Mahindra & Mahindra rose 2.73% to Rs 562.20 after the company's total auto sales rose by 20.11% to 43,343 units in September 2019 as against 36,085 units in August 2019.
Mahindra & Mahindra (M&M) announced its total auto sales fell 21% to 43,343 units in September 2019 as against 55,022 units in September 2018. The company added that its total domestic sales declined by 21% to 40,692 units while its total exports fell by 29% to 2,651 units in September 2019 over September 2018. The announcement was made during market hours today, 1 October 2019.
Commenting on the performance, Veejay Ram Nakra, Chief of Sales and Marketing, Automotive Division, M&M said, "We are positive that this festive season, with the onset of Navratra, will augur well for us andthe automotive industry. This,in addition to factors such asthe good monsoon and recently announced positive government initiatives should help revive the industry in the short term."
M&M's total tractor sales fell 2% to 37,011 units in September 2019 as against 37,581 units in September 2018. Domestic tractor sales were unchanged at 36,046 units while tractor exports fell 41% to 965 units in September 2019 over September 2018.
The company's tractor sales surged 149.78% to 37,011 units in September 2019 as against 14,817 units in August 2019.
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Commenting on the performance, Rajesh Jejurikar, President-Farm Equipment Sector, M&M said, "We have sold 36,046 tractors in the domestic market during September 2019. Good monsoons, reservoir levels and crop prices are all positives going into the festive season. The recent disruption caused by heavy rains has had an impact on short term demand. We believe that the fundamentals are in place forimproved momentum over the coming months.In the export market, we have sold 965 tractors."
Meanwhile, the S&P BSE Sensex was up 28 points or 0.07% to 38695.42.
On the BSE, 25 lakh shares were traded in the counter so far compared with average daily volumes of 15 lakh shares in the past one quarter. The stock hit a high of Rs 566 and a low of Rs 549.3 so far during the day.
The stock hit a 52-week high of Rs 885 on 28 Sep 2018. The stock hit a 52-week low of Rs 502.85 on 14 Aug 2019.
On a consolidated basis, M&M's net profit fell 51% to Rs 809.30 crore on a 0.1% decline in net sales to Rs 26041.02 crore in Q1 June 2019 over Q1 June 2018.
Mahindra & Mahindra is engaged in the manufacture of passenger cars, commercial vehicles and tractors.
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