Mahindra & Mahindra (M&M) surged 4.86% to Rs 873.45, extending its winning run to fourth consecutive trading session.
Shares of M&M have rallied 16.48% in four trading days from their previous closing low of Rs 749.9 on 29 January 2021. The counter hit a 52-week high of Rs 893.40 in intraday today. The stock is up 255% from its 52-week low of Rs 245.80 hit on 25 March 2020.In last one month, M&M has jumped 16.6% as compared to a 15.78% rise in Nifty Auto index and 5% rise in benchmark Nifty 50.
The proposed new 'Voluntary Vehicle Scrappage Policy' announced by FM Nirmala Sitharaman in the Union Budget 2021 boosted auto stocks. The policy will allow owners to scrap their 20-year old vehicles and avail incentives on the purchase of new personal vehicles. For commercial vehicles, the scrappage policy will be applicable for 15-year old commercial vehicles without a fitness certificate.
M&M's business is diversified across farm equipment, auto and automotive components, real estate, hospitality, information technology, defence and aerospace and financial services.
M&M reported 59.7% decline in net profit to Rs 148.36 crore in Q2 FY21 from Rs 368.43 crore in Q2 FY20. Net sales fell 1.5% year-on-year (Y-o-Y) to Rs 23,566.75 crore during the quarter.
M&M will announce its third quarter results on Friday, 5 February 2021.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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