M&M gains after collaboration with Uber

Mahindra & Mahindra rose 1.12% to Rs 1,435.65 at 15:02 IST on BSE after the company said it will collaborate with Uber to deploy electric vehicles in India.

The announcement was made during market hours today, 24 November 2017.

Meanwhile, the S&P BSE Sensex was up 86.80 points, or 0.26% to 33,674.88.

On the BSE, 40,000 shares were traded in the counter so far, compared with average daily volumes of 94,943 shares in the past one quarter. The stock had hit a high of Rs 1,439.75 and a low of Rs 1,420.90 so far during the day. The stock hit a 52-week high of Rs 1,459.50 on 12 June 2017. The stock hit a 52-week low of Rs 1,141.80 on 2 December 2016.

The stock had outperformed the market over the past 30 days till 23 November 2017, rising 4.06% compared with 1.65% rise in the Sensex. The scrip had underperformed the market in past one quarter, rising 3.20% as against Sensex's 6.30% rise. The scrip had also underperformed the market in past one year, rising 21.92% as against Sensex's 29.88% rise.

The large-cap company has equity capital of Rs 310.80 crore. Face value per share is Rs 5.

Mahindra & Mahindra (M&M) announced that it will collaborate with Uber, the global transportation technology company, to explore the deployment of electric vehicles (EVs) on the Uber platform in several cities across India.

To begin with, the companies will deploy hundreds of electric vehicles in Delhi and Hyderabad. M&M's electric vehicles on the Uber platform will include the e20Plus hatch and the eVerito sedan. As part of this collaboration, both the companies will also explore deployment of M&M electric vehicles to other cities.

M&M's net profit rose 24.8% to Rs 1331.57 crore on 14% rise in net sales to Rs 12182.07 crore in Q2 September 2017 over Q2 September 2016.

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

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