Auto major Mahindra and Mahindra said overall sales for the month of June came in at 1.17 lakh units, growing 9.17% from the previous year.

What Happened: The overall passenger vehicle segment recorded a 11% growth to 69,397 vehicles, the company said. Its passenger and utility vehicle sales in the domestic market jumped 23% to 40,022 units. Including exports, it grew to 40,644 units. 

However, its commercial and three-wheeler numbers fell by 2.05% to 26,775 in the domestic market segment. The company’s total exports went up 4% to 2597. 

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Domestic tractor sales increased 5.82% to 45,888, compared with 43,364 tractors sold in the previous year. Including exports, the total figure jumped 6.38% to 47,319 against 44,478 tractors sold a year ago. 

Hemant Sikka, president of M&M’s farm equipment sector said the government’s plans for increased foodgrain production, minimum support price (MSP) for major Kharif crops and advancements in south west Monsoon will bring positive sentiment to farmers, which will sustain strong demand for tractors in coming months. 

Price Action: Shares of Mahindra and Mahindra rose 0.26% to ₹2,874.05 on Monday afternoon session.

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