M&M hits a new high

Mahindra & Mahindra (M&M) is most certainly on the highway today. From its close of yesterday at Rs.734.80, it went on to hit a new high today at Rs.745 and remains around 743 levels currently.

The market is happy with its sales numbers for November, more so with the tractor unit. Thanks to the bountiful kharif output and rabi sowing, tractor sales saw a 56% (YoY) increase in total sales in November.

The total tractor sales, domestic + exports stood at 32,726 units v/s 21,031 units (YoY).

The company expects the outlook to remain robust in the coming months as procurement operations for kharif are in full swing and this will keep the rural cash flows healthy.