Muhurat Trading 2024: M&M climbs over 3% on record SUV sales in October

Shares of Mahindra & Mahindra (M&M) surged over 3 percent during the special Muhurat trading session on Friday, following the company's record-breaking SUV sales in October 2024. M&M achieved its highest-ever domestic SUV sales, delivering 54,504 vehicles, marking a robust 25 percent year-on-year growth in the SUV segment. The company's total sales volume, including exports, hit a record high of 96,648 units.

The company's impressive performance reflected heightened demand across its SUV portfolio, driven by festive season interest. In October 2024, M&M's total sales volume reached 96,648 units, a 20 percent rise from last year’s 80,679 units. Domestic sales contributed significantly, with 64,326 units sold domestically in October 2024—a 30 percent increase from the 49,336 units sold in October 2023.

Veejay Nakra, President of the Automotive Division at M&M Ltd., expressed enthusiasm, stating, "We are excited to have clocked the highest-ever SUV sales of 54,504 vehicles in October, reflecting a 25 percent growth, and a record total volume of 96,648, up 20 percent. The month began with great momentum, with Thar ROXX receiving 1.7 lakh bookings within the first 60 minutes, and this positive trend continued across our SUV lineup throughout the festive season."

Mahindra's year-to-date performance has also been strong, with total SUV sales reaching 314,714 units, representing a 22 percent growth over the prior year, further solidifying M&M's dominance in the Indian automotive industry, especially in the SUV sector.

Additionally, M&M’s Farm Equipment Sector (FES) reported a 20 percent increase in total tractor sales (domestic and exports) for October 2024, reaching 65,453 units, compared to 50,460 units in the same period last year.

Stock Price Trend

In line with these achievements, the auto stock saw an intraday rise of up to 3.3 percent, peaking at ₹2,818. Over the past year, the stock has rallied over 87 percent, with a year-to-date gain of nearly 58 percent in 2024.

Founded in 1945, the Mahindra Group has maintained a leading position in utility vehicles and farm equipment and continues to expand its presence across diverse sectors, including IT, financial services, renewable energy, and real estate.