Mahindra & Mahindra gained 4.67% to Rs 1,298.70 at 09:51 IST on BSE after the India Meteorological Department in its release of the long range forecast for the 2016 southwest monsoon yesterday, 12 April 2016 predicted good monsoon this year.
Good monsoon could improve agricultural incomes which would further improve consumption and boost tractor sales.Meanwhile, the S&P BSE Sensex was up 353.97 points or 1.41% at 25,499.56
On BSE, so far 66,177 shares were traded in the counter as against average daily volume of 83,224 83,655 shares in the past one quarter. The stock hit a high of Rs 1,309 and a low of Rs 1,254.45 so far during the day. The stock had hit a 52-week low of Rs 1,092 on 12 February 2016. The stock had hit a record high of Rs 1,441.45 on 7 August 2015. The stock had underperformed the market over the past one month till 12 April 2016, rising 1.7% compared with 1.73% rise in the Sensex. The scrip, however, outperformed the market in past one quarter, rising 4.96% as against Sensex's 1.88% rise.
The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.
The India Meteorological Department (IMD) said in its initial monsoon forecast that the southwest monsoon is likely to be 106% of the Long Period Average (LPA) during the four-month period from June to September 2016, with an error margin of plus/minus 5%. The IMD's announcement hit the market after trading hours yesterday, 12 April 2016.
The Mahindra & Mahindra (M&M) stock rose 0.67% to settle at Rs 1240.75 after private weather forecaster Skymet predicted above normal southwest monsoon rainfall during June-September 2016. According to Skymet, monsoon 2016 is likely to be above the normal at 105% of the long period average (LPA) of 887 mm for the four-month period from June to September, with an error margin of plus/minus 4%.
M&M after market hours yesterday, 12 April 2016 announced that credit rating agency ICRA has reaffirmed its rating of [ICRA] AAA (stable) and [ICRA] A1+ for non-convertible debenture programme and bank facilities of the company. On 11 April 2016, M&M said that credit rating agency CARE has reaffirmed its CARE AAA and CARE A1+ ratings assigned to the long term and short term bank facilities of the company.
On 4 April 2016, M&M announced the launch of its feature-rich, sporty sports utility vehicle NuvoSport with bold styling built on the same new generation platform as the Scorpio.
M&M on 1 April 2016 announced that its total tractor sales rose 20% to 14,682 units in March 2016 over March 2015. Separately, M&M announced on 1 April 2016 that its total auto sales rose 17% to 52,718 units in March 2016 over March 2015.
M&M's net profit declined 14.2% to Rs 807.99 crore on 17.1% growth in net sales to Rs 10900.39 crore in Q3 December 2015 over Q3 December 2014.
Mahindra Group enjoys a leadership position in tractors, utility vehicles, information technology, financial services and vacation ownership. In addition, Mahindra enjoys a strong presence in the agribusiness, aerospace, components, consulting services, defence, energy, industrial equipment, logistics, real estate, retail, steel, commercial vehicles and two-wheeler industries.
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