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M&M gains on improved rainfalls

Reuters/Mumbai 21 Aug 12 | 02:06 PM
 Mahindra & Mahindra Ltd
tradenow

BSE   17 Apr 14 | 12:00 AM

997.35  22 (2.26%)

NSE   17 Apr 14 | 12:00 AM

996.95  20.4 (2.09%)

Tractor maker Mahindra & Mahindra shares gain 1.1 percent as heavy rains hit some of the parched parts of the country, easing fears of a repeat of the widespread drought that gripped three years ago.

Mahindra & Mahindra shares also continue to benefit after April-June earnings earlier this month showed strong demand for its utility vehicles, helping offset some of the concerns about tractor sales.

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Despite fear of a drought during the monsoon season, Mahindra & Mahindra shares have surged 19.25 percent since June 1, compared with a 10.8 percent gain in the Nifty during the same period.

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