Mahindra and Mahindra (M&M) is trading higher by over 2.5% to Rs 947 after reporting a 12.4% year-on-year (yoy) growth in total sales to 64,634 units for the month of April driven by a strong growth in the tractor segment. The car and utility vehicles maker had sold 57,515 units in the same month previous year.
The company has reported a 38% yoy growth in its total tractor sales to 23,202 units in April, as against 16,800 units for the same month last year.
“The growth in the tractor segment was driven on the back of improved market sentiments in the expectations of a normal monsoon,” says Rajesh Jejurikar, chief executive, farm equipment sector, M&M in press release.
However, the automotive segment (lower-than-expected performance) registered a sluggish growth of 1.8% yoy as the passenger vehicle segment posted almost flat growth during the month. The pick-up segment on the other hand witnessed a healthy growth of 10.4% yoy.
The stock opened at Rs 914 and hit a high of Rs 949 on NSE. A combined 726,984 shares changed hands on the counter till 1100 hours on NSE and BSE.
The company has reported a 38% yoy growth in its total tractor sales to 23,202 units in April, as against 16,800 units for the same month last year.
“The growth in the tractor segment was driven on the back of improved market sentiments in the expectations of a normal monsoon,” says Rajesh Jejurikar, chief executive, farm equipment sector, M&M in press release.
However, the automotive segment (lower-than-expected performance) registered a sluggish growth of 1.8% yoy as the passenger vehicle segment posted almost flat growth during the month. The pick-up segment on the other hand witnessed a healthy growth of 10.4% yoy.
The stock opened at Rs 914 and hit a high of Rs 949 on NSE. A combined 726,984 shares changed hands on the counter till 1100 hours on NSE and BSE.
