M&M drops in early trade

Mahindra & Mahindra was down 0.86% to Rs 723.50 at 9:17 IST on BSE amid weak opening in the broader market, tracking negative global cues.

Meanwhile, the S&P BSE Sensex was down 340.89 points or 1.03% at 32,665.38.

On the BSE, 2,281 shares were traded on the counter so far as against the average daily volumes of 1.92 lakh shares in the past one quarter. The stock had hit a high of Rs 730.60 and a low of Rs 723.50 so far during the day. The stock had hit a record high of Rs 802.80 on 1 February 2018 and a 52-week low of Rs 612.50 on 28 September 2017.

The large-cap company has equity capital of Rs 621.60 crore. Face value per share is Rs 5.

Mahindra & Mahindra (M&M) announced that Mahindra and Ford signed five new memoranda of understanding (MoU) to co-develop midsize and compact SUV and electric vehicle, along with sharing powertrain portfolios. It also aims to embark on joint development of connected vehicle solutions. The agreement strengthens strategic collaboration between these two firms by focusing on product development for India and emerging markets. The MoUs, which are non-binding, mark the progress made by the two companies since announcing their alliance in September 2017. The announcement was made after market hours yesterday, 22 March 2018.

M&M's net profit rose 12.5% to Rs 1215.91 crore on 4.6% growth in net sales to Rs 11577.78 crore in Q3 December 2017 over Q3 December 2016.

M&M enjoys a leadership position in tractors and utility vehicles in India.

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