M&M picks up momentum after posting good sales in September

Mahindra & Mahindra gained 2.21% to Rs 1,281.50 at 11:15 IST on BSE after the company announced robust auto and tractor sales in September 2017.

The announcement was made during market hours today, 3 October 2017.

Meanwhile, the S&P BSE Sensex was up 264.30 points or 0.84% at 31,548.02.

On the BSE, 29,891 shares were traded on the counter so far as against the average daily volumes of 92,471 shares in the past one quarter. The stock had hit a high of Rs 1,291.50 and a low of Rs 1,256.05 so far during the day. The stock had hit a 52-week high of Rs 1,459.50 on 12 June 2017 and a 52-week low of Rs 1,141.80 on 2 December 2016.

Mahindra & Mahindra (M&M) said that total auto sales rose 16% to 53,663 units in September 2017 over September 2016. Domestic sales rose 19% to 50,456 units in September 2017 over September 2016. Exports fell 11% to 3,207 units in September 2017 over September 2016.

Separately, company said total tractor sales jumped 49% to 45,563 units in September 2017 over September 2016. Domestic sales surged 52% to 44,000 units in September 2017 over September 2016. Exports rose 2% to 1,563 units in September 2017 over September 2016.

Mahindra & Mahindra's (M&M) net profit fell 19.8% to Rs 765.96 crore on 4.8% growth in net sales to Rs 11575.71 crore in Q1 June 2017 over Q1 June 2016.

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

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