M&M gains after launch of new diesel engine

Mahindra & Mahindra surged 4.73% to Rs 1,194.20 at 14:33 IST on BSE after the company announced the launch of its mHawk new 1.99 litre diesel engine.

The announcement was made during market hours today, 22 January 2016.

Meanwhile, the S&P BSE Sensex was up 463.27 points or 1.93% at 24,425.48.

On BSE, so far 34,000 shares were traded in the counter as against average daily volume of 61,492 shares in the past one quarter. The stock hit a high of Rs 1,197.90 and a low of Rs 1,142.05 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 1,095 on 7 September 2015. The stock had underperformed the market over the past one month till 21 January 2016, sliding 10.72% compared with Sensex's 6.89% fall. The scrip had, however, outperformed the market in past one quarter, declining 9.37% as against Sensex's 12.19% fall.

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

Mahindra & Mahindra (M&M) said that its latest diesel engine would power the new generation Scorpio as well as the new age XUV500. It would be available for customers within the Delhi and NCR region to begin with, M&M said in a statement.

M&M's net profit declined 2.4% to Rs 923.56 crore on 1.8% decline in net sales to Rs 9121.79 crore in Q2 September 2015 over Q2 September 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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