Shares of Mahindra & Mahindra Fin Services rose as much as 5 per cent to hit a record high of Rs 533.05 as the company’s March-quarter profit surged 79 per cent to Rs 513 crore ($76.69 million) with total assets under management up 18 per cent at Rs 55,101 crore as on March 31, 2018.

Jefferies says the company's loan growth has come as a positive suprise. It has raised the target price to Rs 595 from Rs 575.

“We expect the trend of falling gross non-performing assets to continue ... with net interest margins and operating expenses ratio to improve,’’ Nomura says. It has raised the target price to Rs 600 from Rs 565.

According to Credit Suisse, the company’s confidence on future growth is from visibility of cash flow in rural India, expectation of decent monsoon and upcoming state elections in major states. The brokerage has raised the target price to Rs 600 from Rs 570.

21 of 31 brokerages have rated the stock as “buy” or higher, five ”hold” and five “sell” or lower; their median target price is Rs 562.50.

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