M&M gains on incorporating subsidiary company for farm equipment rental service

M&M is currently trading at Rs. 1291.50, up by 5.15 points or 0.40% from its previous closing of Rs. 1286.35 on the BSE.

The scrip opened at Rs. 1272.50 and has touched a high and low of Rs. 1295.00 and Rs. 1261.05 respectively. So far 23,041 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1441.45 on 07-Aug-2015 and a 52 week low of Rs. 1092.00 on 12-Feb-2016.

Last one week high and low of the scrip stood at Rs. 1342.00 and Rs. 1261.05 respectively. The current market cap of the company is Rs. 80,214.00 crore.

The promoters holding in the company stood at 25.44%, while Institutions and Non-Institutions held 55.47% and 13.53% respectively.

Mahindra & Mahindra (M&M) has incorporated a company ‘Trringo.com’ in India, on May 23, 2016 as its subsidiary company. The subsidiary has been incorporated to launch an organized farm equipment rental service through a franchise based model and effectively bring in new age digital technology to the farm equipment rental business.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.