M&M drops on profit taking

capital market | Mumbai |

Mahindra & Mahindra lost 1.37% to Rs 942.60 at 11:55 IST on BSE, with the stock sliding on profit booking after 4-day 3.65% gains.

Meanwhile, the BSE Sensex was up 24.99 points or 0.13% at 19,330.31.

On BSE, 21,000 shares were traded in the counter as against average daily volume of 1.54 lakh shares in the past two weeks.

The stock hit a high of Rs 955.70 and a low of Rs 936 so far during the day.

Shares of Mahindra & Mahindra (M&M) had risen 3.65% in four trading sessions to settle at Rs 955.70 on Monday, 3 December 2012, from a recent low of Rs 922 on 26 November 2012.

M&M on 1 December 2012 said its total automobile sales rose 18% to 48,143 units in November 2012 over in November 2011. The company's domestic sales rose 23% to 46,755 units in November 2012 over November 2011. Passenger vehicle sales rose 38% to 24,604 units in November 2012 over November 2011. The 4 wheeler commercial segment which includes the passenger and load categories registered a growth of 7% to 14,353 units, while the 3 wheeler segment grew by 17% at 6,867 units in November 2012 over November 2011. Exports for the month of November 2012 stood at 1,388 units.

M&M's total tractor sales rose 17% to 20,476 units in November 2012 over November 2011. Domestic tractor sales jumped 22% to 19,757 units in November 2012 over November 2011. Exports for the month of November 2012 stood at 719 units.

The combined net profit of M&M and its 100% subsidiary -- Mahindra Vehicle Manufacturers (MVML) -- jumped 28.4% to Rs 978.10 crore on 31% growth in gross revenue plus other income to Rs 10786.70 crore in Q2 September 2012 over Q2 September 2011. MVML, located at Chakan near Pune in Maharashtra, has been set up as a 100% subsidiary of M&M with a view to source contemporary products for expanding the market offering of M&M.

The Mahindra Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, information technology and vacation ownership. Mahindra has a presence in the automotive industry, agribusiness, aerospace, components, consulting services, defence, energy, financial services, industrial equipment, logistics, real estate, retail, steel and two wheelers.

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