Mumbai, Oct. 26: Mahindra & Mahindra (M&M) has posted a 146 per cent rise in net profit for the second quarter ended September 30 at Rs 386.5 crore on a standalone basis compared with Rs 157.2 crore in the corresponding period last year.

The company’s shares soared to a record high of Rs 748 on the BSE today but ended at Rs 730.90, a 6 per cent gain over its last close.

M&M said the improvement in profit was because of strong sales by both automotive and farm equipment sectors and continued focus on operating and financing costs. Moreover, during the quarter, there was an exceptional profit of Rs 117.5 crore (Rs 88.4 crore post-tax) from the sale of a portion of the company’s holdings in its subsidiary — Tech Mahindra Ltd — offered as a part of the subsidiary’s IPO.

Reliance Capital

Anil Ambani group company Reliance Capital Ltd has posted a net profit of Rs 167.15 crore for the quarter ended September 30 compared with Rs 157.42 crore in the same period last year.

The total income was Rs 222.84 crore, while it was Rs 181.28 crore in the year-ago quarter, the company has informed the Bombay Stock Exchange.

The group has posted a net profit after minority interest and share of profit of associates at Rs 191.99 crore for the quarter ended September 30.