Mahindra & Mahindra gains on price increase for its personal & commercial range
Indian multinational vehicle manufacturing corporation, Mahindra & Mahindra on Friday announced price increases for its personal and commercial range of vehicles from January 8, 2021. Reacting to the news, the share jumped over one percent on BSE.
The company will increase prices by around 1.9 per cent resulting in an increase of Rs 4,500 to Rs 40,000, depending on the model and variant. The price increase was mainly due to unprecedented increase in commodity prices and various other input costs. The price increase will be effective from January 8, 2021.
Mahindra & Mahindra is engaged in the automobile manufacturing with leadership position in utility vehicles, information technology, financial services and vacation ownership in the country. It is also the world’s largest tractor company by volume. The company commands 39.3 per cent market share in the tractor segment, 47.5 per cent in light commercial vehicles segment and 5.1 per cent in passenger vehicles segment.
At around 11:04 am, the share of Mahindra & Mahindra Ltd is trading 1.97 per cent higher at Rs 759.05 on BSE. The share recorded an intraday high of Rs 760.2 and an intraday low of Rs 744.95 on BSE.