Shares of automaker Mahindra & Mahindra Ltd. (M&M Ltd) were trading flat in the afternoon session on Monday even as one of India’s leading automotive companies, logged a 4% rise in overall auto sales for March 2024. Sales climbed to 68,413 vehicles, a rise of 4%, including exports.
M&M shares were trading at Rs 1920.50 against the previous close of Rs 1921.35 on BSE. Market cap of the firm stood at Rs 2.38 lakh crore.
The stock of M&M has gained 12.77% this year and gained 65.43% in the last one year. Total 0.85 lakh shares of the firm changed hands amounting to a turnover of Rs 16.37 crore on BSE today.
In terms of technicals, the relative strength index (RSI) of M&M stock stands at 58.5, signaling it’s trading neither in the oversold nor in the overbought zone. The stock has a beta of 0.7, indicating average volatility in a year. M&M stock is trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day and 200 day moving averages.
M&M’s utility vehicles segment in the domestic market rose 13% to 40,631 vehicles Overall, utility vehicles sales rose to 41,161, including exports.
The domestic sales for commercial vehicles stood at 20,930.
Veejay Nakra, President, Automotive Division, M&M Ltd., “We ended the financial year F24 on a positive note with Mahindra PikUps crossing 2 lakh units during the year, which is the highest ever for any commercial vehicle in the load segment in India. In March, we sold a total of 40,631 SUVs, with a growth of 13% and 68,413 total vehicles, a 4% growth over last year.”
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