Mahindra's Auto Sector sells 9,560 vehicles in May 2020

Mahindra & Mahindra Ltd. (M&M Ltd.), a part of the USD 20.7 billion Mahindra Group, today announced its auto sales performance for the month of May 2020.

In the Passenger Vehicles segment (which includes UVs, Cars and Vans), Mahindra sold 3,867 vehicles in May 2020, compared to 20,608 vehicles in May 2019.

In the Commercial Vehicles segment, the company sold 5,170 vehicles in May 2020, as against 17,879 vehicles in May 2019.

Exports for the month of May 2020 were 484 vehicles.

The company's overall automotive sales (Domestic + Exports) stood at 9,560 vehicles in May 2020, compared to 45,421 vehicles during May 2019.

Commenting on the performance, Veejay Nakra, Chief Executive Officer, Automotive Division, M&M Ltd. said, "Our performance during May has been muted, due to the challenges the industry is facing. We have opened 70% of our dealerships and retail sales have begun. We are seeing initial traction for our small commercial vehicles and SUV brands such as the Bolero and Scorpio. As new lockdown norms are being announced we are hopeful of demand gaining traction in the coming months".

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.436.4 as compared to the previous close of Rs. 440.05. The total number of shares traded during the day was 749993 in over 5474 trades.

The stock hit an intraday high of Rs. 449.5 and intraday low of 431.75. The net turnover during the day was Rs. 325761499.

Source : Equity Bulls

Keywords