Record SUV sales in October pushes M&M shares 5% higher on Nov 4; details

M&M share price: Automobile giant Mahindra and Mahindra (M&M) soared as much as 5.37 per cent to hit an intraday high of Rs 2,968.35 per share on Monday, November 04, 2024. 

 

The rise in M&M share price came after the company saw record monthly SUV sales in October, which rose 25 per cent year-on-year (Y-o-Y) to 54,504 units, from 43,708 units in October 2023.

 

M&M’s overall sales for October 2024 stood at 96,648 units, including exports. While, the domestic sales for Commercial Vehicles stood at 28,812 units.

 

The M&M tractor sales zoomed 30 per cent annually to 65,453 units, from 50,460 units in October last year.

 

Veejay Nakra, president of automotive division at M&M said, “We are excited to have clocked the highest-ever SUV sales of 54,504 vehicles in October, a growth of 25 per cent and highest ever total volume of 96,648, a growth of 20 per cent. The month began on a fantastic note with Thar ROXX garnering 1.7 lakh bookings in the first 60 minutes and the positive momentum continued across the SUV portfolio through the festive season.”

 

M&M’s exports skyrocketed 89 per cent Y-o-Y to 3,506 units in October 2024, from 1,854 units in October 2023. 

 

Set up in 1945, the Mahindra Group is a leading global federation of companies with over 260,000 employees across more than 100 countries. Renowned for its leadership in farm equipment, utility vehicles, information technology, and financial services in India, it is also the world’s largest tractor manufacturer by volume.

 

The market capitalisation of M&M is Rs 3,56,370.49 crore, according to BSE.

 

At 9:29 AM, M&M shares were trading 1.83 per cent higher at Rs 2,868.65. In comparison, BSE Sensex was trading 0.86 per cent lower at 79.037.38 levels.