Mahindra & Mahindra rose 0.23% to Rs 1336.10 at 9:25 IST on BSE after the company announced that it has plans to invest directly and/or through its subsidiaries in high-end electric powertrain technology.
The announcement was made on Sunday, 21 May 2017.Meanwhile, the S&P BSE Sensex was up 176.15 points or 0.58% at 30,641.07.
On the BSE, 1,597 shares were traded on the counter so far as against the average daily volumes of 1.55 lakh shares in the past one quarter. The stock had hit a high of Rs 1,341 and a low of Rs 1,333.55 so far during the day.
Mahindra & Mahindra (M&M) announced that it has plans to invest directly and/or through its subsidiaries in high-end electric powertrain technology as part of its plan for the future of mobility; and electrification of some of its existing and future products.
The investments will also be utilised towards increasing the capacity for electric powertrains and electric vehicles. The high end electric powertrains will be used for the Group's future line up of electric vehicles. As the pioneers of electric vehicles in the country, the Group is committed towards making electric vehicles more accessible in order to build a clean and green tomorrow.
The company's announcement is in line with its efforts to accelerate the transformation as well as be in-sync with the Government of India's thrust on promoting hybrid and electric mobility in the country, through the ambitious National Electric Mobility Mission Plan 2030.
M&M's net profit rose 33.3% to Rs 1112.27 crore on 0.3% decline in net sales to Rs 10860.05 crore in Q3 December 2016 over Q3 December 2015.
M&M enjoys a leadership position in tractors and utility vehicles in India.
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