M&M shares rally 3% on reporting highest ever SUV sales

Shares of auto major Mahindra & Mahindra (M&M) on Friday rallied up to 3% to INR 2,818 on BSE after reporting its highest monthly sales in the current fiscal year to dealers in October, boosted by festive season sales.

In the Utility Vehicles segment, Mahindra sold 54504 vehicles in the domestic market, a growth of 25% and overall, 55571 vehicles, including exports. The domestic sales for Commercial Vehicles stood at 28812.

"We are excited to have clocked the highest-ever SUV sales of 54504 vehicles in October, a growth of 25% and highest ever total volume of 96648, a growth of 20%," said Veejay Nakra, President, Automotive Division, M&M Ltd.

The month began on a fantastic note with Thar ROXX garnering 1.7lakh bookings in the first 60 mins and the positive momentum continued across the SUV portfolio through the festive season, he said.

Mahindra's car portfolio consists entirely of SUVs and the company has reported a rise in dispatches to dealers every month this financial year ending March 2025, highlighting a trend of increasing sales for the larger, premium cars compared to the small-car segment.

In the meantime, Maruti Suzuki India reported its highest-ever monthly sales volume at 206,434 units. Total sales in the month include domestic sales of 163,130 units, sales to other original equipment manufacturers (OEMs) of 10,136 units and the highest-ever monthly exports of 33,168 units.

Maruti shares were trading around 1% higher. Shares of newly-listed Hyundai Motor India were also trading 1% higher after posting its highest-ever monthly SUV sales at 37,902 units.

Tata Motors reported a marginal change in sales for both domestic and international sales for October, with 82,682 units sold compared to 82,954 units in the same period last year. The stock was up around 1.3%.

Ola Electric shares rose nearly 3% as the electric two-wheeler manufacturer regained market share to reach 31% in October after five consecutive months of decline.