M&M gains after soft launching E-verito at a rally in New Delhi

Mahindra & Mahindra rose 1.46% to Rs 1,215.10 at 14:45 IST on BSE after the soft launch of company's Sedan category vehicle E-verito at a rally of electric and hybrid vehicles in New Delhi.

Meanwhile, the BSE Sensex was up 185.15 points, or 0.69%, to 26,998.57.

On BSE, so far 21,169 shares were traded in the counter, compared with an average volume of 61,605 shares in the past one quarter.

The stock hit a high of Rs 1,228 and a low of Rs 1,191 so far during the day. The stock hit a record high of Rs 1,421 on 4 September 2014. The stock hit a 52-week low of Rs 1,106 on 10 February 2015.

The stock had outperformed the market over the past one month till 4 June 2015, dropping 0.13% compared with 2.46% decline in the Sensex. The scrip had also outperformed the market in past one quarter, slipping 1.16% as against Sensex's 8.74% fall.

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

The event was organized by Department of Heavy Industry, the Ministry of Industries & Public Enterprises today, 5 June 2015, to inform public at large that the government has initiated the scheme Faster Adoption and Manufacturing of hybrid and electric vehicles (FAME India) in order to protect the environment and this scheme will help reduction in the use of fossil fuel, which is one of the main sources of GHG emission from road transport sector. M&M's E-verito is the first four-door pure electric model in the country.

Mahindra & Mahindra's (M&M) net profit fell 38.6% to Rs 550.56 crore on 13.2% drop in total income to Rs 9683.06 crore in Q4 March 2015 over Q4 March 2014.

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