Mahindra & Mahindra shed 2.04% to Rs 1,251.40 at 10:05 IST on BSE after the company reported weak auto and tractor sales in February 2015.
The announcement was made after market hours yesterday, 2 March 2015.
Meanwhile, the BSE Sensex was down 20.44 points, or 0.07%, to 29,438.70.
On BSE, so far 17,745 shares were traded in the counter, compared with an average volume of 57,624 shares in the past one quarter.
The stock hit a high of Rs 1,264 and a low of Rs 1,241.05 so far during the day. The stock hit a record high of Rs 1,421 on 4 September 2014. The stock hit a 52-week low of Rs 940.70 on 5 March 2014.
The stock had outperformed the market over the past one month till 2 March 2015, rising 2.7% compared with 1.16% rise in the Sensex. The scrip had, however, underperformed the market in past one quarter, gaining 0.94% as against Sensex's 3.57% rise.
The large-cap auto manufacturing company has an equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M)'s farm equipment sector (FES), a part of the Mahindra Group, reported 34.99% decline in total tractor sales to 11,437 units in February 2015 over February 2014. Domestic sales fell 37.97% to 10,267 units in February 2015 over February 2014. Exports rose 13% to 1,170 units in February 2015 over February 2014.
M&M also said that the company's auto sales declined 9.8% to 38,033 units in February 2015 over February 2014. Domestic sales fell 11.23% to 34,918 units in February 2015 over February 2014. Exports rose 10% to 3,115 units in February 2015 over February 2014.
Speaking on the monthly performance; Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra said that looking at the overall Union Budget 2015-16 proposals including planned spend on infrastructure and social reforms, the company expects positive sentiments going forward. Further, with an expected revision in lending rates in the RBI policy in early April, the industry should see better times ahead, Pravin Shah said.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, Mahindra & Mahindra said that the industry continues to witness de-growth with negative sentiments and low crop output during February 2015.
M&M's net profit rose 0.9% to Rs 942.14 crore on 6.4% decline in total income to Rs 9966.42 crore in Q3 December 2014 over Q3 December 2013.
Powered by Capital Market - Live News
