In a robust start to the trading day, M&M surged over 2%, opening at Rs 1597.20, a notable uptick from its previous close at Rs 1554.25. This surge can be attributed to M&M’s stellar performance in September, where the Indian SUV giant showcased its resilience in the market.
M&M emerged as the top gainer on the Nifty today, demonstrating its strong market position. The Nifty, however, opened on a flat note with a negative bias at 19,620, contrasting M&M’s impressive surge.
In a remarkable achievement, Mahindra and Mahindra Ltd achieved a substantial 20% Year-on-Year (YoY) growth by selling 41,267 units in September 2023. This sales figure is significantly higher than the 34,262 units sold during the same month last year, marking the third consecutive month of the utility vehicle segment’s highest sales.
Additionally, M&M maintained its global presence by exporting 2,419 units in September 2023. Although this represents a slight decline of five percent from the previous year’s exports of 2,538 units, the company’s consistent global outreach showcases its stability in the competitive automotive market.