M&M gains after launching automatic variant of New Age XUV500 vehicle

Mahindra & Mahindra gained 0.46% to Rs 1,324 at 10:00 IST on BSE after the company announced the launch of the automatic variant of the New Age XUV500 vehicle.

The company made announcement on Wednesday, 25 November 2015. The market remained closed yesterday, 25 November 2015, due to holiday on account of Gurunanak Jayanti.

Meanwhile, the BSE Sensex was up 110.49 points, or 0.43%, to 25,883.39.

On BSE, so far 1,200 shares were traded in the counter, compared with an average volume of 87,755 shares in the past one quarter.

The stock hit a high of Rs 1,324.45 and a low of Rs 1,320.35 so far during the day. The stock hit a record high of Rs 1,441.45 on 7 August 2015. The stock hit a 52-week low of Rs 1,095 on 7 September 2015.

The stock had outperformed the market over the past one month till 24 November 2015, rising 5.6% compared with Sensex's 6.17% fall. The scrip had also outperformed the market in past one quarter, gaining 6.3% as against Sensex's 0.13% 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) announced that the automatic transmission option of the vehicle will be available on three variants of the New Age XUV500 - W8 FWD and W10 FWD & AWD. The automatic version starts at a price of Rs 15.36 lakh (ex-showroom Navi Mumbai) for the W8 FWD variant and will be available across M&M dealerships from 5 December 2015 onwards.

The XUV500 model of vehicles was first launched in 2011, followed by its major upgrade, the New Age XUV500 in 2015.

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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