Mahindra & Mahindra rose 1.92% to Rs 999.50 at 14:56 IST on BSE after the company reported strong tractor sales in March 2014.
The company made the announcement during trading hours today, 1 April 2014.
Meanwhile, the BSE Sensex was down 17.25 points, or 0.08%, to 22,369.02.
On BSE, so far 1.23 lakh shares were traded in the counter, compared with an average volume of 87,196 shares in the past one quarter.
The stock hit a high of Rs 1,003.20 and a low of Rs 980.30 so far during the day. The stock hit a record high of Rs 1,054 on 18 March 2014. The stock hit a 52-week low of Rs 741.50 on 28 August 2013.
The stock had underperformed the market over the past one month till 31 March 2014, rising 0.74% compared with the Sensex's 5.99% rise. The scrip had also underperformed the market in past one quarter, rising 3.94% as against Sensex's 5.74% 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) said total tractor sales rose 2% to 17,673 units in March 2014 over March 2013. Total domestic tractor sales gained 7% to 16,571 units in March 2014 over March 2013. Total tractor exports tumbled 38% to 1,102 units in March 2014 over March 2013.
M&M's total tractor sales jumped 20% to 2.67 lakh units in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). Tractor sales in India jumped 22% to 2.57 lakh units in FY 2014 over FY 2013.
Commenting on the monthly performance, Rajesh Jejurikar, Chief Executive, Farm Equipment and Two Wheeler Division, M&M, "We are happy to have achieved a growth of 22% for fiscal year ending March 2014 in the domestic market. Tractor demand for the last financial year was robust due to a favourable monsoon and higher minimum support prices, resulting in good demand for tractors and overall positive sentiment."
In a separate announcement today, M&M said that its total automobile sales fell 0.5% to 51,636 units in March 2014 over March 2013. Total sales of passenger vehicles (which includes UVs and Verito) fell 9% to 23,433 units in March 2014 over March 2013. Domestic sales declined 1% to 48,490 units in March 2014 over March 2013. However, exports jumped 17% to 3,146 units in March 2014 over March 2013.
Speaking on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, M&M said, "Post the reduction in the excise duty across all segments, the auto industry has seen the level of inquiry going up, but has not witnessed any major surge in sales. We do hope that the sentiments improve and change post the national elections, leading to an increase in demand as well. At Mahindra, we are happy with our overall performance for the month of March where the de-growth is negligible at 0.5%. Going forward, we continue to be optimistic for the future and expect to witness a growth momentum during FY 2014-15."
M&M's consolidated net profit declined 1.93% to Rs 1230 crore on 8.5% growth in gross revenue and other income to Rs 20679.90 crore in Q3 December 2013 over Q3 December 2012. On a like to like basis, M&M's consolidated revenue rose 11.7% in Q3 December 2013 over Q3 December 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. The group as on 31 December 2013 comprised of 119 subsidiaries, 7 joint ventures and 12 associates.
Powered by Capital Market - Live News
