Mahindra & Mahindra gained 0.3% to Rs 1,288.50 at 11:00 IST on BSE after the company said that total tractor sales rose 32% to 19,337 units and total auto sales rose 6% to 56,031 units and in March 2017 over March 2016.
The announcement was made on Sunday, 2 April 2017.Meanwhile, the S&P BSE Sensex was up 145.88 points or 0.49% at 29,766.38.
On the BSE, 17,480 shares were traded on the counter so far as against the average daily volumes of 1 lakh shares in the past one quarter. The stock had hit a high of Rs 1,303.90 and a low of Rs 1,287 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016.
The stock had underperformed the market over the past one month till 31 March 2017, falling 1.7% compared with 3.05% rise in the Sensex. The scrip had also underperformed the market in past one quarter, gaining 8.46% as against Sensex's 11.24% gains.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M)'s domestic tractor sales rose 29% to 17,973 units in March 2017 over March 2016. Exports jumped 82% to 1,364 units in March 2017 over March 2016.
Meanwhile, M&M's auto sales in the domestic market rose 9% to 53,322 units in March 2017 over March 2016. Exports fell 28% to 2,709 units in March 2017 over March 2016.
Meanwhile, public sector oil marketing companies (PSU OMCs) on Friday, 31 March 2017, announced reduction in selling price of petrol and diesel with effect from midnight of 31 March 2017. Petrol price was decreased by Rs 3.77 per litre and diesel price was reduced by Rs 2.91 a litre at Delhi (excluding state levies). The demand for vehicles rises if fuel prices are reduced.
M&M's net profit rose 33.3% to Rs 1112.27 crore on 0.3% decline in net sales to Rs 10860.05 crore in Q3 December 2016 over Q3 December 2015.
M&M enjoys a leadership position in tractors and utility vehicles in India.
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