Mahindra & Mahindra rose 2.33% to Rs 1,212 at 13:57 IST on BSE after the company said its total tractor sales rose 9% to 14,047 units in December 2016 over December 2015.
The company announced the monthly sales volume during market hours today, 2 January 2017.Meanwhile, the S&P BSE Sensex was down 24.14 points or 0.09% at 26,602.32.
On the BSE, 57,000 shares were traded on the counter so far as against the average daily volumes of 80,811 shares in the past one quarter. The stock had hit a high of Rs 1,214.60 and a low of Rs 1,171.10 so far during the day.
The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,092 on 12 February 2016. It had underperformed the market over the past one month till 30 December 2016, sliding 0.13% compared with the Sensex's 0.1% fall. The scrip had also underperformed the market over the past one quarter declining 15.75% as against the Sensex's 4.45% fall.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
Mahindra & Mahindra's (M&M) domestic tractor sales rose 8% to 12,619 units in December 2016 over December 2015. Exports surged 21% to 1,428 units in December 2016 over December 2015.
Rajesh Jejurikar, President and Chief Executive - Farm Equipment and Two Wheer Division, M&M, said that with good progress in Rabi sowing and increased minimum support prices (MSPs), the company expects to see the growth momentum to continue in the coming months.
M&M's total auto sales declined 4% to 36,363 units in December 2016 over December 2015. Total domestic sales fell 1.5% to 34,310 units in December 2016 over December 2015. Total exports dropped 33% to 2,053 units in December 2016 over December 2015.
Commenting on the performance for December 2016, Pravin Shah, President & Chief Executive (Automotive), M&M, said, the auto industry continues to go through challenging times, grappling with the short term effects of demonetisation as well as reduced and postponed purchase decisions. However, the company believes there will be a gradual pick-up in demand starting next few months.
M&M's net profit rose 27.1% to Rs 1163.27 crore on 13.8% growth in net sales to Rs 10411.67 crore in Q2 September 2016 over Q2 September 2015.
M&M enjoys a leadership position in tractors and utility vehicles in India.
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