M&M surges 4% on robust June sales figures

MUMBAI: Shares of auto-makers Mahindra & Mahindra gained momentum in trade after it reported sales figures for the month of June.

Sentiment in M&M turned bullish after the company reported 8 per cent increase in tractor sales despite a weak monsoon.

Its tractor sales increased to 29,884 units, up 8 per cent, Y-o-Y. Total sales increased 1 per cent to at 38,471 units against 38,092 units, (Y-o-Y).

Passenger vehicle sales slipped 2.6 per cent to 16,780 units while domestic sales edged up 0.7 per cent to 36,457 units.

“We have achieved a marginal growth in our sales during June 2014 and do hope that the auto industry will continue to stay in a positive zone. The recent announcement by the government of an extension in the lowering of excise duty will provide a fillip leading upto the festive season,” said Pravin Shah, Chief Executive, Automative Division & International Operations (AFS), M&M.

At 03:05 pm.; M&M was at Rs 1193, up 3.93 per cent, on the BSE. It touched a high of Rs 1197.20 and a low of Rs 1152 in trade today.