M&M in demand after XUV 700 receives strong response

Mahindra & Mahindra (M&M) jumped 5.24% to Rs 877.45 after the automobile maker received strong response for its newly launched XUV 700 SUV.

In a stock exchange filing on Thursday (M&M) said that Mahindra XUV700 clocked 25,000 bookings in 57 minutes of its booking commencement which is an unprecedented milestone in the Indian automotive industry.

The volume of 25,000 XUV700s made available today at the launch prices reflects up to six months of production depending on the variant. It also makes the XUV700 the first four-wheeler in India to hit the milestone.

M&M said that bookings will now reopen starting 10 am tomorrow, 8 October. Customers can book their preferred XUV700 via dealerships or digital platforms, at its highly attractive price points applicable for the next 25,000 bookings (details below), after which prices at the time of delivery will prevail.

M&M on 30 September announced the complete variant line-up and date of booking commencement for the XUV700. The SUV starts at Rs 11.99 lakh for the MX series and Rs 12.99 lakh for the AX series, ex showroom, all India. The XUV700 comes with crafted looks, premium interiors and exceptional ride comfort. It is available in variants that include diesel and petrol, manual and automatic transmissions and with 5- and 7-seater capacity. It is also available in an optional All-Wheel-Drive (AWD) spec.

M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.

On a consolidated basis, M&M's net loss stood at Rs 331.74 crore in Q1 FY22 compared with a net profit of Rs 54.64 crore in Q1 FY21. Net sales jumped 60.2% to Rs 19,171.91 crore in Q1 FY22 as against Rs 11,969.04 crore in Q1 FY21.

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