M&M joins Rs 1-trillion market-cap club; stock hits new high

TractorMahindra & Mahindra (M&M) has joined the elite club Rs 1-trillion market capitalization (market-cap) on the BSE, as its share price hit an all-time high of Rs 819 in early morning trade on Tuesday.With the market-cap of Rs 1.01 trillion at 10:00 am; M&M stood at number 30th position in overall market-cap ranking, the BSE data shows. Currently, M&M stood just behind of Tata Motors, which has market-cap of Rs 1.08 trillion (include Tata Motors DVR).Thus far in the month of April, M&M outperformed the market by surging 9% as compared to 4% rise in the S&P BSE Sensex. The company reported a 10% increase in total sales at 62,077 units in March, 2018 against 56,202 units for the same month last year.Commenting on the outlook, M&M President, Automotive Sector, Rajan Wadhera, said: “We are particularly buoyed by the growth of our truck business, which has outperformed the industry. With three of our critical new automotive launches lined up in 2018-19, we are confident of increasing our market share in the utility vehicle space.”M&M is one of the most diversified auto companies in India. Its core businesses include manufacture of auto [Passenger Vehicles (PV), Commercial Vehicles (CV), three-wheelers, two-wheelers etc.] and farm equipment (tractors and other farm equipment)etc.
Source: Business Standard