Shares of Mahindra & Mahindra (M&M) jumped nearly 2 percent to Rs 3,140 in early trade on October 1 after the company reported a 24 percent increase in vehicle sales for September, fueled by strong demand for sports utility vehicles (SUVs).
M&M’s total auto sales, including exports, reached 87,839 units in September, a 24 percent rise compared to the same period last year. In the utility vehicles segment, domestic sales surged to 51,062 vehicles, while total sales, including exports, hit 52,590 units.
Exports also expanded 25 percent, with M&M exporting 3,027 units against 2,419 in September 2023. Besides, its domestic farm equipment sales inched up to 43,201 units sold from 42,034 units in the corresponding period last year.
Bookings for the much-waited Thar RoXX will be thrown open well in advance of the festive season on October 30, the company said. While consolidated sales rose, tractor exports fell 10 percent to 1,056 units. But M&M is optimistic about the rural demand, given the prospects of a good Kharif crop this year along with the ensuing festival season.
At 9:30 am, M&M shares were trading at ₹3,125, up 1 percent on the NSE. The stock has rallied around 80 percent so far in the current calendar year.
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Source: Moneycontrol
News Desk
