Mahindra & Mahindra rose 0.63% to Rs 771.30 at 9:48 IST on BSE after the company said its total tractor sales rose 7% to 14,158 units in August 2013 over August 2012.
The company announced the tractor sales after market hours on Monday, 2 September 2013.
Meanwhile, the S&P BSE Sensex was down 92.73 points or 0.49% at 18,793.40.
On BSE, 23,000 shares were traded in the counter as against average daily volume of 1.62 lakh shares in the past one quarter.
The stock hit a high of Rs 775 and a low of Rs 761 so far during the day. The stock hit a 52-week high of Rs 1,026.45 on 20 May 2013. The stock had hit a 52-week low of Rs 741.20 on 5 September 2012.
The stock had underperformed the market over the past one month till 2 September 2013, sliding 10.36% compared with the Sensex's 1.45% fall. The scrip had also underperformed the market in past one quarter, sliding 20.59% as against Sensex's 4.42% fall.
The large-cap company has equity capital of Rs 307.94 crore. Face value per share is Rs 5.
Mahindra & Mahindra's Farm Equipment Sector's (FES) domestic tractor sales rose 9% to 13,543 units in August 2013 over August 2012. Exports declined 27% to 615 units in August 2013 over August 2012.
Speaking on the monthly performance, Rajesh Jejurikar, Chief Executive, Tractor and Farm Mechanization, Mahindra & Mahindra (M&M) said, "Our domestic growth of 9% in August 2013 and consistent performance over the last five months is heartening. We believe the Kharif sowing having crossed the 1000 lac hectare mark, normal monsoons and prospects of the approaching festive season are clear indicators of stronger growth for the overall agricultural sector in the coming months".
M&M's net profit rose 29.3% to Rs 937.91 crore on 7.1% growth in net sales to Rs 9906.23 crore in Q1 June 2013 over Q1 June 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.
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