Mahindra & Mahindra rose 0.61% to Rs 1,425 at 14:10 IST on BSE after the company's total tractor sales rose 11% to 25,599 units in May 2017 over May 2016.
The announcement was made during market hours today, 1 June 2017.Meanwhile, the S&P BSE Sensex was up 17.87 points or 0.06% at 31,163.67.
On the BSE, 64,023 shares were traded on the counter so far as against the average daily volumes of 1.54 lakh shares in the past one quarter. The stock had hit a high of Rs 1,441 and a low of Rs 1,419.50 so far during the day. The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016.
The stock has gained 8.98% in six sessions to its ruling price of Rs 1,425, from a close of Rs 1,307.50 on 24 May 2017.
The stock had outperformed the market over the past one month till 31 May 2017, rising 6.13% compared with 4.1% gains in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 8.37% as against Sensex's 8.36% gains. The scrip had, however, underperformed the market in past one year, gaining 6.92% as against Sensex's 16.79% gains.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M)'s domestic tractor sales grew by 11% to 24,575 units in May 2017 over May 2016. Exports rose 18% to 1,024 units in May 2017 over May 2016.
Commenting on the month's performance, Rajesh Jejurikar, President - Farm Equipment Sector, M&M said company hopes that the announcement of record production estimates for major crops, coupled with higher minimum support price (MSP) will drive positive sentiments and boost tractor demand in this season.
Separately, M&M's total auto sales rose 3% to 41,895 units in May 2017 over May 2016. Total domestic sales grew by 11% to 40,602 units in May 2017 over May 2016. Exports fell 68% to 1,293 units in May 2017 over May 2016.
M&M's net profit rose 19.9% to Rs 725.16 crore on 3.3% rise in net sales to Rs 11125.15 crore in Q4 March 2017 over Q4 March 2016.
M&M enjoys a leadership position in tractors and utility vehicles in India.
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