M&M nudges higher after strong tractor sales

Mahindra & Mahindra rose 0.95% to Rs 747.20 at 11:36 IST on BSE after the company reported strong growth in tractor sales and a decent rise in its auto sales in March 2018 over March 2017.

The sales volumes were announced during market hours today, 2 April 2018.

Meanwhile, the S&P BSE Sensex was up 145.76 points or 0.44% at 33,114.44.

On the BSE, 28,000 shares were traded on the counter so far as against the average daily volumes of 2.05 lakh shares in the past one quarter. The stock had hit a high of Rs 748.50 and a low of Rs 738.20 so far during the day. The stock had hit a record high of Rs 802.80 on 1 February 2018 and a 52-week low of Rs 612.50 on 28 September 2017.

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

Mahindra & Mahindra's (M&M) total auto sales rose 10% to 62,077 units in March 2018 over March 2017. Total domestic sales grew by 10% and total exports surged 26%. The company's total tractor sales surged 46% to 28,277 units in March 2018 over March 2017. Domestic tractor sales jumped 50% while exports dropped 3%.

M&M's net profit rose 12.5% to Rs 1215.91 crore on 4.57% growth in net sales to Rs 11577.78 crore in Q3 December 2017 over Q3 December 2016.

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

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