M&M moves north after strong monthly tractor sales

Mahindra & Mahindra rose 2.68% to Rs 1,357.95 at 11:04 IST on BSE after the company reported a 61% growth in its total tractor sales at 45,177 units in October 2016 over October 2015.

The announcement was made during market hours today, 2 November 2016.

Meanwhile, the S&P BSE Sensex was down 288.12 points or 1.03% at 27,588.49.

On BSE, so far 1.21 lakh shares were traded in the counter as against average daily volume of 68,923 shares in the past one quarter. The stock hit a high of Rs 1,366.50 and a low of Rs 1,306.60 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 1 November 2016, sliding 5.94% compared with 0.04% rise in the Sensex. The scrip had also underperformed the market in past one quarter, declining 10.01% as against Sensex's 0.45% fall.

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 61% to 43,826 units in October 2016 over October 2015. Exports surged 69% to 1,351 units in October 2016 over October 2015.

The company during market hours today, 2 November 2016 said its total auto sales rose 1% to 52,008 units in October 2016 over October 2015. Total domestic sales were almost flat at 48,729 units in October 2016 compared with 48,815 units in October 2015. Exports rose 28% to 3,279 units in October 2016 over October 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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