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      M&M drops after reporting weak auto sales in January

      MoM Team / Mumbai, Feb 02, 2017 10:05 AM IST

        M&M drops after reporting weak auto sales in January

        Mahindra & Mahindra slipped 1.8 percent to Rs 1,273.60 on BSE after the company reported weak auto sales and small rise in tractor sales in January 2017.

        The announcement was made after market hours yesterday, 1 February 2017.

        Meanwhile, the S&P BSE Sensex was up 22.01 points or 0.05 percent at 28,155.9.

        On the BSE, 32,347 shares were traded on the counter so far as against the average daily volumes of 92,429 shares in the past one quarter. The stock had hit a high of Rs 1,297.90 and a low of Rs 1,264 so far during the day.

        The stock had hit a record high of Rs 1,508.80 on 9 August 2016 and a 52-week low of Rs 1,092 on 12 February 2016. It had outperformed the market over the past one month till 1 February 2017, rising 9.49 percent compared with the Sensex's 5.69 percent gains.

        The scrip had, however, underperformed the market over the past one quarter declining 1.94 percent as against the Sensex's 0.95 percent rise.

        The large-cap company has equity capital of Rs 310.55 crore. Face value per share is Rs 5.

        Mahindra & Mahindra (M&M)'s total tractor sales rose 6 percent to 15,909 units in January 2017 over January 2016. M&M's domestic sales rose 3 percent to 14,776 units in January 2017 over January 2016. Exports jumped 71 percent to 1,133 units January 2017 over January 2016.

        M&M's total auto sales fell 10 percent to 39,303 units in January 2017 over January 2016. Domestic sales declined 9 percent to 37,042 units in January 2017 over January 2016. Exports dropped 27 percent to 2,261 units January 2017 over January 2016.

        Separately, M&M said before market hours today, 2 February 2017, that Mahindra Overseas Investment Company (Mauritius), (MOICML) a wholly owned subsidiary of the company has agreed to acquire upto 60 percent of the stake of OFD Holding BV, a fruit distribution company based in Netherlands.

        Consolidated revenue of OFD Holding BV in financial year ended October 2016 was Euro 71 million. The objective of acquisition is for strategic fit and operational synergies. The indicative period of completion of acquisition is by February 2017. The acquisition would be for a consideration not exceeding Euro 5 million or Rs 36 crore. OFD will become subsidiary of MOICML and that of company.

        M&M's net profit rose 27.1 percent to Rs 1163.27 crore on 13.8 percent growth in net sales to Rs 10411.67 crore in Q2 September 2016 over Q2 September 2015.

        M&M enjoys a leadership position in tractors and utility vehicles in India.


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      Source: Capital Market


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