Home Business Mahindra & Mahindra rallies 6% as board to consider fund raising plan

Mahindra & Mahindra rallies 6% as board to consider fund raising plan

Shares of Mahindra & Mahindra (M&M) moved greater by 6 per cent to Rs 485 on the BSE on Wednesday after the corporate introduced fund elevating plans.

“The board of administrators of the corporate will meet on June 12, 2020 to contemplate elevating of funds by the use of issuance of securities together with however not restricted to secured/unsecured redeemable non-convertible debentures on non-public placement foundation, in a number of tranches / collection,” M&M mentioned in a regulatory submitting. READ HERE

The board may also think about and approve the audited standalone and consolidated monetary outcomes of the corporate for the fourth quarter and monetary yr ended March 31, 2020 and advocate dividend, if any, on the identical day.

Prior to now three buying and selling days, the inventory of M&M has rallied 13 per cent after the corporate bought 24,017 tractors within the home market in Might 2020 regardless of Covid-19 induced lockdown. It had bought 23,539 models throughout the identical month final yr. The well timed leisure of the lockdown for the agricultural sector ensured speedy restoration of tractor demand throughout Might.

“M&M’s complete gross sales quantity declined 52 per cent yr on yr (YoY) to 33,901 models, however was above estimated 23,700 models, primarily because of better-than-expected quantity in tractors,” analyst at Emkay World Monetary Providers mentioned in sector replace.

The auto section’s quantity fell 79 per cent to 9,560 models. The corporate has opened 70 per cent of auto dealerships and is seeing some preliminary traction in SCVs and SUV fashions such because the Bolero and Scorpio.

The corporate has indicated that home quantity grew 2 per cent to 24,017 models, led by well timed leisure of lockdowns (from 20th April onward) and optimistic buyer sentiment. Sellers have stock of under 2 weeks in auto section, and 3- four weeks in tractors, it mentioned.

First Revealed: Wed, June 03 2020. 14:55 IST


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