$M&M

Mahindra & Mahindra (M&M) climbed 3 percent on Wednesday after the automaker reported stronger-than-expected June sales across its automotive and tractor businesses, with both segments comfortably surpassing market estimates. At morning, M&M shares were trading at Rs 3,161, up 3 percent, making the stock the top gainer on the Nifty 50. The rally also lifted the Nifty Auto index, which advanced 1.61 percent, emerging as one of the best-performing sectoral indices. The broader market remained upbeat, with the Sensex rising 379 points, or 0.5 percent, to 76,858, while the Nifty 50 gained 121 points to 23,987. The company reported total automotive sales of 1.06 lakh units in June, well above analysts' estimate of 96,400 units. Total tractor sales stood at 58,177 units, significantly exceeding the consensus estimate of 43,400 units. Passenger vehicle sales rose 28 percent year-on-year to 60,393 units from 47,306 units in the corresponding month last year. Three-wheeler sales jumped 63 percent to 13,820 units from 8,454 units, while exports more than doubled, surging 125 percent year-on-year to 5,918 units from 2,634 units. In the farm equipment segment, total tractor sales increased 12 percent year-on-year to 58,177 units. Overall automotive sales grew 37 percent from a year earlier, highlighting broad-based demand across the company's core business segments and reinforcing a strong start to the first quarter.