M&M rises after incorporating subsidiary in Jordan

Mahindra & Mahindra rose 0.76% to Rs 665.70 at 10:31 IST on BSE after the company announced incorporation of a new step down subsidiary company in Jordan.

The announcement was made after market hours yesterday, 1 April 2019.

Meanwhile, the S&P BSE Sensex was down 4.67 points, or 0.01% to 38,867.20

On the BSE, 51,000 shares were traded in the counter so far compared with average daily volumes of 3.86 lakh shares in the past two weeks. The stock had hit a high of Rs 668.40 and a low of Rs 662.35 so far during the day.

Mahindra & Mahindra (M&M) announced incorporation of a new step down subsidiary company in Jordan. Mahindra Armored Vehicles Jordan, LLC. ('MAVJL') is incorporated with effect from 31 March, 2019, as a wholly owned subsidiary of Mahindra Emirates Vehicle Armouring FZ LLC ('MEVA'), a step down subsidiary of the company in which 88% of the shares are held by Mahindra Overseas Investment Company (Mauritius) (MOICML), a wholly owned subsidiary of the company.

M&M reported 11.44% fall in net profit to Rs 1076.81 crore on 12.89% rise in total sales to Rs 13070.36 crore in Q3 December 2018 over Q3 December 2017.

M&M enjoys a leadership position in utility vehicles, and is the world's largest tractor company, by volume.

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