Mahindra's Farm Equipment Sector Sells 45,588 Units in India during October 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 October 2020. The company consolidated its leadership of the top two positions in the domestic tractor market between its Mahindra & Swaraj brands.

Domestic sales in October 2020 were at 45,588 units, as against 44,646 units during October 2019.

Total tractor sales (Domestic + Exports) during October 2020 were at 46,558 units, as against 45,433 units for the same period last year.

Exports for the month stood at 970 units.

Commenting on the performance, Hemant Sikka, President - Farm Equipment Sector, Mahindra & Mahindra Ltd. said, "We have sold 45,588 tractors between both our Mahindra & Swaraj brands in the domestic market during October 2020, a growth of 2% over last year. We continue to witness unprecedented retail demand which is likely to be higher than wholesale numbers on back of expectations of a higher Kharif output and good cash flow in the market. Auspicious festival days ahead, coupled with mechanization requirements for ongoing Kharif harvesting and impending Rabi sowing season augurs well for the industry. In the exports market, we have sold 970 tractors, a growth of 23% over last year."

Shares of MAHINDRA & MAHINDRA LTD. was last trading in BSE at Rs.594 as compared to the previous close of Rs. 591.85. The total number of shares traded during the day was 96761 in over 1853 trades.

The stock hit an intraday high of Rs. 601.4 and intraday low of 587.3. The net turnover during the day was Rs. 57489390.

Source : Equity Bulls

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