Mahindra & Mahindra shares jumped 2% on Wednesday, making it the top gainer on the Nifty 50 index. The rally comes after reports suggested that the government may be considering a reduction in GST on tractors and farming equipment, from the current 12% to 5%.
According to Zee Business, talks are underway to ease the tax burden on the agriculture sector. Since Mahindra is a major player in the tractor market, the potential GST cut boosted investor sentiment and pushed the stock higher.
Mahindra & Mahindra shares closed at ₹3,203.00 on July 16, higher than the opening price of ₹3,128.60. During the day, the stock touched a high of ₹3,210.00 and a low of ₹3,082.40. The company’s 52-week high stands at ₹3,270.95, while the 52-week low is ₹2,425.00.
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