Shares of auto major Mahindra & Mahindra today climbed over 5 per cent after the company launched downsized diesel engine in view of ban on registration of 2000cc diesel vehicles in Delhi-NCR.
They rose 4.49 per cent to settle at Rs 1,191.45 on BSE. Intra-day, it gained 5.56 per cent to Rs 1,203.80.
On NSE, the M&M stock went up by 5.28 per cent to close at Rs 1,198.90.
Boosted by the rise in the stock, the company's market valuation increased by Rs 3,177 crore to Rs 74,000 crore.
Hit by the Supreme Court ban on registration of diesel SUVs and cars with engines above 2,000cc in Delhi-NCR, homegrown M&M today launched a 1.99 litre version of its mHawk engine series. The ban, to check the choking pollution, will be in effect till March end
"This engine would power the New Generation Scorpio as well as the New Age XUV500. It would be available for customers within the Delhi and NCR Region to begin with," the company said in a statement.
The Delhi-NCR region accounted for around 2 per cent of M&M's total utility vehicle sales.
