Mahindra & Mahindra rose 0.2% to Rs 1,241.60 at 09:28 IST on BSE, with the stock edging higher in volatile trade after the company said that it would carry out preventive inspection of some parts of its Scorpio Ex variant.
Meanwhile, the BSE Sensex was up 48.53 points, or 0.19%, to 26,148.61
On BSE, so far 6,024 shares were traded in the counter, compared with an average volume of 87,494 shares in the past one quarter.
The stock was volatile. The stock rose as much as 0.96% at the day's high of Rs 1,251 so far during the day. The stock fell as much as 0.11% at the day's low of Rs 1,237.65 so far during the day. The stock hit a record high of Rs 1,268.75 on 2 June 2014. The stock hit a 52-week low of Rs 741.50 on 28 August 2013.
The large-cap company has an equity capital of Rs 307.94 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M) announced after market hours on Monday, 7 July 2014, that it would carry out preventive inspection of some parts of its Scorpio Ex variant manufactured between May 2012 and November 2013. This is in keeping with its customer centric approach as well as in compliance with the voluntary code on vehicle recall.
This inspection and necessary part replacement if any, would be carried out with immediate effect and would be done free of cost for Scorpio Lx customers who would be individually contacted by the company/authorised dealers. This recall is limited only to the Scorpio Lx variant manufactured during the said period and does not affect any other Scorpio variants, M&M said.
M&M said on 1 July 2014 that its total tractor sales rose 8% to 29,884 units in June 2014 over June 2013. In a separate announcement, M&M said its automobiles segment reported 1% rise in total sales to 38,471 units in June 2014 over June 2013.
M&M's net profit rose 0.9% to Rs 896.88 crore on 4.7% growth in net sales to Rs 10837.89 crore in Q4 March 2014 over Q4 March 2013.
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, commercial vehicles and two wheeler industries.
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