Mahindra & Mahindra rose 2.01% to Rs 1,335 at 15:18 IST on BSE after the company today, 23 June 2015, launched its small commercial vehicle, Jeeto from its Zaheerabad plant in the state of Telangana.
The announcement was made during market hours today, 23 June 2015.
Meanwhile, the BSE Sensex was up 85.67 points, or 0.31%, to 27,815.88
On BSE, so far 43,438 shares were traded in the counter, compared with an average volume of 65,400 shares in the past one quarter.
The stock hit a high of Rs 1,336.55 and a low of Rs 1,306.85 so far during the day. The stock hit a record high of Rs 1,421 on 4 September 2014. The stock hit a 52-week low of Rs 1,106 on 10 February 2015.
The large-cap auto company has an equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M) said that Jeeto is the first ever product in its category with a modular range of 8 mini-trucks to cater to the varied needs of the sub 1 tonne load segment customers. Priced competitively, Jeeto starts at Rs 2.32 lakh (ex-showroom Telangana for BSIII) and will be available in S, L & X series, catering to mini-truck, micro-truck and 3 wheelers customers, M&M said.
Speaking at the launch of Jeeto, Pawan Goenka, Executive Director, M&M said that Jeeto is poised to redefine the landscape of the small commercial vehicle industry within India and drive positive change by providing its customers with a higher earning potential.
Pravin Shah, President & Chief Executive, (Automotive) M&M said that Jeeto will play a significant role in last mile distribution and will be a compelling option for both stand operators and small and medium scale businessmen and traders, with higher earning potential and better mileage.
M&M's net profit fell 38.6% to Rs 550.56 crore on 13.2% drop in total income to Rs 9683.06 crore in Q4 March 2015 over Q4 March 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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