Indian automobile giant, Mahindra and Mahindra Limited, on Monday shattered expectations as the share value of the company surged on all Indian exchanges.
The major reason for the surge in share prices was a report released by the automobile manufacturing company regarding its overall sales in the month of July. The overall sales of the company, across the various segments of automobiles, jumped by nearly 31 per cent. The all-new Scorpio N model of Mahindra and Mahindra received more than 1 lakh orders within 30 minutes of opening the booking window.
Share price surge
Shares of M&M which are listed on both the Bombay stock exchange and the national stock exchange grew by more than 6% on both exchanges.
Shares which are listed in benchmark index of the BSE, Sensex 30 rose by 71.60 (6.15%) to close the market at 1236.35. The previous close was 1164.75. The shares today opened at 1195.00 and went as high as 1248.40 during intraday trading. The market capitalisation of the company with EPS of 39.67, currently stands at 1,53,702.11 crores.
Shares of the company which are listed on the National stock exchange are part of the main index of NSE, Nifty 50. The shares are currently valued at 1,234.50 seeing an increase of 70.05 (6.02%).
The previous close of share value on Friday was 1,164.45.
Increase in sales of vehicles
The new Scorpio N, which is also called as ‘Big Daddy of SUVs’ is getting recognised for its design, thrilling performance and advanced technology.
In the month of July 2022, the company’s total sales grew by 31% to touch 56000 figures and stood at 56148 vehicles. In the utility segment of vehicles alone the company clocked a monthly sales of, 27854 units in July. In the passenger segment of vehicles, which includes SUVs, Cars and Vans, Mahindra and Mahindra sold over 28000 vehicles in the month. Sales of vehicles in the commercial stood at, 20946 units in July 2022.
Exports of vehicles and such similar units from the automobile company were near to 2800 figure in the month of July.
President of the Automotive Division of M&M Ltd, Veejay Nakra said in a statement that the strong performance put forward by the company in July was due to growing demand for nearly all brands of the company including XUV700, Thar, Bolero and XUV300.
Nakra added in the statement that the vehicles in the commercial segment saw an increase in sales and exports surged by nearly 32% compared to past statistics.
He also said that the company was closely monitoring the situation and changes in the highly volatile supply chain sector which have a huge impact on both exports and domestic sales.