On November 4, 2024, shares of Mahindra and Mahindra (M&M) surged by 5.37%, reaching an intraday high of ₹2,968.35. This notable increase in share price was driven by the company's remarkable performance in SUV sales during October, which saw a year-on-year rise of 25%, totalling 54,504 units compared to 43,708 units in the same month last year.
Impressive monthly sales figures
In October 2024, M&M reported overall sales of 96,648 units, which included both domestic and export figures. Notably, domestic sales in the commercial vehicle sector reached 28,812 units, showcasing strong demand across various segments.
Additionally, tractor sales also experienced a significant boost, climbing 30% annually to 65,453 units from 50,460 units in October 2023. These sales figures have bolstered confidence in share market investment, drawing attention from analysts and investors alike.
Executive insights on sales performance
Veejay Nakra, the president of M&M’s automotive division, expressed excitement about achieving record SUV sales. He stated, "We are thrilled to have recorded our highest-ever SUV sales of 54,504 vehicles in October, marking a growth of 25%. Overall, we achieved total sales of 96,648 units, a 20% increase".
Nakra highlighted the strong start to the month, mentioning that the Thar ROXX model alone received 1.7 lakh bookings within the first hour of its launch. This positive momentum continued throughout the festive season, further solidifying M&M’s position in the market and enhancing opportunities for share market investment.
Significant growth in exports
The company also reported a remarkable 89% year-on-year increase in exports, with 3,506 units shipped in October 2024 compared to just 1,854 units the previous year. This substantial growth in exports contributes to M&M's overall sales strategy and strengthens its global presence, making it an attractive option for those considering share market investment.
A legacy of innovation and growth
Founded in 1945, the Mahindra Group is a prominent global enterprise with over 260,000 employees operating in more than 100 countries. The company has established a strong reputation for excellence in farm equipment, utility vehicles, IT solutions, and financial services in India.
Notably, M&M is recognised as the world’s largest tractor manufacturer by volume. This legacy of innovation and success plays a crucial role in attracting share market investment as stakeholders look for robust and reliable companies.
Market capitalisation and share performance
As of recent data, M&M boasts a market capitalisation of ₹3,56,370.49 crore, according to the Bombay Stock Exchange (BSE). Early trading on November 4 saw M&M shares climbing 1.83% to ₹2,868.65.
In contrast, the BSE Sensex was down 0.86%, indicating that M&M’s strong performance stands out even amid broader market fluctuations. This resilience reinforces the idea of M&M as a solid choice for share market investment, appealing to a diverse range of investors.
A promising future ahead
With such impressive sales figures and a strong market position, Mahindra and Mahindra is well-positioned for continued growth. The record SUV sales in October have not only boosted share prices but also strengthened investor confidence, making M&M a focal point for share market investment.
As the company continues to innovate and expand, it remains a compelling option for those looking to invest in a market leader.
For android only