement about the strategic collaboration with Kotak Life to provide life insurance solutions to their customers. This partnership signifies Mahindra Finance’s commitment to offering efficient insurance solutions with a personalized touch, aimed at facilitating sustainable growth and fulfilling their role as a responsible financial partner to Emerging India. -Mahindra Finance shares
These insurance offerings will be accessible through Mahindra Finance’s extensive network of over 1,400 branches across all states and Union Territories over time, as mentioned in the joint release.
From a technical perspective, the stock was trading above various simple moving averages (SMAs) including the 5-day, 10-day, 20-day, 30-day, 50-day, 100-day, 150-day, and 200-day, indicating positive momentum. The 14-day relative strength index (RSI) stood at 67.06. An RSI of less than 30 indicates oversold conditions, whereas an RSI of more than 70 indicates overbought conditions.
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As of March 2024, the company’s stock had a price-to-equity (P/E) ratio of 20.36 and a price-to-book (P/B) value of 1.97. The earnings per share (EPS) were reported at 14.24, with a return on equity of 9.69.
The promoters maintained a 52.16 percent stake in the company as of March 2024.
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