Mahindra & Mahindra rose 0.96% to Rs 990 at 11:16 IST on BSE after the Bombay High Court approved demerger of the trucks undertaking of its wholly owned subsidiary and transfer and vesting thereof into the company.
Meanwhile, the S&P BSE Sensex was down 35.15 points or 0.16% at 21,884.64.
On BSE, so far 37,018 shares were traded in the counter as against average daily volume of 77,943 shares in the past one quarter.
The stock hit a high of Rs 997.70 and a low of Rs 975.10 so far during the day. The stock had hit a record high of Rs 1,026.45 on 20 May 2013. The stock had hit a 52-week low of Rs 741.50 on 28 August 2013.
The stock had outperformed the market over the past one month till 28 February 2014, rising 9.49% compared with the Sensex's 7.57% rise. The scrip, however, underperformed the market in past one quarter, gaining 3.68% as against Sensex's 4.4% rise.
The large-cap company has equity capital of Rs 307.94 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M) after market hours on Friday, 7 March 2014 said that the High Court of Judicature at Bombay on 7 March 2014 has approved a Scheme of Arrangement between Mahindra Trucks and Buses (MTBL), a wholly owned subsidiary of the company and its shareholders and creditors and M&M [the Scheme] which, inter alia, envisages demerger of the Trucks Undertaking of MTBL and transfer and vesting thereof into the company and other consequential matters under the provisions of Sections 391 to 394 read with Sections 78 and 100 to 104 of the Companies Act, 1956. The certified copy of this Order is yet to be received, M&M said.
Mahindra & Mahindra (M&M) on 1 March 2014 said that its total auto sales declined 12% to 42,166 units in February 2014 over February 2013.
Separately, M&M on 1 March 2014 said its total tractor sales rose 18% to 17,592 units in February 2014 over February 2013. Domestic tractor sales rose 19% to 16,552 units in February 2014 over February 2013. Exports increased 13% to 1,040 units in February 2014 over February 2013.
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.
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