M&M shares hit record high as company posts 31 per cent surge in July sales
Aug 01, 2022
Mumbai (Maharashtra) [India], August 1 : The share price of Mahindra & Mahindra surged by over six per cent on Monday to hit a record high after the company reported 31 per cent jump in its overall sales in July and its all-new Scorpio-N model received over 1 lakh orders within 30 minutes of commencement of bookings.
At the BSE at around 1.48 pm, Mahindra & Mahindra shares were trading 6.37 per cent higher at Rs 1239.
Earlier, the scrip hit a record high of Rs 1247.60 in the intra-day, the highest level ever.
During the month of July, Mahindra & Mahindra Ltd's total sales surged by 31 per cent to 56148 vehicles.
In the Utility Vehicles segment, Mahindra sold 27854 vehicles in July 2022. The Passenger Vehicles segment (which includes UVs, Cars and Vans) sold 28053 vehicles in July 2022.
Exports for the month were at 2798 vehicles. In the Commercial Vehicles segment, Mahindra sold 20946 vehicles in July 2022.
"We continued our strong performance with sales of 27854 SUVs in July, registering a growth of 34 per cent fueled by robust demand for all our brands including XUV700, Thar, Bolero and XUV300," Veejay Nakra, President, Automotive Division, M&M Ltd, said in a statement.
"Our Commercial Vehicles also registered growth and exports were up at 32 per cent. The supply chain situation continues to remain dynamic, and we are monitoring the situation closely," Nakra said.
