Mahindra & Mahindra Ltd.’s shares went up by 1.25 per cent after the company announced its tractor sales numbers for July 2023. The company sold 24,168 units during the month in the domestic market, witnessing significant growth compared to 21,684 units sold in July 2022.
Furthermore, total tractor sales, including domestic and export, amounted to 25,175 units in July 2023, showing an increase from 23,307 units for the same period last year. The export segment contributed 1,007 units to total sales.
Hemant Sikka, President, of Farm Equipment Sector, Mahindra & Mahindra Ltd., said, “The cumulative seasonal rainfall spread across the country has recovered very well in the month of July, and this has helped the sowing of kharif acreage to pick up momentum. Aggregate sowing of Kharif crops is now ahead of last year, with most key crops, including paddy and oil seeds, having recovered, though pulses are still lagging in sowing. Terms of trade now favour farmers, with continued decrease in input costs. The sentiments are positive in the rural economy, which will likely support demand in the coming months.”
The company’s share went up by 1.17 per cent to Rs1493.25 at close on BSE.