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M&M surges on opening local automotive assembly plant in Sri Lanka

Mahindra & Mahindra is currently trading at Rs. 529.30, up by 1.70 points or 0.32% from its previous closing of Rs. 527.60 on the BSE.

The scrip opened at Rs. 528.00 and has touched a high and low of Rs. 531.40 and Rs. 525.45 respectively. So far 20519 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 5 has touched a 52 week high of Rs. 992.00 on 30-Aug-2018 and a 52 week low of Rs. 502.85 on 14-Aug-2019.

Last one week high and low of the scrip stood at Rs. 549.80 and Rs. 502.85 respectively. The current market cap of the company is Rs. 65590.84 crore.

The promoters holding in the company stood at 19.87%, while Institutions and Non-Institutions held 58.78% and 21.36% respectively.

Mahindra and Mahindra (M&M) has expanded its global footprint with the inauguration of its local automotive assembly plant at Welipenna, near Colombo, Sri Lanka. Christened Mahindra Ideal Lanka this assembly plant is in collaboration with Ideal Motors of Sri Lanka. With this local assembly unit, the company will now be able to deliver products in reduced time and at more affordable prices.

The assembly plant rolled out its first product, the compact SUV, KUV100 and will roll out a slew of products over the next 3 years.

M&M is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

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