Mahindra & Mahindra lost 1.33% to Rs 1,193.60 at 14:36 IST on BSE after the Supreme Court yesterday, 31 March 2016, extended a ban on the sale of large diesel cars in New Delhi until the next hearing of the case.
Meanwhile, the S&P BSE Sensex was down 100.94 points or 0.4% at 25,240.92.
On BSE, so far 79,000 shares were traded in the counter as against average daily volume of 81,979 shares in the past one quarter. The stock hit a high of Rs 1,219.90 and a low of Rs 1,187.95 so far during the day. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had hit a record high of Rs 1,441.45 on 7 August 2015.
The Supreme Court yesterday, 31 March 2016, extended a ban on the registration of diesel vehicles above 2,000cc in the capital city and NCR until the next hearing of the case. Reports suggested that the Supreme Court also indicated that it may impose environment cess on luxury diesel vehicles if the registration ban is lifted.
It may be recalled that the Supreme Court had earlier issued a ban on registration of any new diesel cars in the capital city and NCR region till 31 March 2016 to curb dangerously high levels of pollution.
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Shares of Mahindra & Mahindra (M&M) were on a sliding spree recently. The stock lost 4.75% in six trading sessions from its close of Rs 1,253.15 on 22 March 2016.
M&M during market hours today, 1 April 2016 announced that its total tractor sales rose 20% to 14,682 units in March 2016 over March 2015. Domestic sales rose 34% to 13,931 units in March 2016 over March 2015. Exports declined 60% to 751 units in March 2016 over March 2015.
Separately, M&M announced during market hours today, 1 April 2016 that its total auto sales rose 17% to 52,718 units in March 2016 over March 2015. Total domestic sales rose 19% to 48,967 units in March 2016 over March 2015. Exports dropped 7% to 3,751 units in March 2016 over March 2015.
M&M's net profit declined 14.2% to Rs 807.99 crore on 17.1% growth in net sales to Rs 10900.39 crore in Q3 December 2015 over Q3 December 2014.
Mahindra Group enjoys a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.
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