The stock price of this auto major is gaining momentum since yesterday!

The share price of Mahindra & Mahindra Ltd is soaring and has surpassed its previous 52-week high! Here’s why?

Mahindra & Mahindra Ltd, a constituent of S&P BSE Sensex, is one of the most diversified automobile companies in India with a presence across 2-wheelers, 3-wheelers, PVs, CVs, tractors and earthmovers.

It has launched the ‘New Bolero City Pik-Up’, an addition to its existing ‘Pik-Up’ range, in West Bengal. The new model boasts best-in-class mileage, segment-leading payload capacity and cargo width, and best-in-class engine torque. The New Bolero City Pik-Up is best suited for intra-city movement.

Mahindra Group has increased its stake in Carnot Technologies, an ag-tech start-up, to approximately 69%. The group has a vision of making Krish-e, the group’s farming as a service vertical, India’s largest ecosystem of digital products and solutions.

The company has reported the highest ever standalone revenue for Auto and Farm Segments at Rs 55.3k crore for FY22, up by 29%. Its auto business delivered highest ever quarterly UV Volumes in Q4 with 42% growth YoY and its Farm Equipment Sector (FES) Tractors Market Share for FY22 at 40%, up 1.8% YoY. It also had a strong Auto export performance with 77% growth YoY and highest ever farm export volume of 17.5k tractors, up by 66% YoY.

In Q4FY22, M&M reported standalone net sales for the quarter at Rs 17,124 crore, surge of 28 per cent YoY, and 12.4% QoQ. It saw a 17% (YoY) gain in standalone profit at Rs 1,167 crore for Q4FY22 in comparison with Rs 998 crore in the same quarter last year.

The company also confirmed the electric powertrain for the XUV300 SUV which might arrive in the first quarter of the next financial year.

 Despite facing significant challenges due to Covid 19, commodity prices, semiconductor shortage and geopolitical crisis, the company has delivered a robust performance. At 11:05 am, the stock price, surged 3.75 per cent and the scrip is currently trading at Rs 1035.30.