M&M sold 58,361 SUVs last month, emerging as the third-largest carmaker in the country for the second straight month.

Mahindra stock jumps 5% amid Sensex, Nifty fall; here’s why

Shares of Mahindra & Mahindra rose as much as 5.37% in intraday trade to hit a high of ₹2,968.35 on the BSE, taking the company’s market cap increased to over ₹3.56 lakh crore. In comparison, India's benchmark indices, the BSE Sensex and the Nifty 50, traded 1.5% lower on Monday morning.

The rise in Mahindra's stock price comes after the automaker sold 58,361 SUVs last month, emerging as the third-largest carmaker in the country, ahead of Tata Motors, for the second straight month. Hyundai Motor India, the country’s second-largest carmaker, sold 67,974 vehicles in October.

In terms of wholesales, dispatches from the factory shop floor to dealerships, Mahindra sold a record 54,504 SUVs in the domestic market in October, clocking a growth of 25% and overall, 55571 vehicles, including exports. Thar ROXX garnered 1.7 lakh bookings in the first 60 minutes and the positive momentum continued across the SUV portfolio through the festive season.

The company is also ramping up its EV play. Mahindra & Mahindra is set to introduce two born-electric sport utility vehicles (SUVs), XEV 9e and BE 6e on November 26, 2024. These electric vehicles will be based on the new ground-up INGLO architecture.

Mahindra & Mahindra surpassed Tata Motors to become India’s third-largest carmaker by volume in September. The automaker bucked the industry-wide trend of de-growth in car sales during the second quarter, partly aided by the launch of compact SUV XUV 3XO earlier this year. M&M’s passenger vehicle wholesales grew 21% year-on-year to 2,60,210 units in the first half of 2024-25. The automaker is eyeing mid-to-high-teens growth this fiscal. Meanwhile, Tata Motors' domestic car wholesales dipped 3.6% to 268,034 units in the first half of the ongoing fiscal compared with 278,070 units in the first six months of FY24.

India's passenger vehicle industry saw a more than 5% decline in retail sales (Vahan registrations) in the second quarter of FY25 compared to Q2 FY24, dragged down by slow consumer demand and seasonal factors.

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