Mahindra & Mahindra soars on robust tractor sales in Oct

Mahindra & Mahindra soars on robust tractor sales in Oct

02/11/2016 11:38

Shares of Mahindra & Mahindra (M&M) gained nearly 3 per cent on the Bombay Stock Exchange after the company after reporting a strong 61 per cent year on year (YoY) growth in total tractor sales at 45,177 units in October 2016.

M&M’ Farm Equipment Sector (FES) sold total (domestic + exports) 27,280 units during October 2015, the company said in a statement.

“This season’s rainfall has been normal resulting in healthy water levels in reservoirs. Expectation of good Kharif crop coupled with continued good sentiments will positively impact demand going forward,” Rajesh Jejurikar, president and chief executive – Farm Equipment and Two Wheeler Division, M&M said.

Meanwhile, M&M, India’s leading SUV manufacture, reported 1 per cent YoY growth in its auto sales at 52,008 vehicles in October, 2016 compared to 51,383 vehicles during October, 2015.

Buoyed by the development, shares of company gained as much as 2.71 per cent in intra-day to trade at Rs 1358.40 apiece on Bombay Stock Exchange.

In a similar fashion, stocks of company rose 2.43 per cent to Rs 1,358.55 apiece on the National Stock Exchange.

Meanwhile, the broader benchmark BSE Sensex was trading at 27,581.03, down 295.58 points, or 1.05 per cent, at 11:33 hours.

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