M&M STOCK HITS 52-WEEK HIGH AS APRIL SALES SURGE

Shares of Mahindra and Mahindra Limited on May 2 jumped over 2 percent to Rs 2,204, a new 52-week high for the company after it announced that its overall sales jumped 13 percent at 70,471 vehicles in April.

At about 11 am on May 2, M&M's shares pared slight gains and were trading at Rs 2,186 apiece, higher by 1.5 percent from the previous close on the NSE. Mahindra and Mahindra shares have rallied 27 percent in the last three months.

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In the Utility Vehicles segment, Mahindra sold 41,008 vehicles in the domestic markets, a growth of 18 percent.

As for the farm equipment business, the company reported that domestic sales in April 2024 came in at 35,805 units, as against 35,398 units during April 2023.  Total tractor sales, which included domestic and exports, during the month were at 37,039 units as against 36,405 units for the same period last year. Exports for the month stood at 1,234 units, which is higher than 1,007 reported in the same month last year.

On April 30, the SUV major lunched its compact SUV - XUV 3XO at an aggressive starting price of Rs 7.49 lakh, going head-to-head with Maruti's Brezza, and Hyundai's Venue.

Following the launch, the management said that it aims to be among the top two players in the compact SUV segment over the course of three years. "We are number five in that sub-segment that is the size of 6 lakh and we hope to get number two or number one position in that," said Rajesh Jejurikar, Executive Director and CEO- Auto and Farm Equipment Sector, M&M.

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2024-05-02T05:54:13Z dg43tfdfdgfd