Mahindra & Mahindra (M&M) is trading higher by over 1% at Rs 874 on registering a record high monthly auto sales number of 48342 units in the month of September 2012. The company had sold 44,137 units in September 2011.
Speaking on the performance, Pravin Shah, chief executive, automotive division, Mahindra & Mahindra said, “We are happy with the performance and growth that we have achieved during September 2012 over the festive season month of September 2011”.
“The company is hopeful of a good performance in the upcoming festive season, as banks have started cutting lending rates and are also looking at reducing vehicle loan rates post reduction in cash reserve ratio,” said Shah.
Meanwhile, the company will announce its financial results for the second quarter and half year ended September 30, 2012 on October 25, 2012, M&M said in a filing.
The stock opened at Rs 865 and hit a record high of Rs 876 on the Bombay Stock Exchange. A combined 45,000 shares have changed hands on the counter so far.
