Shares of Mahindra & Mahindra (M&M) today soared over 6 per cent following the management stating that it would introduce new products and variants in coming months.
Mahindra & Mahindra Ltd's shares advanced by 6.45 per cent to settle at Rs 1,308.40 on the BSE. During the day, it rose by 7.58 per cent to Rs 1,322.30 -- its 52-week high.
At the NSE, the stock jumped 6.15 per cent to close the session at Rs 1,305.
Boosted by the rise in the stock, the company's market valuation moved up by Rs 4,884.36 crore to Rs 80,583.36 crore.
The stock was the top performer among the blue-chips on both Sensex and Nifty.
"M&M was showing strength post Q1 FY15 results and the company's management stating that it would introduce new products and variants in coming months boosted buying in the stock," said Nidhi Saraswat, Senior Research Analyst, Bonanza Portfolio.
M&M Group President and Executive Director Pawan Goenka had on Friday said the company will be aggressive with launches over the next 15 months and by Diwali it will have a few new scooters and a passenger vehicle launch.
Homegrown auto major M&M had on Friday reported a 5.98 per cent decline in standalone net profit at Rs 881.78 crore for the first quarter ended June 30, 2014.
The auto major had posted a net profit of Rs 937.91 crore during the same period a year ago.
Net sales on a standalone basis during the April-June quarter declined marginally to Rs 10,597.07 crore from Rs 10,607.27 crore, Mahindra & Mahindra had said in a filing to the BSE.
During the quarter under review, revenue from automotive segment stood at Rs 5,988.60 crore and that from farm equipment was Rs 3,932.85 crore. It was Rs 5,980.62 crore and Rs 3,899.52 crore respectively in the year-ago period.