M&M moves higher after robust tractor sales

Mahindra & Mahindra rose 2.86% to Rs 1,446.10 at 11:16 IST on BSE after the company said its total tractor sales rose 69% to 30,562 units in September 2016 over September 2015.

The company announced the monthly sales volume data during market hours today, 3 October 2016.

Meanwhile, the S&P BSE Sensex was up 323.63 points or 1.16% at 28,189.59.

On BSE, so far 62,000 shares were traded in the counter as against average daily volume of 72,528 shares in the past one quarter. The stock hit a high of Rs 1,450.50 and a low of Rs 1,402 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had underperformed the market over the past one month till 30 September 2016, sliding 2.13% compared with 1.68% fall in the Sensex. The scrip had also underperformed the market in past one quarter, declining 1.61% as against Sensex's 3.21% rise.

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

Mahindra & Mahindra's (M&M) domestic tractor sales rose 70% to 29,035 units in September 2016 over September 2015. Exports rose 48% to 1,527 units in September 2016 over September 2015.

Separately, M&M announced on Saturday, 1 October 2016 that its auto sales rose 8% to 46,130 units in September 2016 over September 2015. Domestic sales rose 7.18% to 42,545 units in September 2016 over September 2015. Exports increased by 14% to 3,585 units in September 2016 over September 2015.

M&M's net profit rose 12.4% to Rs 955.21 crore on 12.3% growth in net sales to Rs 10898.08 crore in Q1 June 2016 over Q1 June 2015.

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

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