M&M shares edge up as tractor sales nearly double in September

Mahindra & Mahindra Ltd’s Farm Equipment Sector on Saturday announced that the company’s tractor sales were up to 30,562 units in September as against 18,087 during the same period last year.

Shares of the company were trading up 2.75% to Rs 1,444.40 per share on Nifty 50 at 1000 hours on Monday.

The company stated that it registered a growth of 70% in the domestic market with its domestic sales at 29,035 as against 17,052 units sold during September 2015.

Exports of the company rose by 48% with 1,527 units being sold in FY17 as opposed to 1,035 units sold in FY16.

“In September 2016 we had a strong growth of 70% over September 2015, with sales of 29,035 tractors in the domestic markets. We expect the good momentum to continue with the upcoming festive season and the effect of a good monsoon. In the export market we sold 1,527 tractors with a growth of 48% over September2015,” Rajesh Jejurikar, President and Chief Executive said in a statement.