Mahindra & Mahindra Hits Record High; Stock Gains Over 6% In A Month

Mahindra and Mahindra Ltd.’s share price spikes 1% to reach an all time high at Rs 3,795 apiece on Monday. The stock has been on a steady upward trend for over a month, gaining more than 6% in the past 30 days.

Earlier during the weekend the company announced that it plans to stick to its strategy of offering premium and differentiated vehicles, comprising internal combustion engine-powered SUVs and electric vehicles, in order to further strengthen its presence in the domestic passenger vehicle segment, according to a top company executive.

Mahindra & Mahindra President - Automotive Business R Velusamy told PTI that the company has no immediate plans to introduce CNG and other alternate fuel technologies in its product range as it wants to stick to its core brand identity and cater to a customer base which seeks differentiated products.

Prior to this the company had also said that it is not looking to hike vehicle prices from January next year unless it is pushed by a significant hike in raw material prices.

Mahindra & Mahindra is the flagship company of the Mahindra Group, a multinational conglomerate founded in 1945 and is now a major global player in automotive, farm equipment, and other sectors.

The scrip rose as much as 1% to Rs 3,795 apiece. It pared gains to trade 0.40% higher at Rs 3,771 apiece, as of 09:52 a.m. This compares to a 0.29% advance in the NSE Nifty 50 Index.

It has risen 25% in the last 12 months. Meanwhile, In last five years the stock has risen over 400%.