Mahindra & Mahindra advanced 3.68% to Rs 1,238.55 at 14:01 IST on BSE after the company announced the launch of its feature-rich, sporty sports utility vehicle NuvoSport with bold styling built on the same new generation platform as the Scorpio.
The announcement was made during market hours today, 4 April 2016.Meanwhile, the S&P BSE Sensex was up 21.76 points or 0.09% at 25,291.40
On BSE, so far 1.28 lakh shares were traded in the counter as against average daily volume of 82,876 shares in the past one quarter. The stock hit a high of Rs 1,239.40 and a low of Rs 1,187.80 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 stock had underperformed the market over the past one month till 1 April 2016, falling 5.66% compared with Sensex's 6.27% rise. The scrip also underperformed the market in past one quarter, declining 5.45% as against Sensex's 3.41% fall.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M) said that with its sporty styling and bold stance, the NuvoSport is the perfect companion to enable an active lifestyle. NuvoSport's base variant is priced at Rs 7.35 lakh ex-showroom Thane. The NuvoSport is available in six variants and in six colours. NuvoSport is manufactured at M&M's plant in Nasik, Maharashtra. It will be available across the company's dealerships pan India with immediate effect.
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Speaking at the launch, Pravin Shah, President & Chief Executive, M&M said that the company identified a need gap where consumers are looking for a true blue SUV that will enable their active lifestyles. The launch of the NuvoSport with its unique positioning encourages consumers to go out and fulfil their bucket lists in the area of adventure sports, Pravin Shah said
The Supreme Court on 31 March 2016, extended a ban on the sale of large diesel cars in New Delhi until the next hearing of the case. The Supreme Court extended a ban on the registration of diesel vehicles above 2,000cc in the capital city and NCR. 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.
M&M on 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 on 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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