M&M moves up as its unit MFCWL plans to start selling pre-owned LCVs

15 Dec 2014 Evaluate

Mahindra & Mahindra (M&M) is currently trading at Rs. 1253.00, up by 0.80 points or 0.06% from its previous closing of Rs. 1252.20 on the BSE.

The scrip opened at Rs. 1251.75 and has touched a high and low of Rs. 1258.85 and Rs. 1240.95 respectively. So far 8014 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1421.00 on 04-Sep-2014 and a 52 week low of Rs. 847.00 on 04-Feb-2014.

Last one week high and low of the scrip stood at Rs. 1303.10 and Rs. 1239.00 respectively. The current market cap of the company is Rs. 77707.97 crore.

The promoters holding in the company stood at 25.78%, while Institutions and Non-Institutions held 56.61% and 12.28% respectively.

Mahindra & Mahindra’s (M&M) business unit - Mahindra First Choice Wheels (MFCWL), multi-brand certified used car company, is planning to start selling pre-owned light commercial vehicles (LCVs) in the near future. Moreover, the company plans to add another 100 outlets next year to go up to 500 dealers in 2015. It plans to expand this number to 1,000 outlets over the next three years.

As part of its expansion plans, Mahindra First Choice Wheels has opened its 400th outlet in New Delhi on December 12, which is the 34th dealership in Delhi/ NCR. Apart from the company selling pre-owned cars through brick and mortar model, it is also selling through electronic mode called ‘Autobid’ where it auctions the pre-owned cars to interested dealers every week.

Mahindra & Mahindra (M&M) is the flagship company of the Mahindra Group, a multinational conglomerate based in Mumbai, India. Amongst the various business interests of its parent group, the company is mainly involved in the automobile manufacturing. It is one of the leading auto companies of India.

 

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