Mahindra & Mahindra Limited saw its shares rise 2.24% to an intraday high ₹3,074.50 per share on Wednesday as the December auto sales data was released.
Mahindra and Mahindra, the second largest SUV manufacturer by market share, reported that the sales of Sports Utility Vehicles (SUV) to dealers went up by 18% due to strong demand in December.
Mahindra, India's second-largest SUV maker by market share, has shown resilience despite a broader slowdown in car sales, which has led many manufacturers and dealers to offer significant discounts. December typically sees a dip in automobile sales, as customers wait for the upcoming year’s models, prompting carmakers to reduce production and increase discounts to clear unsold stock.
However, Mahindra & Mahindra’s growth in December can be attributed to demand for its recent SUV models including the ‘Thar ROXX’ and the ‘XUV 3X0’. In November, Mahindra's SUV sales to dealers increased by 16% on an annual basis.
At 2 PM on Wednesday, Mahindra & Mahindra’s stock was trading 1.99% higher at ₹3066.95 per share as compared to the previous close of ₹3007.10 per share on the National Stock Exchange (NSE).
Summary:
Mahindra & Mahindra Limited saw its shares rise 2.24% as the sales of SUVs to dealers went up by 18% due to strong demand in December .
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