M&M slips on plan to halt production

Mahindra & Mahindra fell 1.01% to Rs 545.55 after the company said it will observe no production days during the second quarter of the financial year 2019-2020.

The company, as part of aligning its production with sales requirements, would be observing 'no production days' during the second quarter of the financial year 2019-2020 in various plants of the company.

Automotive sector will observe no production days for 8 to 17 days while farm equipment sector will observe no production days for 1 to 3 days.

The management does not envisage any adverse impact on availability of vehicles in the market due to adequacy of vehicle stocks to serve the market requirements. The announcement was made after market hours on Friday, 13 September 2019.

On BSE, 24,000 shares were traded in M&M counter, compared to a 2-week average of 1.12 lakh shares. The stock hit an intraday high of Rs 548 and an intraday low of Rs 542.60.

It hit a 52-week high of Rs 976.50 on 21 September 2018 and a 52-week low of Rs 502.85 on 14 August 2019.

M&M's consolidated net profit fell 51% to Rs 809.30 crore on a 0.1% decline in net sales to Rs 26,041.02 crore in Q1 June 2019 compared with Q1 June 2018.

Mahindra & Mahindra is engaged in the manufacture of passenger cars, commercial vehicles and tractors.

Powered by Capital Market - Live News