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M&M at record high after robust November sales

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Mahindra and Mahindra (M&M) is trading at its all time high on Monday after  country's biggest sports utility vehicle maker, registered 18% year-on-year rise in auto sales during November.

India's largest manufacturer of utility vehicles and SUVs sold 48,143 units in November compared to 40,722 units sold during corresponding period a year earlier.

“The company’s domestic sales stood at 46,755 units during November 2012, as against 38,159 units during November 2011, an increase of 23%,” M&M said in a press release.

The passenger vehicles segment (which includes the UVs and Verito) registered a growth of 38%, having sold 24,604 units in November 2012, as against 17,813 units during November 2011, it added.

The stock opened at Rs 950 and is trading higher by around 2% at Rs 962 on the BSE. So far, a combined 228,772 shares of Mahindra and Mahindra have changed hands on the counter on both the exchanges.