Mahindra & Mahindra (M&M) shares hit a fresh 52-week high on Wednesday after the firm said it would make new K2 series tractors in Telangana. M&M share rose to a yearly high of Rs 709.80, a gain of 11.42% against its previous close of Rs 637.05 on BSE. The share crossed upper circuit of 10% after which its circuit limit was revised to 15% at Rs 732.60.
The stock surpassed its previous high of Rs 666 touched on September 22, 2020.
Total 9.90 lakh shares changed hands amounting to turnover of Rs 67.74 crore. Market cap of the firm rose to Rs 87,384 crore. Stock has gained 12.37% in the last 3 days. Mahindra & Mahindra share is trading higher than 5 day, 20 day, 50 day, 100 day and 200 day moving averages.
The share has gained 22.52% in one year and risen 32.14% since the beginning of this year.
"The company's Farm Equipment Sector (FES) will manufacture a new tractor series called the 'K2', exclusively at the company's tractor manufacturing facility at Zaheerabad in the state of Telangana," M&M said in a press release on Tuesday.
The new K2 series is Mahindra's most ambitious light-weight tractor program. K2 will bring incremental investments of Rs 100 crore into Mahindra's Zaheerabad facility and double employment in the tractor plant by 2024, the company added.
The company further said the new series will enable Mahindra to introduce products across four new tractor platforms, in the Sub Compact, Compact, Small Utility and Large Utility tractor categories, covering 37 models across various HP points. The new series will cater to domestic as well as international markets including USA, Japan, and South East Asia.