Updated March 1st, 2024 at 11:09 IST

M&M hits record high on robust SUV sales

The Mumbai-headquartered company’s overall auto sales rose 24 per cent annually to 72,923 units in February. 

Reported by: Tanmay Tiwary
Mahindra and Mahindra | Image:Mahindra and Mahindra
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M&M hits record high: Automaker Mahindra & Mahindra Ltd shares surged as much as 2.10 per cent to hit a fresh record high of 1,974.60 per share on Friday after the company announced its February sales data. 

The Mumbai-headquartered company’s overall auto sales rose 24 per cent annually to 72,923 units in February.  

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The company’s sports utility vehicles (SUVs) sales zoomed 40 per cent annually to 42,401 units, from 30,221 units in the same month last year. However, the total exports dropped 32 per cent annually to 1,539 units, from 2,250 units in the same month last year.

“We sold a total of 42,401 SUVs in February, with a growth of 40 per cent and 72,923 total vehicles, a 24 per cent growth over last year. In our endeavour to make some of our SUVs available faster to consumers, we launched the Scorpio N Z8S variant and the Thar Earth edition this month,” said Veejay Nakra, President, Automotive Division, M&M Ltd.

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Additionally, M&M’s 3-wheeler sales, including electric 3-wheelers, rose 15 per cent annually to 6,158 units, from 5,350 units in the same month a year ago.

The market capitalisation of the company is Rs 2.42 lakh crore, according to BSE.

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Notably, the shares of M&M climbed 52.40 per cent in 2023, outperforming the benchmark indices , which surged around 20 per cent during the same period. 

As of 10:43 am, shares of M&M were trading 0.72 per cent higher at Rs 1,947.70 per share.

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Published March 1st, 2024 at 10:47 IST