Mahindra & Mahindra lost 0.57% to Rs 1,204.05 at 13:15 IST on BSE, amid volatility after the firm announced plans to invest Rs 7500 crore in automobiles, tractor and related businesses during the three years starting from the current financial year.
Meanwhile, the S&P BSE Sensex was down 215.96 points or 0.87% at 24,588.32.
On BSE, so far 22,000 shares were traded in the counter as against average daily volume of 85,811 shares in the past one quarter. The stock was volatile. The stock lost as much as 1.09% at the day's low of Rs 1,197.70 so far during the day. The stock rose as much as 0.9% at the day's high of Rs 1,221.90 so far during the day. The stock had hit a record high of Rs 1,441.45 on 7 August 2015. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had underperformed the market over the past one month till 14 March 2016, advancing 3.65% compared with Sensex's 7.91% rise. The scrip had also underperformed the market in past one quarter, sliding 5.91% as against Sensex's 1.38% fall.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M) plans to invest Rs 7500 crore in automobiles, tractor and related businesses during the period from FY 2016 to FY 2018, the company's management said in an interaction with analysts yesterday, 14 March 2016. The company plans to invest Rs 2500 crore into group businesses during the three year period, which includes possible M&A opportunities both in M&M and other group businesses.
M&M's net profit declined 14.2% to Rs 807.99 crore on 17.1% growth in net sales to Rs 10900.39 crore in Q3 December 2015 over Q3 December 2014.
Mahindra Group enjoys a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.
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