Meanwhile, the BSE Sensex was down 118.69 points, or 0.69%, to 17061.49.
On BSE, 75,922 shares were traded in the counter as against an average daily volume of 2.33 lakh shares in the past one quarter.
The stock hit a high of Rs 1076, which is also its all-time high. the stock hit a low of Rs 1040 so far during the day. the stock had hit a 52-week low of Rs 235.50 on 3 December 2008.
The stock had outperformed the market over the past one month till 23 November 2009, rising 12.60% as compared to the Sensex’s 2.20% fall. it outperformed the market in past one quarter, gaining 29.99% as against 12.72% rise in the Sensex.
India’s largest tractor maker by sales has an equity capital of Rs 279.82 crore. Face value per share is Rs 10.
The current price of Rs 1066.50 discounts the company’s Q2 September 2009 annualised EPS of Rs 102.86, by a PE multiple of 10.36.
Khutub A Hai, head of Mahindra Defence Systems was quoted by the media as saying that most of the projects will come from artillery systems and armoured vehicles. the firm hopes to ramp up revenues to $430 million by 2016 through joint ventures from the current $21.7 million.
Mahindra has spun off its defence business into mainly two fully-held units focusing on land and naval systems. the land systems business has government’s approval for a joint venture with UK-based BAE Systems. the company plans to design and co-develop mine protection vehicles along with the UK firm.
Indian defence companies will gain access to a potential $100 billion market over the next 10 years, following a new policy that was announced last month allowing domestic firms to bid for large defence contracts.
India, one of the world’s biggest arms importers, wants to increase the role of its private sector which accounts for around one-fifth of the industry market share.
Mahindra & Mahindra’s net profit soared 185% to Rs 702.94 crore on 35.1% increase in net sales to Rs 4665 crore in Q2 September 2009 over Q2 September 2008. the company declared its results on 29 October 2009.
M&M manufactures automobiles, farm equipment and automotive components. the company’s automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.
Promoters have pledged more than 93.52 lakh shares representing 3.35% of the equity capital of the company. Total promoter shareholding in the company is 27.39% (As on September 2009).
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