Friday, 6 December 2013

M&M gains despite recalling 900 units of Scorpio’s Ex variant for offering proactive replacement

Mahindra & Mahindra (M&M) is currently trading at Rs. 952.65, up by 8.00 points or 0.85 % from its previous closing of Rs. 944.65 on the BSE.

The scrip opened at Rs. 947.00 and has touched a high and low of Rs. 954.85 and Rs. 944.15 respectively. So far 13411 shares were traded on the counter.

The BSE group 'A' stock of face value Rs. 5 has touched a 52 week high of Rs. 1026.45 on 20-May-2013 and a 52 week low of Rs. 741.50 on 28-Aug-2013.

Last one week high and low of the scrip stood at Rs. 965.00 and Rs. 932.35 respectively. The current market cap of the company is Rs. 58672.99 crore.

The promoters holding in the company stood at 25.26 % while Institutions and Non-Institutions held 52.43 % and 17.34 % respectively.

Mahindra & Mahindra (M&M), a part of the $16.2 Billion Mahindra Group will be carrying out preventive replacement of one part in its Scorpio Ex variant. This is in keeping with its customer centric approach as well as in compliance with the recently announced voluntary code on vehicle recall.

Mahindra will carry out preventive replacement of a pressure regulating valve in 900 units of only Scorpio’s Ex variant, which were manufactured between October/November 2013. This replacement would be carried out with immediate effect and would be done free of cost for Scorpio Ex customers who would be individually contacted by the company/authorized dealers.

The recall is limited only to the Scorpio Ex variant manufactured during the said period and does not affect other Scorpio variants.

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