Mahindra's Farm Equipment Sector Sells 23,503 Units in India during August 2020

Mahindra & Mahindra Ltd.'s Farm Equipment Sector (FES), a part of the USD 19.4 billion Mahindra Group, today announced its tractor sales numbers for August 2020.

Domestic sales in August 2020 were at 23,503 units, as against 13,871 units during August 2019.

Total tractor sales (Domestic + Exports) during August 2020 were at 24,458 units, as against 14,817 units for the same period last year.

Exports for the month stood at 955 units.

Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, "We have sold 23,503 tractors in the domestic market during August 2020, a growth of 69% over last year. On the back of highest ever sales in July, we have clocked yet another highest ever sales in August. The Tractor industry growth continues to remain strong in August. This is primarily on account of continued positive sentiment, due to increase in Kharif sowing area, thereby indicating a bumper harvest, bountiful monsoon, good rural cash flows and base effect. We expect rural sentiments to remain positive and translate into robust tractor demand as we move into the festive period. In the exports market, we have sold 955 tractors, a growth of 1% over last year."

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.605.95 as compared to the previous close of Rs. 631.2. The total number of shares traded during the day was 117308 in over 2888 trades.

The stock hit an intraday high of Rs. 640 and intraday low of 602.6. The net turnover during the day was Rs. 72745514.

Source : Equity Bulls

Keywords