Mahindra tractor sales rise 13 per cent

Mahindra & Mahindra has reported 13 per cent increase in tractor sales at 25,949 units in November as against 22,994 units in the same month last year.

According to a company statement, in the domestic market, tractor sales stood at 25,159 units compared with 21,271 units in November 2017, up 18 per cent. Exports, however, declined by 54 per cent to 790 units from 1,723 units. Retail demand remained positive through the festive season, said the statement.

Management expects that government’s continued focus on rural and agri economy and improvement in key crop prices will help fuel demand for tractors in Q4 of the current fiscal.

At a conservative estimate, the industry is expected to grow by 8-10 per cent in this financial year. The growth is highly dependent on the monsoon pattern, said Shubhabrata Saha, Chief of Farm equipment division of Mahindra.

On Tuesday, the stock opened at Rs. 762 per share and touched High/Low of 762/740 per share.