Mahindra & Mahindra Share Price Rises After Monthly Sales Jump 14%

Mahindra & Mahindra Ltd.'s share price rose over 1% on Tuesday following the announcement of a 14% increase in its monthly sales for June. The company's total sales reached 78,969 units, marking a significant year-on-year growth.

The key highlights of Mahindra's June sales report includes an 18% rise in passenger vehicle sales, totaling 47,306 units. The company's total exports also saw a modest increase of 1%, reaching 2,634 units. Tractor sales experienced a 13% growth, with 53,392 units sold. However, domestic commercial vehicle sales saw a slight decline of 0.1%, totaling 20,575 units. Notably, three-wheeler sales surged by 37%, reaching 8,454 units.

Mahindra & Mahindra, a leading player in the Indian automotive industry, is known for its diverse range of vehicles, including SUVs, commercial vehicles, and tractors. The company has a strong presence in both the domestic and international markets, with a focus on innovation and sustainability.

The scrip rose as much as 1.09% to Rs 3,218 apiece. It pared gains to trade 0.13% higher at Rs 3,187.30 apiece, as of 12:41 p.m. This compares to a 0.12% advance in the NSE Nifty 50.

It has risen 10.83% in the last 12 months. Total traded volume so far in the day stood at 0.30 times its 30-day average. The relative strength index was at 61.

Out of 42 analysts tracking the company, 40 maintain a 'buy' rating and two recommend a 'hold', according to Bloomberg data. The average 12-month consensus price target implies an upside of 11.7%.