Mahindra & Mahindra gains on strong tractor sales in October

The stock moved higher by 3% to Rs 1,359 on the BSE, bouncing back 4% from early morning low

 

Mahindra & Mahindra (M&M) has moved higher by 3% to Rs 1,359 on the BSE, bouncing back 4% from early morning lows, after reporting a strong 61% year on year (YoY) growth in total tractor sales at 45,177 units in October 2016.

M&M’ Farm Equipment Sector (FES) sold total (domestic + exports) 27,280 units during October 2015, the company said in a statement.

“This season’s rainfall has been normal resulting in healthy water levels in reservoirs. Expectation of good Kharif crop coupled with continued good sentiments will positively impact demand going forward,” Rajesh Jejurikar, president and chief executive – Farm Equipment and Two Wheeler Division, M&M said.

Meanwhile, M&M, India’s leading SUV manufacture, reported 1% YoY growth in its auto sales at 52,008 vehicles  in October, 2016 compared to 51,383 vehicles during October, 2015.

At 10:24 am, the stock was up 2.5% at Rs 1,356, after hitting an intra-day low of Rs 1,307 on the BSE. The S&P BSE Sensex was down 0.85% or 238 points at 27,639. A combined 1.01 million shares changed hands on the counter on BSE and NSE so far.