Mahindra & Mahindra gained 0.76% to Rs 1,304.50 at 10:50 IST on BSE after the company announced the launch of e-Alfa mini electric rickshaw for passenger movement on 8 September 2017.
The announcement was made after market hours on Friday, 8 September 2017.Meanwhile, the S&P BSE Sensex was up 142.32 points or 0.45% at 31,825.03.
On the BSE, 8,147 shares were traded on the counter so far as against the average daily volumes of 1.1 lakh shares in the past one quarter. The stock had hit a high of Rs 1,310.90 and a low of Rs 1,301 so far during the day. The stock had hit a 52-week high of Rs 1,501.10 on 8 September 2016 and a 52-week low of Rs 1,141.80 on 2 December 2016.
The stock had underperformed the market over the past one month till 8 September 2017, falling 7.27% compared with 1.02% decline in the Sensex. The scrip had also underperformed the market in past one quarter, dropping 8.69% as against Sensex's 1.52% rise. The scrip had also underperformed the market in past one year, declining 13.07% as against Sensex's 9.1% rise.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra announced the launch of the e-Alfa Mini, its zero emission, all new electric rickshaw for passenger movement. The e-Alfa Mini with a 4+1 seating capacity is a complete 3 wheeler designed specifically for Indian conditions. It will further drive Mahindra's vision of the Future of Mobility and will be available in Delhi with immediate effect at an attractive price of Rs 1.12 lakhs (exshowroom Delhi).
The e-Alfa Mini is best suited for last mile connectivity and intra-city people movement. It is the ideal choice for fleet taxi operators and existing 3 wheeler owners and will effectively provide employment to the youth. It will be launched in a phased manner in select cities-NCR with immediate effect, followed by Kolkata and Lucknow and subsequently in several other parts of the country.
Meanwhile, the Goods and Services Tax (GST) Council at its meeting held on Saturday, 9 September 2017, raised the vehicle cess in the range of 2-7%, which is less than 10% maximum possible hike stated in the ordinance.
The GST Council left untouched the rates on small cars and hybrid vehicles. But mid-sized cars now attract a cess that's 2% higher, larger sedans 5%, and SUVs 7%. Initially, the cess was proposed to be raised by a maximum of 10%.
The revised rates mean a partial reversal of the price benefits buyers initially enjoyed in the immediate aftermath of the GST's 1 July 2017 introduction. Still, the total tax incidence on vehicles in the mid-sized, large and SUV categories will be lower by 1.6%, 3.8% and 5.3%, respectively, compared to pre-GST levies, reports suggested.
Mahindra & Mahindra's (M&M) net profit fell 19.8% to Rs 765.96 crore on 4.8% growth in net sales to Rs 11575.71 crore in Q1 June 2017 over Q1 June 2016.
M&M enjoys a leadership position in tractors and utility vehicles in India.
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