Mahindra Finance to expand into mortgage business; stock hits new 52-week high

M&M Finance shares are in focus in Monday's session (September 16) as the NBFC company will expand into mortgage business. As part of the expansion plans. the company will also cater to home loan and retail lease.

The company in its filing said, "at their meeting held today i.e. on 13th September 2024 have approved the expansion into Mortgage business which would include providing Housing Finance, Top-up Loans, Lease Rental Discounting, Home Improvement and Home Extension Loans, Balance Transfer Loans and Construction Finance etc."

Through its expansion, the company aims to leverage its strong geographical presence in the retail lending space to exploit the mortgage lending opportunity for its existing customers as well as new customers.

The stock in the last one year has underperformed the broader Nifty index and has risen just 12 per cent.