Mahindra & Mahindra rose 1.41% to Rs 897.50 at 9:23 IST on BSE after the company said that the tool down strike by employees of its Nashik plant has been called off.
The announcement was made before market hours today, 8 March 2013.
Meanwhile, the BSE Sensex was up 98.61 points, or 0.51%, to 19,512.15.
On BSE, 11,000 shares were traded in the counter as against an average daily volume of 82,087 shares in the past one quarter.
The stock hit a high of Rs 899.90 and a low of Rs 894.20 so far during the day. The stock had hit a 52-week high of Rs 974.80 on 10 January 2013. The stock had hit a 52-week low of Rs 621.75 on 18 May 2012.
The stock had underperformed the market over the past one month till 7 March 2013, falling 1.17% compared with the Sensex's 0.85% fall. The scrip had also underperformed the market in past one quarter, sliding 5.53% as against Sensex's 0.05% fall.
The large-cap company has an equity capital of Rs 306.99 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M) said that the tool down strike by employees of the company's Nashik plant which started on 5 March 2013 as well as the proposed strike from 11 March 2013 has been called off. Operation in all shifts is expected to be normal soon, M&M said in a statement. The management and union will continue their ongoing dialogue so as to reach a mutual agreement, M&M said. The management expects the production loss to be made good, M&M said.
M&M after trading hours on Monday, 4 March 2013, said its consolidated net profit after minority interest jumped 50.8% to Rs 1254.30 crore on 16.6% growth in gross revenue plus other income to Rs 19066.80 crore in Q3 December 2012 over Q3 December 2011. M&M said that group companies like Mahindra Finance and Mahindra Holidays significantly improved their performance in Q3 December 2012. As on 31 December 2012, the Mahindra Group comprised of 120 subsidiaries, 5 joint ventures and 13 associates.
Separately, M&M on Monday, 4 March 2013, announced the launch of its new 0.85 ton payload mini-truck Maxximo Plus. Equipped with the pioneering yet simple-to-use 'Fuel Smart' technology, the new Maxximo Plus allows the customer to choose between higher power (26 HP; 19.2 kW) or higher mileage (21.9 KMPL), as and when he needs, at the press of a switch, M&M said. An upgrade over the successful Maxximo launched in 2010, the Maxximo Plus is attractively priced at Rs 3.40 lakh (BS3, Ex-showroom Thane), M&M said.
Meanwhile, M&M has reportedly raised the prices of its Scorpio, Quanto, XUV500 and Rexton modes by about Rs 11,000 to about Rs 40,000.
M&M announced an 11% growth in its auto sales numbers which stood at 47,824 units in February 2013 as against 43,087 units in February 2012.
M&M's Farm Equipment Sector (FES) maintained its leadership position in the tractor industry in February 2013. Domestic sales in February 2013 stood at 13944 units, as against 14341 units during February 2012. Total tractor sales (domestic + exports) in February 2013 stood at 14861 units, as against 15316 units for the same period last year. Exports for the month of February 2013 stood at 917 units.
As per the company's earlier announcement on 8 February 2013, the combined net profit of M&M and its 100% subsidiary -- Mahindra Vehicle Manufacturers (MVML) -- jumped 29.6% to Rs 915 crore on 27.5% growth in gross revenue plus other income to Rs 11522.30 crore in Q3 December 2012 over Q3 December 2011. MVML, located at Chakan near Pune in Maharashtra, has been set up as a 100% subsidiary of M&M with a view to source contemporary products for expanding the market offering of M&M.
M&M said that the growth in net profit despite the relentless increase in material costs was due to a good volume performance of the company's automotive sector and tight control on expenses. With regard to future business outlook, M&M said its current overall outlook on the Indian economy is one of cautious optimism.
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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