Mahindra & Mahindra rose 0.47% to Rs 946.75 at 11:21 IST on BSE after the company announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2%.
The company made the announcement after market hours on Thursday, 12 December 2013.
Meanwhile, the S&P BSE Sensex was down 163.59 points or 0.78% at 20,762.02
On BSE, so far 19,385 shares were traded in the counter as against average daily volume of 1 lakh shares in the past one quarter.
The stock was volatile. It rose as much as 0.73% at the day's high of Rs 949.25 so far during the day. It fell as much as 1.01% at the day's low of Rs 932 so far during the day. The stock had hit a record high of Rs 1,026.45 on 20 May 2013. The stock had hit a 52-week low of Rs 741.50 on 28 August 2013.
The stock outperformed the market over the past one month till 12 December 2013, rising 7.18% compared with the Sensex's 3.17% rise. The scrip also outperformed the market in past one quarter, gaining 15.88% as against Sensex's 5.78% rise.
The large-cap company has an equity capital of Rs 307.94 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M) after market hours on Thursday, 12 December 2013 announced that it would be raising the prices of its passenger as well as its commercial vehicles by up to 2%. The price hike will be effective from 1 January 2014. The price increase is primarily due to rising materials, input and freight costs, M&M said.
Commenting on the price hike, Pravin Shah, Chief Executive, Automotive Division, M&M, said: "We have been holding back prices for a while but now it has become necessary to raise them to partly compensate the increase in materials, input and freight costs. As always, Mahindra remains committed to its customers".
On 1 December 2013, M&M said its total auto sales declined 18% to 39,255 units in November 2013 over November 2012.
Separately, M&M reported a 13% growth in total tractor sales to 23,119 units in November 2013 over November 2012. Domestic tractor sales rose 13% to 22,343 units in November 2013 over November 2012. Exports rose 8% to 776 units.
M&M's net profit rose 9.7% to Rs 989.50 crore on 8.7% decline in net sales to Rs 8814.33 crore in Q2 September 2013 over Q2 September 2012.
The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheeler industries.
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