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M&M gains as its SsangYong Motor sells 10,436 units in September 2013

03 Oct 2013 Evaluate

M&M is currently trading at Rs. 850.50, up by 17.10 points or 2.05% from its previous closing of Rs. 833.40 on the BSE.

The scrip opened at Rs. 833.90 and has touched a high and low of Rs. 860.40 and Rs. 833.90 respectively. So far 92,000 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1026.45 on 20-May-2013 and a 52 week low of Rs. 741.50 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 880.00 and Rs. 815.50 respectively. The current market cap of the company is Rs.  52,301 crore.

The promoters holding in the company stood at 25.35% while Institutions and Non-Institutions held 51.19% and 18.23% respectively. Mahindra and Mahindra (M&M), country’s major automobile maker’s South Korean subsidiary SsangYong Motor has sold a total of 10,436 units in September 2013. The company sold 4,432 units in domestic sales and 6,004 in exports. Ssangyong Motor’s sales in September increased by 2.8% from a year earlier and its cumulative sales rose by 21.4% compared to the same period last year. The increase was driven by higher demand for the Korando family brand including the New Korando C despite reduced working days at the plant as a result of the Chuseok holidays.

Ssangyong Motor’s domestic sales also increased by 9.8% year-on-year and cumulative sales rose by 32.3% compared to the same period last year. However they decreased slightly from the previous month due to the reduced number of working days. Further, the New Korando C has been very well received, recording over 7,000 contracts since its launch in August and the company’s domestic sales will further increase based on the popularity of the New Korando C.

Moreover, Ssangyong’s cumulative exports grew by 14.3% compared to the same period last year thanks to increased sales in the Russian market despite priority being given towards meeting increased domestic demand.

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