M&M races on strong September sales, exports

DALAL STREET SPIKES

Mahindra and Mahindra Ltd (M&M) scrip was up 3.34 per cent to Rs 406.35 and around 7.06 lakh shares were traded on the BSE in Wednesday's subdued market. The scrip closed at Rs 393.20 yesterday.

The reason behind the scrip moving upwards can be attributed to M&M's strong vehicle sales in the month of September and exports rose 66 per cent to 539 units from 324 units. In the month of August, RBI had raised the FII investment ceiling in M&M to 49 per cent from the earlier 35 per cent.

For the quarter ended June 2005, M&M reported a net profit of Rs 145 crore from Rs 104 crore in Q1 June 2004. Net sales jumped up 27 per cent to Rs 1,812 crore.