Mahindra & Mahindra rose 1.12% to Rs 822 at 9:52 IST on BSE after the company said it has crossed yet another milestone with over 4 lakh sales of its special utility vehicle, Scorpio.
The announcement was made after market hours on Tuesday, 10 September 2013.
Meanwhile, the S&P BSE Sensex was up 22.36 points or 0.11% at 20,019.45.
On BSE, 25,000 shares were traded in the counter as against average daily volume of 1.71 lakh shares in the past one quarter.
The stock hit a high of Rs 822 and a low of Rs 810 so far during the day. The stock hit a 52-week high of Rs 1,026.45 on 20 May 2013. The stock had hit a 52-week low of Rs 741.50 on 28 August 2013.
The stock had underperformed the market over the past one month till 10 September 2013, sliding 5.89% compared with the Sensex's 6.43% rise. The scrip had also underperformed the market in past one quarter, declining 16.79% as against Sensex's 2.86% rise.
The large-cap company has equity capital of Rs 307.94 crore. Face value per share is Rs 5.
Speaking on the milestone, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra (M&M) said, This is a very proud moment for us, as the iconic and trend-setting Scorpio has achieved yet another milestone. This achievement reaffirms the Scorpio's immense popularity and the confidence that consumers have reposed in it over the years. Being one of the most admired and most awarded brands within the Indian automobile industry, the Scorpio has rightfully claimed its spot as the king of Indian roads.
M&M's net profit rose 29.3% to Rs 937.91 crore on 7.1% growth in net sales to Rs 9906.23 crore in Q1 June 2013 over Q1 June 2012.
The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.
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