M&M stock hits fresh 52-week high in early trade- Business News

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The Mahindra and Mahindra stock rose to a fresh 52-week high on Tuesday, a day after the firm had a one-on-one interaction with IIFL Private Wealth. At 12:40 pm, the stock was trading 0.40 percent or 6 points higher at 1529 on the BSE. The stock hit a fresh 52-week high of 1552.85 in early trade. The stock was the top  Sensex gainer on Monday and closed at 1522 level, 2.71 percent higher on the BSE. According to the investor presentation, the firm posted highest ever Q2 exports of 3983 units in Q2 of FY 18 against 3844 units in the second quarter of last fiscal. Tractor exports (7338 units) in H1 of the current fiscal were 8% higher than the 6790 units exported by the firm in first half of last fiscal. Mahindra Vehicle Manufacturers Limited (MVML), M&M and Mahindra Two Wheelers (MTW) recorded a 22% rise in profit after tax (PAT) on a combined basis. PAT in Q2 of the current fiscal stood at Rs 1,411 crore against Rs 1,157 crore in the corresponding quarter of last fiscal. Mahindra Vehicle Manufacturers Limited (MVML) , a subsidiary of M&M produces utility vehicles (UVs), light transport vehicles (LTVs), and commercial vehicles.Mahindra Two Wheelers  (MTW) is a group venture owned by Mahindra & Mahindra Limited (M&M), which manufactures scooters and motorcycles. The combined net sales and operating Inc stood at Rs 12,018 crore for Q2 of current fiscal against Rs 10,065 crore in Q2 of the last fiscal. The presentation said M&M and MVML achieved highest ever quarterly net revenue and profit after tax (PAT). In September, Scorpio brand achieved highest ever monthly sales in September, M&M said.

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