Mahindra & Mahindra rose 0.64% to Rs 833.10 at 12:49 IST on BSE after the company said its total auto sales rose 14% to 43,289 units in September 2013 over August 2013.
The company announced the auto sales numbers during trading hours today, 1 October 2013.
Meanwhile, the S&P BSE Sensex was up 96.20 points or 0.5% at 19,475.97.
On BSE, 66,000 shares were traded in the counter as against average daily volume of 1.77 lakh shares in the past one quarter.
The stock was volatile. The stock rose as much as 2.13% at the day's high of Rs 845.50 so far during the day. The stock lost as much as 0.67% at the day's low of Rs 822.25 so far during the day. The stock had hit 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 30 September 2013, advancing 5.99% compared with the Sensex's 4.08% rise. The scrip had, however, underperformed the market in the past one quarter, declining 14.36% as against Sensex's 0.08% fall.
The large-cap company has equity capital of Rs 307.94 crore. Face value per share is Rs 5.
Mahindra & Mahindra (M&M)'s total sales declined 10% to 43,289 units in September 2013 over September 2012. The sales of passenger vehicle segment (which includes utility vehicles and Verito) declined 21% to 18,916 units in September 2013 over September 2012. The company's domestic sales fell 10% to 40,574 units in September 2013 over September 2012. Exports declined 12% to 2,715 units in September 2013 over September 2012.
Speaking on the monthly performance, Pravin Shah, Chief Executive, Automotive Division, Mahindra & Mahindra said: "While there has been a growth over August 2013, it is not to the extent that makes us comfortable especially as we approach the festive season. Factors such as increase in input and raw material costs and the depreciating rupee have not helped. To compensate to some extent we have taken a price increase effective today. The auto industry is definitely in need of a trigger in terms of a stimulus to boost consumer sentiments leading to a turnaround in the sector as well as a revival of the economy in general".
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.
Powered by Capital Market - Live News
