M&M share price rises over 3% on higher auto division deliveries on Dhanteras
BusinessToday.In October 29, 2019
Mahindra and Mahindra (M&M) share price closed higher today after the auto firm said it clocked substantially higher sales on Dhanteras (October 25) this year. M&M share price ended 3.36% or 19.85 points higher at Rs 611 compared to the previous close of Rs 591.25 on BSE.
The large cap stock opened mildly higher at Rs 594.10 on BSE. It rose steadily to hit an intra day high of Rs 617.70 or a rise of 4.47% on BSE.M&M share price has gained after three days of consecutive fall.
However, the stock has lost 18.28% in last one year and fallen 24% since the beginning of this year. M&M said this year deliveries were higher than on Dhanteras last year.
"This festive season on the day of Dhanteras the Auto Division of the Company delivered close to 13,500 vehicles across the country. This figure was substantially higher than the deliveries last year on Dhanteras," the auto firm said.
Mahindra & Mahindra is yet to announce its earnings for quarter ended September 2019. In Q1 of the current fiscal, the firm reported a 80 per cent year-on-year (YoY) rise in profit at Rs 2,260 crore compared with Rs 1,257 crore in the same quarter last year. Net profit received a push by a one-time gain of Rs 1,367 crore.