M&M gains after announcing launch of new pick-up vehicle

Mahindra & Mahindra rose 1.4% at Rs 1,374 05 at 15:15 IST on BSE after the company announced the launch of a new pick-up vehicle under the name Big Bolero Pik-up.

The announcement was made during market hours today, 27 April 2016.

Meanwhile, the S&P BSE Sensex was up 63.42 points or 0.24% at 26,070.72.

On BSE, so far 36,888 shares were traded in the counter as against average daily volume of 93,193 shares in the past one quarter. The stock hit high of Rs 1,377.50 and low of Rs 1,344 so far during the day. The stock had hit a record high of Rs 1,441.45 on 7 August 2015. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had outperformed the market over the past one month till 26 April 2016, rising 8.47% compared with Sensex's 2.64% rise. The scrip had also outperformed the market in past one quarter, gaining 15.02% as against Sensex's 6.21% rise.

The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

Mahindra & Mahindra (M&M) said the vehicle will be available in two variants priced at Rs 6.15 lakh and Rs 6.30 lakh ex-showroom Pune. The product is launched to cater to India and India like markets. Currently, the product is launched for the domestic market only, M&M said.

M&M's net profit declined 14.2% to Rs 807.99 crore on 17.1% growth in net sales to Rs 10900.39 crore in Q3 December 2015 over Q3 December 2014.

Mahindra Group enjoys a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.

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