India's largest tractor maker Mahindra and Mahindra Ltd. is confident of growing 8-10 percent in the current financial year on increasing rural development spend by the government and an acquisition in Turkey.
The company, which recorded sales growth of 14 percent in May and 19 percent in April this year, is likely to see sales in the first quarter in mid-teens, Rajesh Jejurikar, president-farm equipment sector, M&M, told BloombergQuint in an interview.
He expressed the hope for good monsoons for the third year in a row this year, as it would aid tractor sales growth further. “We will take a fresh view of the year once we actually see the monsoon,” Jejurikar added.
Shares of the company were trading 0.63 percent higher at Rs 897 on BSE at 1:52 p.m. It has gained 6.97 percent in the last one month compared to a gain of 1.8 percent in the S&P BSE Sensex during the same period.
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