Shares of Mahindra and Mahindra rose nearly 2 percent to Rs 3,140 in morning trade on October 1 to become one of the top gainers on the Nifty after the company announced a sharp increase in sales in September led by the sports utility vehicle (SUV) segment.
During the month, its overall auto sales stood at 87,839 vehicles including exports, marking a robust 16 percent from the same period of the previous fiscal. In the Utility Vehicles segment, Mahindra sold 51,062 vehicles in the domestic market, a growth of 24 percent, and overall, 52,590 vehicles, including exports.
As for exports, the SUV major sold 3,027 units, a positive increase of 25 percent after it sold 2,419 units in the same month of the previous year. The company's domestic farm equipment business sold 43,201 units as against 42,034 units during September 2023.
As the company gears up for the festive season, starting with the festivities of Navratri, M&M plans to open bookings for the much-awaited Thar RoXX on October 30.
Its exports, however, declined a steep 10 percent after it sold 1,056 units as compared with 1,176 units in the same month in 2023. "On the back of good Kharif crop and likely strong
Rabi crop, rural sentiments are positive. With positive terms of trade for farmers and
upcoming festivals, we expect robust demand for tractors going forward," said Hemant Sikka, President of the Farm Equipment Business of the company.
At about 9:30 am, shares of the company were trading at Rs 3,125, higher by 1 percent from the last close on the NSE. M&M shares have gained a staggering 80 percent since the start of the year.
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