Mahindra & Mahindra rose 0.64% to Rs 967 at 10:54 IST on BSE, on reports the company plans to launch a motorcycle next year.
Meanwhile, the BSE Sensex was up 184.98 points, or 1.15%, to 16,248.88.
On BSE, 77,085 shares were traded in the counter as against an average daily volume of 2.65 lakh shares in the past one quarter.
The stock hit a high of Rs 980 and a low of Rs 962.10 so far during the day. The stock had hit a 52-week high of Rs 981 on 14 October 2009 and a 52-week low of Rs 235.50 on 3 December 2008.
The large-cap stock had outperformed the market over the past one month till 5 November 2009, rising 7.18% as compared to the Sensex's 4.76% fall. It had also outperformed the market in the past one quarter, gaining 4.44% as compared to the Sensex's return of 1.01%.
The company's equity capital is Rs 278.82 crore. Face value per share is Rs 10.
The current price of Rs 967 discounts the company's Q2 September 2009 annualized EPS of Rs 102.86, by a PE multiple of 9.40.
As per reports, Mahindra and Mahindra (M&M) is also looking at acquisitions in the electronic scooter space. The auto major had entered the two-wheeler market by acquiring the assets of Pune-based scooter manufacturer Kinetic Motor in 2008.
In early September 2009, M&M's two-wheeler unit 'Mahindra Two Wheelers' launched two scooter brands - Mahindra Rodeo and Mahindra Duro - costing Rs 41,299 and Rs 38,299 (ex-showroom Pune) respectively.
M&M's net profit soared 185% to Rs 702.94 crore on 35.1% increase in net sales to Rs 4665 crore in Q2 September 2009 over Q2 September 2008. The company declared its results on 29 October 2009.
M&M manufactures automobiles, farm equipment and automotive components. The company's automobile products include light, medium and heavy commercial vehicles, jeep type vehicles and passenger cars. Mahindra & Mahindra also manufactures agricultural tractors, agricultural implements, internal combustion engines, industrial petrol engines, spare parts and machine tools.
Promoters have pledged more than 93.52 lakh shares representing 3.35% of the equity capital of the company. Total promoter shareholding in the company is 27.39% (as on 30 September 2009).