Mahindra's Farm Equipment Sector Sells 24,017 Units in India during May 2020

Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES), a part of the USD 20.7 billion Mahindra Group, today announced its tractor sales numbers for May 2020.

Domestic sales in May 2020 were at 24,017 units, as against 23,539 units during May 2019.

Total tractor sales (Domestic + Exports) during May 2020 were at 24,341 units, as against 24,704 units for the same period last year.

Exports for the month stood at 324 units.

Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, "We have sold 24,017 tractors in the domestic market during May 2020, representing a growth of 2% over last year. The timely relaxation of the lockdown for the Agricultural sector helped ensure the speedy recovery of tractor demand during May. In the near term, farmer sentiment is likely to remain positive due to several developments including robust Rabi crop production, higher procurement, good price realizations and the forecast of a normal monsoon that bodes well for a good Kharif crop. All these augur well for tractor demand going forward. In the exports market, we have sold 324 tractors".

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