M&M shares hit all-time high as Scorpio-N gets record bookings within 30 mins

Shares of Mahindra and Mahindra (M&M) hit a fresh all-time high today after the homegrown sports utility vehicle maker said that it recorded 1,00,000 bookings for the all-new Scorpio-N within 30 minutes- collecting around Rs 18,000 crore ($2.3 billion) on ex-showroom value.

The large-cap stock reached an record high of Rs 1,247.60, rising up to 7.11 per cent against the previous close of Rs 1,164.75 on BSE. It opened with a gain of 2.6 per cent at Rs 1,195 today. M&M stock is trading higher than 5-day, 20-day, 50 day, 100-day and 200-day moving averages.

The share has risen 47.95 per cent since the beginning of this year and zoomed 66.68 per cent in a year.  In a month, the stock has climbed 11.76 per cent. The stock hit a 52-week low of Rs 671 on March 8, 2022.

ALSO READ: Will Scorpio-N launch push M&M stock higher by 25%?

Total 15.23 lakh shares of the firm changed hands amounting to turnover of Rs 179.72 crore. Market cap of the firm rose to Rs 1.54 lakh crore.

In a press statement this weekend, the company said that owing to the customers' enthusiasm for the new Scorpio-N, the SUV recorded over 25,000 bookings within one minute of booking commencement. The deliveries of the 2022 Scorpio-N will begin September 26, 2022, and around 20,000 units of the SUVs are planned for delivery by the end of 2022.

M&M also said it would inform customers about the delivery date by the end of August 2022. The new Scorpio-N will be available in five variants - Z2, Z4, Z6, Z8 and Z8 Luxury.

The entry variant for the new SUV is priced at Rs 11.99 lakh and goes up to Rs 21.45 lakh (ex-showroom) for the top-end variant. Interestingly, the new Scorpio-N won't replace the existing Scorpio, which is likely to be renamed 'Scorpio Classic,' but will sit alongside as a new offering.

ALSO READ: Bookings for Mahindra's Scorpio-N to start on July 30: Price, features, powertrain options