Mahindra & Mahindra rose 1.26% to Rs 1,223 at 15:16 IST on BSE after media reports quoted M&M Chief Executive, Automotive Division, Pravin Shah as saying that the company plans to launch an electric car in Europe in next six months.
Meanwhile, the S&P BSE Sensex was up 195.19 points or 0.67% at 29,331.07.
On BSE, so far 68,000 shares were traded in the counter as against average daily volume of 63,229 shares in the past one quarter.
The stock hit a high of Rs 1,241 and a low of Rs 1,209.15 so far during the day. The stock had hit a record high of Rs 1,421 on 4 September 2014. The stock had a 52-week low of Rs 897.85 on 17 February 2014.
The stock had underperformed the market over the past one month till 16 February 2015, sliding 7.37% compared with Sensex's 3.61% rise. The scrip had also underperformed the market in past one quarter, declining 3.87% as against Sensex's 3.88% rise.
Meanwhile, Mahindra & Mahindra (M&M) before market hours today, 18 February 2015, announced the upgradation of the side curtain airbag software on all the XUV500 vehicles manufactured on or before July 2014. The upgrade will be carried out free of cost for customers who will be individually contacted by the company, M&M said. This upgrade will be limited only to a software change and no parts will be replaced, M&M said. The proactive inspection/upgradation is in keeping with M&M's customer-centric approach, the company said in a statement.
M&M's net profit rose 0.9% to Rs 942.14 crore on 9% decline in net sales to Rs 9465.94 crore in Q3 December 2014 over Q3 December 2013.
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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