M&M marches forward after posting strong tractor sales in Dec

Mahindra & Mahindra gained 0.6% to Rs 749.95 at 10:25 IST on BSE after the company reported that total tractor sales rose 30% to 18,288 units in December 2017 over December 2016.

The announcement was made during market hours today, 2 January 2018.

Meanwhile, the S&P BSE Sensex was almost unchanged at 33,813.79.

On the BSE, 35,187 shares were traded in the counter so far, compared with average daily volumes of 1.34 lakh shares in the past one quarter. The stock had hit a high of Rs 756.50 and a low of Rs 746.60 so far during the day. The stock had hit a record high of Rs 785.58 on 20 December 2017. The stock had hit a 52-week low of Rs 585.55 on 2 January 2017.

The stock had outperformed the market over the past one month till 1 January 2018, gaining 5.8% compared with 2.98% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 18.92% as against Sensex's 8.08% rise. The scrip had, however, underperformed the market in past one year, rising 25.88% as against Sensex's 26.99% rise.

The large-cap company has equity capital of Rs 621.60 crore. Face value per share is Rs 5.

Mahindra & Mahindra's (M&M) domestic tractor sales rose 32% to 16,671 units in December 2017 over December 2016. Exports of tractors rose 13% to 1,617 units in December 2017 over December 2016.

Commenting on the month's performance, Rajesh Jejurikar, President - Farm Equipment Sector, M&M said that with the healthy reservoir levels and good progress on rabi sowing, the company expects the growth momentum to continue in the coming months.

M&M during market hours yesterday, 1 January 2018 said that its total auto sales rose 8% to 39,200 units in December 2017 over December 2016.

M&M reported 24.8% rise in net profit to Rs 1331.57 crore on 14% rise in net sales to Rs 12182.07 crore in Q2 September 2017 over Q2 September 2016.

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

Powered by Capital Market - Live News