M&M gains after decent sales in July

Mahindra & Mahindra rose 0.49% to Rs 1,474.10 at 14:21 IST on BSE after the company reported 14% growth each in its total tractor sales and total automobile sales in July 2016 over July 2015.

The company announced the monthly sales volume data during trading hours.

Meanwhile, the S&P BSE Sensex was down 29.82 points, or 0.11%, to 28,022.04.

On BSE, so far 64,000 shares were traded in the counter, compared with an average daily volume of 89,420 shares in the past one quarter. The stock hit a high of Rs 1,493.50 so far during the day, which is a record high for the counter. The stock hit a low of Rs 1,467.10 so far during the day. The stock hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had underperformed the market over the past one month till 29 July 2016, rising 3.51% compared with 4.9% rise in the Sensex. The scrip had outperformed the market in past one quarter, rising 10.15% as against Sensex's 9.55% rise.

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

Mahindra & Mahindra (M&M) reported 14% increase in its total tractor sales at 17,553 units in July 2016 over July 2015. Domestic tractor sales rose 15% to 16,452 units in July 2016 over July 2015. Exports fell 7% to 1,101 units in July 2016 over July 2015.

Separately, M&M said its total auto sales rose 14% to 39,458 units in July 2016 over July 2015. Domestic auto sales rose 14% to 35,305 units in July 2016 over July 2015. Passenger vehicles sales grew 20% to 17,356 units in July 2016 over July 2015. Medium and heavy commercial vehicles (MHCV) sales rose 22% to 382 units in July 2016 over July 2015. Total auto exports rose 16% to 4,153 units in July 2016 over July 2015.

M&M's net profit rose 6% to Rs 583.73 crore on 14.8% growth in net sales to Rs 10666.43 crore in Q4 March 2016 over Q4 March 2015.

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

Powered by Capital Market - Live News