Mahindra & Mahindra gains post October sales

At 10:14 AM, the stock was up 4% at Rs 1,229 on the BSE as compared to 0.56% decline in the S&P BSE Sensex.

Mahindra & Mahindra (M&M) is trading higher by nearly 5% to Rs 1,228 on the BSE in otherwise weak market after automaker has reported 20% year on year (YoY) growth in total sales of 51,383 units in the month of October 2015. It had sold 42,780 units in the same month year ago.

In the domestic market, sales were up by 21 per cent to 48,815 units last month as against 40,278 units in October 2014. Exports were up three per cent at 2,568 vehicles as against 2,502 units in the same period a year ago.

The growth is backed by an excellent response garnered from the recently launched TUV300 as well as brands such as XUV500, Scorpio, Bolero and pickups, the company said in a press release.

We are quite hopeful of this positive growth momentum continuing for the rest of the year, it added.

Meanwhile, the company in a separate filing said that its tractor sales in October fell 12% YoY to 28,081 units, because of the weakness of monsoon rains vital for much of the country's agriculture.

The company said in a release however it expected the coming festive season will bring in improved sentiments and demand in coming month.

At 10:14 AM, the stock was up 4% at Rs 1,229 on the BSE as compared to 0.56% decline in the S&P BSE Sensex. A combined 370,967 shares changed hands on the counter on the BSE and NSE.