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M&M advances on setting up 1st car assembly plant in Sri Lanka

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The stock rose 1.09% to Rs 533.35 after the company said it inaugurated its first automobile assembly plant in Sri Lanka.

The announcement was made on Saturday, 17 August 2019.

Meanwhile, S&P BSE Sensex was up 296.44 points or 0.79% at 37,646.77.

On BSE, 51,000 shares were traded in Mahindra & Mahindra (M&M) counter, compared to a 2-week average of 1.74 lakh shares. The stock hit an intraday high of Rs 533.70 and an intraday low of Rs 525.45.

It hit a 52-week high of Rs 992 on 30 August 2018 and a 52-week low of Rs 502.85 on 14 August 2019.

M&M said it expanded its global footprint with the inauguration of its local automotive assembly plant at Welipenna, near Colombo, Sri Lanka. Christened Mahindra Ideal Lanka this assembly plant is in collaboration with Ideal Motors of Sri Lanka. The assembly plant today rolled out its first product, the compact SUV, KUV100 and will roll out a slew of products over the next 3 years.

Inauguration of this automotive assembly plant is a significant milestone for Mahindra's foray into the Sri Lanka market. Sri Lanka is a key strategic market for us and we are now fully equipped to deliver products customised to local needs, on time. I would like to thank the Government of Sri Lanka for their unstinted support and am very optimistic that this new assembly plant will not only add to industrial growth in the country but will also generate significant employment opportunities at our plant and at supplier's end, said Dr. Pawan Goenka, the managing director of M&M.

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

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

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, August 19 2019. 11:43 IST