M&M rises on plans of upgradation

Homegrown auto major Mahindra & Mahindra is trading higher by 2% to Rs 1,234 on the BSE after the company decided to upgrade the side curtain airbag software on all the XUV500 vehicles manufactured on or before July 2014.

The upgrade will be performed free of cost for customers who will be personally contacted by the company. However, the upgrade will be limited only to a software change and no parts will be replaced.

"The company is proactively upgrading the airbag software. Incidentally, this is also in keeping with SIAM’s voluntary code on vehicle recall. Customers can also visit the ‘Service Action’ section of the website and check whether their vehicle is part of the service action," the company stated in a release.

XUV500 is the most premium sport utility vehicle sold by the Mumbai-based company under the Mahindra badge. The model costing above Rs 10 lakh sells an average of around 3,000 units a month.

Meanwhile, Mahindra & Mahindra also plans to launch its electric car in Europe in next six months as it looks to tap rising demand for eco-friendly vehicles in the continent.

The stock opened at Rs 1,213, touched a high of Rs 1,235 on the BSE. A total of 15,682 shares changed hands on the BSE so far.