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Mahindra & Mahindra, India's largest multinational automobile company, maker, has showed a 7.25 per-cent decline in total profit to Rs 831 cr. for the quarter to June, compared to Rs 896cr in the year-ago time, faring better at the time than analysts apprehended.

Airlines have had a tough year and have been the victim of analyst flip flopping on their future. Their close ties with the state of the economy have discouraged buying but some of these look ripe for a contrarian buy.

Every component on the airline subsector was up for the day after the major carriers announced intentions to continue the capacity discipline in spite of strong demand.